3 Ways to Bounce Back After You Experience Failures and Setbacks

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“You will never find a rainbow if you keep looking down” – Charlie Chaplin

It’s true that success comes in different forms but let’s get one thing out of the way: running a business is not easy.

In fact, it’s one of the most daunting challenge you will ever face. Plenty of aspiring entrepreneurs believe they have what it takes to break through the market in one go.

According to statistics, roughly 80% of startups survive their first year. In addition, some of the main causes of why businesses fail are because of poor marketing and not having the right team.

It is quite easy to panic after experiencing failures. However, what matters is how you bounce back after suffering from failures and how you master the chops.

Here are my 3 tips to get you back on the right track after experiencing setbacks:

1. Don’t Dwell on It

It is always a good idea to move on and not dwell on what has happened. Do not overanalyze. Learn from your mistakes. Come up with strategies or tactics that will help arm you to prevent such situations occurring in the future.

Jack Ma, the founder of Alibaba Group, applied to 30 different jobs and was rejected by all of them. He was also rejected by Harvard Business School 10 times. But today, he’s one of the wealthiest businessmen in the world, with a net worth of 39.1 billion.

2. Don’t Play the Blame Game

It’s understandable that you will be frustrated. But don’t shift the blame on one person. Don’t be quick to judge someone. Focus on the situation rather than a person. If someone is at a fault, let them know in private. Know that as a leader, you are responsible for the good and the bad. A leader takes responsibility for their team. By shifting the blame on people, you may jeopardize losing your focus on finding the right solutions.

Rather, take a deep breath. See what went wrong and what could have been done. Communicate openly. Ensure everyone on the same page. It will help you win the trust of your team. The bottom line is that you need to minimize the damage; not make it worse.

3. Don’t Assume You Know Everything

Another mistake you could be making is that assuming you know everything. Whether it’s regarding your ideas or products or services, remember that there’s always something new to learn or something that you could have not taken into account. This can range from assuming you know everything about your products /services to the latest trends to customers and their preferences.

Remain humble and observant. The key to success is finding a balance and having a marketing strategy that will allow you to cater to the needs and wants of your market.

Conclusion

Remember that setbacks, mistakes and failures are a normal part of any successful journey. Know that as a leader, you are responsible for the good and the bad. You set the tone. One thing I can guarantee you that your journey will be comprised of lots of ups and downs. It is only through failures; you will learn and grow. That’s what makes it fun. The more you learn to enjoy it, the more you will become a long-term player and the more you will cherish your successes.  

Author: Makarand Utpat is a business growth consultant, speaker and digital marketing specialist. He helps business owners achieve their online goals using proven strategies. He has authored or coauthored multiple books on technology, leadership, entrepreneurship and marketing. Subscribe to his podcast show “New Age of Influence” on Spotify, Apple and Amazon. His website is www.makarandutpat.com and he can be reached at 888-360-4535.