6 Ways to Learn and Pivot From an Entrepreneurial Journey Gone Awry Here's how entrepreneurs can learn from a failed business venture.

By DeAnna Spoerl

Opinions expressed by Entrepreneur contributors are their own.

We love — no, we crave — a good origin story. Hero or villain, we want to know what circumstances lead them to where they are. Think really hard about your favorite character in a story. They probably failed at some moment along the way (it's got to have a solid, drama-filled plot, or who'd care?) and because of it, they came out stronger. We lift these fictional stories up, and we celebrate the journey so much.

Why can't we do this for ourselves? Failure in business can be scary, unpredictable and emotionally taxing. If you've started a business already, you're aware that taking risks is an integral part of your entrepreneurial journey. And with great risk comes … great fear of the unknown! That, and many rewards. But if we're honest with ourselves, we know that the great entrepreneurs before us have all seen their fair share of failure at some point in their careers — be it a bad initial business plan, lack of understanding of the industry or just a few bad moves (I can talk about some bad moves…). The beauty of failure is that it gives you a reason to get back up. Because, as the great Aaliyah sang, "If at first you don't succeed, dust yourself off and try again."

Now that song is in your head, here are six ways to learn and pivot from an entrepreneurial journey gone awry:

Related: Seeing Failure As An Opportunity To Learn From (And Leapfrog Into Success)

1. Reevaluate your business plan

Reevaluate your business plan — or completely pivot if you have to. Was your product or service not ready for market? What type of feedback did you receive? Identify what went wrong and why, and then create actionable takeaways you can use in the future. Instead of wallowing in defeat, take constructive steps towards understanding where things went awry. Was there something you could have done differently? How heavily was luck involved? Self-reflection should be part of your quarterly, annual or semi-annual review.

2. Set new, attainable goals

This is a given, and you've probably heard this 1,000 times, so here's number 1,001: Set goals that are smart and attainable. Take a look at what went wrong with the project that failed, and understand why it failed. Sometimes our failures are simply viewed as such because of the goals we set. You say, "I want 1,000 users in the first month of launching my brand!" And I wish you all the best, by the way. But that might not be realistic, especially if you haven't planned out your marketing properly or started any outside research. A smart goal would be more along the lines of, "I want to collect enough emails or contact information from my promoted post." From there, you build a following or brand awareness that can get you to 1,000 users much easier.

3. Learn a valuable lesson

Who doesn't love a good lesson? Is it even a good lesson if you don't cry a little bit? After the tears have gone, it's worth looking at the situation and considering where you can become stronger. Did you trust someone without fully vetting them? Did you not have enough money saved for your venture? Here's the good news: It's okay. And the better news: You're going to be better because of it. Just remember to not make the same mistake as you move on.

Related: 10 Lessons About Failure That Every Entrepreneur Needs to Know

4. Take on new skills that will take you farther

Sometimes we fail because we haven't got the right skill set or we need to fine-tune our skills. Once you've realized the areas in which you need to either improve or sharpen, use the time to pack on more knowledge. You might even find that your entire business idea changes or evolves into something you hadn't thought of. Be flexible with yourself. Learning new skills only broadens, it never narrows.

5. Discover your true intentions and purpose

What motivates you? Failure has a funny way of prioritizing what really matters — or what things should matter. Chasing money, helping others, serving your community or a community in need, being the number one realtor ... blah blah blah. Maybe your true purpose is hidden behind the mask of what you think a successful business looks like.

6. Encourage others with your story

Sharing your failure story can be overwhelming and anxiety-inducing, especially if it brings back difficult memories and emotions. On the other end, sharing your story can inspire and bring hope to someone who's struggling with the same issues.

Look, I get it. You log onto LinkedIn and see so much success happening — new jobs, new careers, new businesses. But the honest, vulnerable moments are where we can really learn something about who we are as entrepreneurs. If you've failed, well, join the club. I have, too. Most of us reading this have. But if you've had a bad venture, don't let it define you. Dust yourself off and try again ... and again. It is what defines you as a risk-taking entrepreneur.

Related: How to Turn Failures Into Wins As an Entrepreneur

Wavy Line
DeAnna Spoerl

Entrepreneur Leadership Network Contributor

Director of Client Services

DeAnna Spoerl, co-owner and Director of Client Services at Bear Icebox Communications, is a growth-oriented PR professional providing strategies that work and bring results for national and international brands.

Editor's Pick

She's Been Coding Since Age 7 and Presented Her Life-Saving App to Tim Cook Last Year. Now 17, She's on Track to Solve Even Bigger Problems.
Lock
I Helped Grow 4 Unicorns Over 10 Years That Generated $18 Billion in Online Revenues. Here's What I've Learned.
Lock
Want to Break Bad Habits and Supercharge Your Business? Use This Technique.
Lock
Don't Have Any Clients But Need Customer Testimonials? Follow These 3 Tricks To Boost Your Rep.
Why Are Some Wines More Expensive Than Others? A Top Winemaker Gives a Full-Bodied Explanation.

Related Topics

Business News

California Woman Arrested For $60 Million Postal Service Scam

Lijuan "Angela" Chen faces two charges that each carry a maximum sentence of five years in prison.

Growing a Business

Trendspotting 101 — How to Stay Ahead of the Curve in Your Industry

Learn how to spot and capitalize on emerging trends in your industry with these practical tips.

Business News

A Wegmans Employee Allegedly Stole Over $500,000 from the Company

Alicia Torres pleaded guilty to crimes carried out over nine years while working at Wegmans in Webster, New York.

Business News

Hundreds of People Mistakenly Told They Have Cancer in Biotech Software Mishap

The biotechnology company, Grail, said a software issue caused one of its vendors to accidentally send nearly 400 letters mistakenly telling patients they have cancer.

Growing a Business

How to Harness the Power of Data Analytics for Business Growth

To thrive in the competitive landscape, entrepreneurs must understand and leverage the power of data analytics.