What Is The First Thing To Do After Failing In Business?

[maventiger]

Personally, handling failure should be the first thing that comes to mind after failing in any business venture. Most young entrepreneurs with so much confidence before failing find it hard to accept failure and move on.

what's the best way to handle failure?

 

[Setho]

i earnestly hope that we do not have to reach a point where our businesses would fail but in today's world that a the obvious truth. When your business fail to the extent you can't revive it, you should seek to do the things that makes you happy or be around loves ones that will cheer you up. Be sure to cut down your expenses drastically as you do not know when you will get a job again. After you have cleared your head, then you can go back to the drawing board.

 

[Philip Omotayo]

After failing in business I believe the first thing to do is check the cause of the failure. What Makes one to fail. Also, one would now seek counsel of experts in that field for further mentoring. More so, the next thing to do is to try again and apply all the lesson learnt. From there I believe one would pick up again.

 

[Sarfraz Ali123]

Next, make sure you get your personal finances in order. You’ll no longer be able to rely on your business as a primary source of income, and if you had a significant amount of your own personal savings tied up in the business, you may lose them in the business’s failure. Even if you end up having to declare bankruptcy, don’t worry — there can still be a bright financial future ahead of you — but you need to spend some time analyzing your expenses and figuring out a new line of revenue if you’re going to be successful.

 

[Kehinde]

Businesses can fail as a result of wars, recessions, high taxation, high interest rates, excessive regulations, poor management decisions, insufficient marketing, inability to compete with other similar businesses, or a lack of interest from the public in the business's offerings.

 

[Kelvin7656]

If your first business fails, you'll want to follow these steps, at a minimum, to begin your recovery:

• Analyze the failure. ...
• Get your finances in order. ...
• Work with other entrepreneurs. ...
• Take time for yourself. ...
• Start thinking about a new business plan.

 

[MRizwan530]

Personally, handling failure should be the first thing that comes to mind after failing in any business venture. Most young entrepreneurs with so much confidence before failing find it hard to accept failure and move on.

what's the best way to handle failure?

First of all after falling we should not loose heart and face the situation than look to our deficiencies and miss apps may be if we convert our deficiencies to our efficiency we can come up with a huge encouragement towards our business

 

[Muhammadawais]

If your first business fails, you'll want to start your recovery, at least by following these steps:

Analyze failure. ...

Get your financial backing. ...

Work with other merchants. ...

Make time for yourself ...

Start thinking about a new business plan.

 

[FreshKaz11]

Personally, handling failure should be the first thing that comes to mind after failing in any business venture. Most young entrepreneurs with so much confidence before failing find it hard to accept failure and move on.

what's the best way to handle failure?

The best way is to move on and never give up like the saying and I quote! Winners don't quit but it is only losers that quit...

So to me life goes on and we have to move on with our lives when we fail, but we jez have to sit down and have a rethink what could have been the reason why we failed in the first place,and we make amendment not to occur again when we start a new one..

 

[Muhammad Umar]

The first think overcome in the mind how to follow up after a failure.first analysis the failures. And plan's that next work or buniess. Best way to move on never thinking about failure buniess more and more. Planning is good think do achieve the buniess goals.

 

[Blessingedidiong]

When a business fails,do not let it affect you and the way you live your life. Just move on the little way you can and try to analyse what you did in the failed business that made it fail and learn more on managing a business from successful business owners around you.

 

[Mahnoor]

The most important thing to realize is your business failed, but that doesn't mean you are a failure. Failure is an opportunity to take all you've learned and apply it to a new venture or role. You have to get back up and move forward. Most successful business people have one or two business failures to their credit. Remember there is a lot of risks involved with being an entrepreneur and taking failures with a shift in perspective can result in greater success in the end.

 

[Ub40]

Well, failure is one of those things that can happen to a business. And something must have caused the failure. I think the first thing to do is to try and pull yourself together without losing your heart. Then go back to the drawing board to see if you can detect the causes of the failure and maybe continue same business. If it has failed beyond repairs, then just see how you can start something else. That is my take.

 

[Taimoor Jutt]

Facing this kind of situation is very harsh and difficult. So when you get loss do not think too deep and not take into your nerves. After doing so you can able to release some pressure or stress . Then think calm and try to learn from your mistakes. Patience is the key.

 

[Chibson]

First of all, you need to understand that failure will never be termed failure unless you don't try again. When you fail in business, what you need to do is the first of all evaluate yourself and I'll find out what is wrong with your first strategy and make proper research and plans mentally and financially. Then you can refire.

 

[Ridorz]

When you failed in a business, I will say the best thing to is that you should sit-down and think about the causes of failure, realize your mistake, wriit it down and learn from it. Life's goes on, you should make another plan for what to do, don't regret your mistake just focus on the new plan but don't forget your previous mistake.

 

[Dubai]

Personally, handling failure should be the first thing that comes to mind after failing in any business venture. Most young entrepreneurs with so much confidence before failing find it hard to accept failure and move on.

what's the best way to handle failure?

No diubts, handling failure is a no child's play. However, the first thing to do after any failed exercise in a business is to understand why the failure occurred in the first place. That is, you should find the root cause of the failure there after the possible solution so as to avoid failing again. Know why you failed and the solution to it.

 

[Eodine]

Since failure I inevitable, it's best to plan for it and when it happens, be sure to locate the things that led to the failure and be sure to avoid doing the same thing again that way you have learned and now have experience to do better.

 

[Onachukwu]

llow these steps, at a minimum, to begin your recovery:

1. Analyze the failure. After CB Insights combed through the post-mortem blog posts of more than 200 failed startups, they ultimately reduced the most common causes of startup failure to a relatively short list. Chances are, the root causes of your business’s failure are identifiable and common. Spend some time looking over your business’s history, even if it’s short, and see if you can recognize the main causes of failure, as well as the decisions that led to those causes. The better you understand this, the more likely you’ll be to prevent those outcomes in the future.

 

[Sana Diyar]

Personally, handling failure should be the first thing that comes to mind after failing in any business venture. Most young entrepreneurs with so much confidence before failing find it hard to accept failure and move on.

what's the best way to handle failure?

The First Thing is To Do After Failing In Business develop realistic thoughts about failure
When you find yourself thinking that you’re a hopeless cause or that there’s no use in trying again, reframe your thoughts. Remind yourself of more realistic thoughts about failure such as

• Failure is a sign that I’m challenging myself to do something difficult
• I can handle failure.
• I can learn from my failures.