How Entrepreneurs Can Bounce Back From A Failed Startup?
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Failure is a part and parcel of an entrepreneurial life. And nowadays it’s a common sight to witness many startups shutting down due to lack of access to funding. But failure definitely isn’t the end of the world because there is always a way to bounce back quickly from a gloomy past. As Bill Gates once said, “It’s fine to celebrate success but it is more important to heed the lessons of failure." Therefore, we are sharing a few important tips for entrepreneurs for bouncing back after a failed startup :
Never Give Up:
"Lotus blooms in the muddy pond". Similarly, in any failed startup, it is important to deeply reflect & learn from it the mistakes and then resolve to never repeat it. In this way, a mistake can become a springboard for significant growth.
And when that happens, a mistake is automatically transformed into a valuable experience for our life. Rupali Juneja, Founder, Ecstasy Creations feels mental attitude at that time is what counts as the worst mistake entrepreneurs do. They give up on themselves and stop taking challenges because of fear of failure.
“For entrepreneurs, it is important to keep moving forward with a firm eye on the future telling yourself” nothing is bigger than my life itself & I’ll start afresh from now, from this very moment!” shared Juneja.
Have a Sound Business Plan:
Failures are stepping-stones to success and behind every failure, there are lessons learnt, experiences had, that provide one with wisdom that stays with them for a lifetime. A successful journey is often marked by failures along the way and one only reaches the destination when he/she continues to carry on with the journey. This is the necessary ingredient to get over a failure be it a startup or anything major in life, never give up. For Rahul Agarwal, Director of Wealth Discover, startups in most cases are ideas that are very sound on the paper but the actual implementation is tricky. Often founders jump onto an idea without proper planning and budgeting.
“A failure gives one ample time to plan and tighten all loose ends before venturing into a new journey. Therefore, a founder should avoid being hasty in his second attempt at all costs. Also, most startups fail due to lack of cash. Effective cash-flow management, planning, and budgeting go a long way. Founders who have had a bitter experience in their first try know this very well and before venturing out again should have a sound business plan the second time around,” he said.
A business failure cannot become a personal failure if you don’t allow it to. Amin Nayyar, CEO of ANA Design suggests that one must make sure that all the dependent people like employees, business associates, vendors are paid on time.
“Negotiate reductions, but ensure you square your accounts. People will forget the failed business but will always remember you as a good person to do business with. It is a small world. Lastly, invest in physical exercise and come out the debacle looking better,” said Nayyar.