6 Ways to Overcome Business Failure and Thrive
By Stacey Hylen
It takes courage to be an entrepreneur. Putting yourself out there on a continuous basis is not easy and it can be discouraging when things don’t turn out as expected. Nevertheless, restarting after you’ve failed is a key component to becoming a successful entrepreneur. “Fall down seven times, get up eight,” is a Japanese proverb that entrepreneurs should embrace and implement in their daily lives. Whether it is losing a major client, a failed launch, or the inability to change in a market that requires you to pivot, here are my top strategies to help you overcome business challenges.
1. Have a “get up” attitude
Before starting, decide that you will keep moving forward no matter the outcome of the project Give yourself a short window of time to be upset, then dust yourself off and get back to it. Set a timer if needed with one of your favorite songs to remind you to shift your energy.
2. Have a positive team
Surround yourself with those who want you to succeed and give encouragement when needed. Usually, support teams consist of a spouse, partner, coach, mastermind, or friend. My coaching clients have Voxer access to me so they can contact me via text or voice message when they need to turn around a difficult situation.
3. Keep a win folder
Create a folder on your phone or computer that has positive feedback from your clients. When things get hard, read the feedback to remind yourself of the positive impact you are making on others.
4. Analyze the situation
Take a day or two to objectively review and evaluate every aspect of your business. What went right? What could have been done differently to achieve success? What can you take away and apply in the future to get better results?
5. Refocus on your vision
Failure is an opportune time to remind yourself why you are in business. Think about your mission, vision, and goals. Remember the positive impact you are making on your family, community, and the world.
6. Move forward
Whether it is on the same project or something new, outline your next steps and take that first baby step forward.
When you constantly try new things, sometimes you will fail. Just keep in mind true failure only happens when you stop and never restart. So, if you fail, get up, and move forward! Napoleon Hill reminds us, “Every adversity, every failure, every heartache carries with it the seed of an equal or greater benefit.”
Stacey Hylen is an award-winning business coach, author and speaker. She was named International Coach of the Year in 2016 and was Vice President of Consulting for Chet Holmes’ and Anthony Robbins’ world-renowned Business Mastery Program. Stacey helps ambitious entrepreneurs with mindset, marketing and sales strategies, to get more clients, more profits and to add a zero to their business without the hustle, so they can have the lifestyle and freedom they want.
She is the creator of several popular programs, "The Hidden Profits System”, "Become a Magnet: Attracting Your Perfect Clients" and “Selling with Confidence: Getting a Yes Without Being Pushy”. Stacey has been featured and quoted in CNN, INC, MSN Money, Fox Business and Entrepreneur Magazine, and many other media outlets throughout North America. Visit Stacey at www.StaceyHylen.com.