Nobody likes failure. In some situations, it still comes even after giving your all. It is indeed a natural feeling that can affect any small business or entrepreneurial venture. The question is, what you can do to bounce back when you know that failure is a part of a business and something can still be done beyond getting depressed.
Failure is something that can be hard to accept, but you have no other option. It can be a learning experience for any entrepreneur. While running a business, roadblocks can occur from time to time.
Regardless of the business type, whether it belongs to a B2B Marketplace or is just a conventional ecommerce store, things can go wrong.
According to John Assaraf, CEO of Neurogym, success or failure does not need to be a binary concept, as long as you can learn to “separate failure from who you are as a person”. He further said when you fail, you need to ask yourself the three lessons learned from failure, and what you can do in the future to avoid reoccurrence
Jodi Goldstein; managing director of the Harvard Innovation Labs, mentions that one of the most vital lessons that she can teach to her students is how to accept failure gracefully. If they need to become entrepreneurs, they must learn to fail quickly. She further said, we encourage students to fail early, and that is how they learn lessons to excel in their business.
Employees must Feel Safe to Fail
The people hired might make mistakes, affecting the bottom line of the business or adversely affecting the company’s public image. The best leaders always take responsibility for the failures of their people. However, it does not mean that they need to shoulder an unjust blame. Instead, they provide the opportunity to employees in accepting their mistakes and giving them a chance to make amendments. Assaraf strongly believes, an effective leader will always enable employees to learn from their mistakes. They must not be insecure for their jobs unless they make mistakes repeatedly.
A quick Apology is Necessary
One of the worst things to do is to ignore the problem altogether when things go wrong. This can affect the trust of the customers and the uncertainty can even reach to your employees. While addressing the issue, Ron Edmondson, a founder and pastor of Mustard Seed Ministry, said making apologies to the right person can take time. He further said you don’t need to tell the world, but to those who would want to hear it from you and not from anybody else.
Failure must be Fixed
As advised by Edmondson, cleanup must not be left to anyone else. You must assist the team in recovering and finding solutions for the problems and it will take maximum efforts to stop further damage. List down the causes that whether it was the finance or any collateral damage has occurred towards the relationship with customers, then counter the effect with whatever measures you can immediately take.
When the dust would settle eventually, and you have also successfully navigated through the storm, it is indeed important to make another effort for the business. With this regard, Assaraf stated, that moving forward will require to learn the art of managing your focus and even maintaining emotions. An emotion associated with failure deactivates the motivational center of the brain. You need to learn to frame the failure in a way that it must empower you.
Keep in mind that even if things get untenable and you are part of an unsuccessful business venture, it is still not the end of the world. There will always remain a ray of hope to make things better in the future.
Wrapping it up
Failure is a part of the business, and it has to be accepted. Then only, we can devise strategies to counter failure and pave a way to success for the business. Though things may surely be tough in the beginning, but with time everything can become better.