Half of the companies created in recent years have a life expectancy of no more than 5 years (INSEE 2011). In the Information and Communication Technologies sector, the observation is even more striking since only 38.7% of companies survive more than 5 years …
This is why many entrepreneurs are faced with a failure from which it is sometimes difficult to recover.
We’re giving you all of our tips and advice on how to bounce back from the failure of your startup.
Accept failure to recover better
Failure is not an end in itself, however it is obvious that it is not always easy to recover from a professional failure. The failure of his startup is both a shock and a difficult step to accept. Launching your startup means having an ambition, working day and night for your “baby” and believing it hard. Obviously, after the failure of his business it’s a whole dream that collapses.
After the suffering phase, you must successfully mourn your failure. We must not immediately embark on new projects. Give yourself time to recover and recharge your batteries. It is like with romantic relationships, it often takes a period of time to adapt and relaunch in a new relationship.
A little tip can be to put your energy into new projects other than entrepreneurship. Avoid the burnout that can happen to you if you don’t take a real break from thinking before you start again. Play sports, music or spend time with your family and children.
This is also an opportunity to tighten up the management of your personal finances for a moment.
Get your finances afloat with less risky professional projects. This will help you get ready for your next startup, but this time utilizing resources such as an accountant (go here) will make money management a lot easier and better for your business to stay steady.
Above all, stay active and follow tips to stay productive on a daily basis so as not to lose your momentum and your career ambitions.
Take stock in order to improve
After the failure of his startup, there is a real questioning. Accepting the failure of your startup is giving meaning to your failure. Use your startup’s post-failure experience in your personal life and even in your new professional life. Without a doubt you will succeed in discovering that they were your mistakes.
This may also be the time to follow training courses to start and develop your internet business, application or even your craft activity.
These trainings will cheer you up and boost your motivation for the next challenges that lie ahead.
Be careful however, take stock of your failure to learn from it, but do it without devaluing yourself and without feeling guilty. Failure happens to everyone and even the best. There is an anthology of very famous quotes for overcoming failure.
One of them should inspire you: ” Failure does not mean that you have failed, it just means that you have not yet succeeded. Robert H. Schuller
Persevere: Luck smiles on the daring!
Failure almost always turns into a small victory when you get up and move forward after tripping. Perseverance is a very important virtue after the failure of your startup.
If you have followed our previous points, you have taken your time since the failure of your startup, you have accepted your defeat and you have taken stock of your experience.
You are now ready to start again.
Trying your luck in creating a startup after a first failure is very common.
Bill Gates, Walt Disney or Akio Morita first experienced failures before experiencing exceptional entrepreneurial successes!
The next one may be you!