My business just collapsed: 3 tips on how to get back on track as an entrepreneur

10/20/2017  |  Startups

Every so often considered a taboo subject, but still a serious threat: Failure. There are hundreds of miles of newspaper column inches dedicated to entrepreneurial success stories. But mostly, they don’t broach the issue of business flops. Truth is, in any business, failure is an option. Actually, it’s inescapable if you’re trying hard enough. You think talking about it would simply not be very “empowering” or inspirational? Prima facie, it might seem like that, yes. Nevertheless, even those things need to be outspoken, so one could learn from the mistakes and actually keep moving forward. Alright entrepreneurs, brush yourself off and check out these 3 tips on how to get back on track after your business collapsed.

#1: Never Forget

Every one of us knows the situation of a friend telling us that we should simply forget about what happened whenever we experience failure. It’s a nice reflection of their support but still: it just doesn’t work like that. First, your brain does not want to forget since whatever it was that you tried implicated a whole lot of work. Second, you don’t want to forget as well. What lessons can be learned, if we keep refusing to actually learn from our mistakes. Try to review the situation: What did you do well? What is it you could have done differently? Lists like these will help when analyzing the situation. Side note: Don’t focus on the fear. Yes, failure often causes insecurities which is totally understandable. But why not change the game? You should rather take these disappointments as wins so you understand that there were still successes that came from the experience.

#2: Get some distraction

Moving on can be quite difficult, when always being reminded of what went wrong in the past. Sometimes, it’s good to go out there and to have a little break. Clear your mind so you can think clearly about your next steps. It’s possible to take on a traditional job for a while in someone else’s company or to go on an extended vacation. Even a volunteering program in order to transfer the focus from yourself to another person can be quite beneficial. Get yourself some space to think and regain some sense of satisfaction. In fact, it’s more than necessary to fully recover from what you and your business have been going through. These new challenges will stimulate creativity and motivation.

#3: Draw your future

The past is done and at some point, it’s time to move on – which is also something Dr. Lars Schatilow, Founder & CEO of CODE_n Alumnus had to realize after his business just collapsed: “I always have the mindset: “Accept the situation and make the best out of it.” Thus, I recommend to stay in a mode of hungriness. If you had the energy and power to run your own business, this motor cannot be switched off. It is always in the background of your mind and you will re-start as soon as possible.” So, why not start to write a new chapter – maybe even a whole new book. Keeping a journal of your thoughts, ideas, feelings and perspectives can be recommendable in the process. Brainstorm and present those ideas with and to your mentor and loved ones. The resulting cheerleading effect will create even more distance between the old and the new versions of yourself – confidence, there you are again! At this point, it might be advisable to think about adding a partner or taking on a different industry with some more growth potential.

So, motivated to get back on track yet? Or still in need for some more insights? In that case, check out the main factors why startups fail and why some succeed and the full field report of Dr. Lars Schatilow, which will soon be published on our Blog!