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

[Anas Chaudhary]

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.

 

[Nurudeen]

If a business owner fails in a business and still have some levels of hope in the business, the best thing to do is just to restrategize on how to move the business forward. The business owner should be able to ascertain what makes the business to fail in the first place and rectify it

 

[Shayo]

The first thing is to take some personal time off, see the lessons and wins you've had and not dwell on the failure. Mistakes are part of what makes us strong and definitely an experience. Even the richest or wisest person makes mistakes and fails too.

 

[Abu4exel]

What to do after failure in one business, is to pick up yourself again and start over. Failure and success is attached to anything we do in life, so it how you react when you fail that will determine if you re going to rise again or not.

 

[eenya001]

After you might have failed in starting up a business, for me I believe the first thing to do is to relax, unwind yourself and after that take a proper stock of what really transpired during the periods you were doing the business. also try to pinpoint why you failed and how you could do better if you restart.

 

[ranaabubakar263]

When you start a business, the first thing you need to know is to be well-informed about it.When you start a business without any information, then you have a chance for a loss. And when you fail in this business, you need to get good information about it .

 

[Sheun450]

Failure can be daunting at first, but it doesn't have to be the end of the world. ... better you can accept and allow for change, the easier you can recover from a business failure or a big change that takes place.know the cause of the failure then try again

 

[maventiger]

Failure can be daunting at first, but it doesn't have to be the end of the world. ... better you can accept and allow for change, the easier you can recover from a business failure or a big change that takes place.know the cause of the failure then try again

@Sheun450 Everyone fear failure and that is fine. But we shouldn't lose hope for success after we a fail because that will be the worst failure.
Failure can be daunting but that shouldn't stop us from trying again and again

 

[Chumzy]

I think there is a step in everything and one knows when to pick himself up. When a business fails it doesn't mean that live have ended of that one is a failure. The most important thing is for one to pick himself up and then look for something else to work with.

 

[Richard92]

The first thing to do after you fail in a business is restructuring, you restructure the business to a better form, make corrections of where the business have failed and also finance the business in areas where the business is lacking finance.

 

[Milz]

When it comes to filling in business sometimes it demoralizes us from actually moving forward. Writing from personal experience when my first business failed, I had to go back to the drawing board to re-strategize on how and why my business failed and I came up with a better plan that's been working for me lately.

 

[Kelly5]

There are a lot of things that we can all first thing after the scenario you have painted happens. In my own first thing as this is subject to individuals, I will suggest you put yourself together and put your thoughts on asertaining the causes that lead to the failure and properly minute all decisions made in the course of the business that lead to it's failure so as to learn from it

 

[Kamon c4]

I try to deduce the positives from failures. You can’t fail completely in a business without learning something so I try to deduce what I’ve learnt from the business downfall. Also I look for the cause of failure in order to find a solution before trying again. This way I have something to work on

 

[Genius]

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?

This is a very interesting and insightful thread. The very first thing to do after the fall of your business unraveling and winding up. Settling everyone involved is another thing. Also, you have to cheer up. It is not the end of YOU.

 

[Seun4luv]

Accept failure happened and learn from it. Actively decide to change. Prioritize the tasks that lead to change. Have a mentor direct the makeover. Move outside your comfort zone: Align yourself with the right people: Keep an eye on your finances

 

[Sad56]

Those feelings can not be described in word . In any kind of loss or in any type of loss it is not good. And nobody wants to get loss in its work. So everybody feels very bad after facing. You should remain patient and learn from your mistakes

 

[Adventurer]

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?

Failure can happen to anyone for various reasons, after failure, take a look at what made you fail, highlight where you got it wrong and put down the corrective measures so that you don't make the same mistakes again.
Try to surround yourself with people who make you happy and influence you positively.

 

[MarieArie]

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?

Many people don't see failures coming actually, but for those who are smart, they already have specific measures in place for failures preconceived. If there are exceptions to their preconceived risk, it will still be easier because they are aware there will be certain downtime.

 

[eojo2401]

When you failed in a business, all you need to do is to study the causes of your failure. Make necessary adjustments, summon courage and start up again. If the causes of your failure is the choice of your business, then research on other business.

 

[maventiger]

This is a very interesting and insightful thread. The very first thing to do after the fall of your business unraveling and winding up. Settling everyone involved is another thing. Also, you have to cheer up. It is not the end of YOU.

@Genius Thanks for comment. Definitely not the end of the world for an entrepreneur who is ready to face many more challenges in life and in business. When an entrepreneur fail over and over again, it get to point where possibility of failing seems nearly impossible.