Coping With Business Failure

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Not a happy subject is it? But it is one every businessman needs to know about. And before you get depressed and stop reading, let me say that I am not talking about your business going down the drain but about the times when we do not meet with success and yet have to carry on. Unless you are the kind of person who never fails (in which case you should be doing business is a far better place that here on Earth) here are a few things successful business men have found helped them when they met with failure.

• Failure is not an end, it just another step in the learning process. When you have not succeeded in a business initiative, examine every step you made. Spot your mistakes and analyze what exactly went wrong and why. This knowledge will strengthen you for the future.
• Do not waste time on allocating blame on yourself or others. That is a waste of time which you could use in trying again.
• Do not let a failure stop you. Keep trying new things or new ways of doing things. This does not mean you should be stubborn and waste time on something that can not succeed. But one failed attempt does not automatically mean that the concept was bad. Look for another way.
• Do not let a failure affect our commitment to your business. You have lost time and money. Now you need to make up for it. Get back to work. And work HARD!
• Get consultancy to help you understand what went wrong and to define your future plans. Companies like Ringgle (http://www.ringgle.com) are a great source for this kind of help. Expert assistance will improve your chances of success.
• There will be failures that occurred through no fault of your own. Or so you think. If the failure was due to external circumstances, that does not absolve you of responsibility. You were there and involved. Could you not have seen what was coming? What were the signs you missed? Understanding this will give you a better perspective for your next endeavor.
• What can you salvage from the failure? If your new website deign failed, can you write about it? Besides helping others not to make the same mistake you may get some responses that could provide you with additional information that will strengthen you in the future.
• Remember your failures at times of success. This will help you to savor your achievements even more and, at the same time, give you a balanced outlook on what you have really achieved.
• Don’t bottle up your failures. It is like an untreated wound. It natural not to want to publicize where you went wrong. But you have family and friends you can talk to about it. You don’t want their pity, but their understanding and desire to help is a source of strength.
• Never let a failure cause you to make knee jerk reactions. These could lead to more problems. Carry on with the doing all the right things that have brought you so far.