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Startup Basics

Rise and Shine: 4 Ways You Could Put Behind Your Startup Failure

Rise and Shine: 4 Ways You Could Put Behind Your Startup Failure
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You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

No one likes to be told what to do in life, especially if you have suffered failure recently. “Learn from Failure” is what everybody will tell you but it takes more than that to actually overcome the great sense of disappointment one faces. It’s infuriating to think of all the efforts you put in and then watch them crumble down. According to Wall Street Journal, 3 in every 4 start ups fail. With 90% of all startups failing, a failed startup looks nothing more than an unsuccessful attempt. Keeping this mind, if you somehow landed in the majority, surely you’re not alone and surely you’ll have a larger audience to understand your circumstances and how hard it was for you.  However, if that is your plan, then I’m sorry but you are a failure.

Failure, on the other hand, is also a very subjective concept. What’s failure to you might be a mere inconvenience in someone’s way. A wasted effort. As Einstein said, “Failure is success in progress”. It only eliminates your chances of going wrong again. And if you yearn to work with this state of mind, we have some tips to keep you going.

Avoid the Blame Game

Maybe your co-founder took the wrong decisions or your funding got messed up. No one cares what reasons led to your great fall. Learn from history -- everybody remembers what happened at a certain time, only a few know the actual causes. It’s easy to blame it on someone else but in reality, what’ll make you stronger is accepting where you went wrong.

Psychology says that with failure comes the feeling of rejection. It will also tell you that you will go through its various phase repeatedly– denial, fighting the urge to prove yourself right and several other stages. It is the end you have to wait for – the acceptance. And acceptance is often succeeded by the will to rise again.  Once you have this will, there is no stopping you. Acknowledge your flaws rather than avoiding them and work on each one of them. Think the whole process through and start a new endeavor. Even bad experiences are invaluable, so if you do make the same mistake you’ll know what to do. 

Don’t hesitate to take risks again

One always faces hesitation when it comes to taking risks again, especially when the ones you took in the past were futile. The 71% who didn’t bother to start again makes this apparent. The word failure will be thrown at you at every corner but you must never underestimate its benefits. It keeps you on track. When reality is thrown at your face, you discover something success can never teach you. Success takes you ahead in life but it is failure and how you survive it that builds your character. Everything happens for a reason and sometimes the reason is that you made bad decisions. Laugh it off and add it to your story bank to tell people when you’re successful.

Let’s go by facts. As stated that 90% startups fail, 71% entrepreneurs never make it back in the business. The reasons are unknown and honestly, no one bothers to know more about failure. What matters is if you are a part of remaining 29%. A research conducted in the Stanford and University of Michigan states that “failed entrepreneurs are far more likely to be more successful in their second go”.  And why wouldn’t they, they took what Frost calls ‘the road less taken’ and that will ‘make all the difference’.

This time GO CRAZY!

Failure makes people feel sorry for you and you feel sorry for yourself but you will never get anything out of it other than their empathy. It’s comforting but it doesn’t pay bills, does it? Go a little crazy this time and engross yourself in your ideas. Find what was missing in your idea that botched to connect with people and look for the right partner that will complete that thought.

Take feedback

Talk to people who used your startup and pay attention to their feedback. Analyse and understand the loopholes and the  deficiencies. Starting afresh takes effort but you’ll find a new side of yourself and your creativity in the process.

At the end it’s you and only you who’ll know what to do. But if there’s a time when you lack motivation and you feel trapped, here are some reassuring words to encourage you from none other than the great Obi-Wan Kenobi – “If you strike me down, I shall become more powerful than you can possibly imagine.”

May the Force be with you. What do you think? let us know at our official facebook page Entrepreneur India 

Edition: November 2016

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