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

[Asad Ali]

I sincerely hope we do not have to reach a point where our companies will struggle but that this is the obvious reality in today's world. If your company doesn't succeed in reviving it, you can try doing the things that make you happy or love you. Be sure to dramatically cut your spending, because you don't know when you'll get another job. You can then return to the drawing board after you have cleared your mind.

 

[GIFTMICHAEL]

Failure in business is not the end of the road rather it is an opportunity to think way forward. It is a time to learn again, plan bigger and strategise. Failure sometime has a way of getting things done right. When you fail in your business do not p

 

[Abibatabosede]

To mend failed business, you should first relax for a bit before trying to solve the problem. After you have recessed your mind, you come back to looking for the cause of failure in the business then tackle the problem from the angle.

 

[kayode10]

The first thing you're going to give these to do a critical analysis of the business in order to discover the real causes of business failure. This is very important as as it will help to prevent for the real currency of the failure that's why it is very important to check it. Once you have determined the problem and the cause is, the main thing is to come up with a plan on how to avoid it in the future

 

[Roysnickz]

The first thing to do after a business failure is to accept the failure anyway, look inward to find out while the business failed and then restrategize to overcome the temporary failure.

 

[Robrown83]

The first thing to do after failing in business is to seek the knowledge of those that I have succeded in that kind of business so that you can know the area of failure or your mistake. Secondly, re try the business again and make you adjust that area of your mistake but if you fail again, you quit the business.

 

[Alihaider]

Getting Started: How to move forward when your business fails
Follow acceptance and self-care. Failure happens to our best people too, so don't be too hard on yourself. ...
Guess what went wrong. ...
Find out your finances. ...
Create a support network. ...
Make yourself new

 

[Clara]

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.

 

[Anas Chaudhary]

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.

 

[Alexandoy]

It's time to move on, as they say when things go rough with the business that you decide to close shop. For me, it took a while before I was able to recover from the closure of my business. For one week I stayed home, avoiding people even avoiding phone calls. I just want to clear my mind of what I should do next. After one week I was ready to face the world again. But I did not think of business anymore.

 

[Sidradoll]

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?

When a CEO dies, his or her employees and team must — in the wake of their grief — introduce a new leader, adjust to change and continue to operate at the best of their ability. At the same time, they will likely attempt to preserve their late leader's legacy.

 

[Mastercoded]

when a business fails, it is not the end of the world, you just need to keep your head straight and do the following
keep your head in check
seek advice from successful people in the same line of business that you are involve in
re-strategize
look for lot of money
have a parthner

 

[maventiger]

when a business fails, it is not the end of the world, you just need to keep your head straight and do the following
keep your head in check
seek advice from successful people in the same line of business that you are involve in
re-strategize
look for lot of money
have a parthner

@Mastercoded I agree with all you suggest above. But I still can't wrap my head over why you suggest looking for lot of money. That might be very difficult, especially in a situation where such failure leads to bankruptcy. Getting where to source lot of money is another problem waiting.

 

[adeniji]

When business fall, these notification must be considered.
(1). What caused the falling of my business.
(2). What will I do not to have second falling in my business.
So, in falling business, to restart needed more hand and business partner to help in re- strategies the plan of the business.

 

[Khizar iqbal]

I think the biggest reason for business failure is morning management. If your management is good then your chances of business failure are very low.And if your management is not good then your business can fail. In addition, not considering the marketing battle of the business and the advertising strategy of the business can lead to business failure.

 

[maventiger]

When business fall, these notification must be considered.
(1). What caused the falling of my business.
(2). What will I do not to have second falling in my business.
So, in falling business, to restart needed more hand and business partner to help in re- strategies the plan of the business.

@adeniji very true. With a business partner, it should be easier to re start the business with fresh mind. The presence of a business partner will make decision making less easy but more calculated because the two must agree.

 

[eLdavis]

the first thing to do is to keep calm, clear your head so you wount make unnecessary or rash decisions. Find out what went wrong the first time and try a different approach. never give up. keep trying and keep pushing foward

 

[abayomibsk]

Failure is a bad condition that no one as an individual, an association or a group of company wanted to experience, but when this come, there is a way out. firstly, you have to encourage yourself ,rest, cheer up, refresh your mind and know, when there is life there is hope ,that even you lost many things, you can have more, as far as you are living. the take time to realise the causes of the failure, list out all the possible solution to the failure, then consider the best way to start again. if possible ,you can invite the expertise related to that particular business that was failed, to share their falling and rising experience with you. this can fix a lots of issues and make a quick recover. but all this must not be too long.

 

[Irfan Aslam]

I often learn through my failed steps before or while we are unsuccessful in some way we will never learn how to cope with failed work anytime we fail and how to do it right now, this is the greatest challenge of life for us if it comes to acknowledging your failed work.
You will learn how to be bold and better people to remain astray in the next tough steps if you succeed.

 

[Mastercoded]

@Mastercoded I agree with all you suggest above. But I still can't wrap my head over why you suggest looking for lot of money. That might be very difficult, especially in a situation where such failure leads to bankruptcy. Getting where to source lot of money is another problem waiting.

The business person just have to look for a way to get more money, maybe from friends and family