If you’ve been in business long enough, you would agree that failure comes with the territory. One way that successful entrepreneurs tackle failure is to develop an empowering perspective which results in a change in attitude. They know that failure gives them valuable information that success seldom does so that when the failure occurs, they take full advantage of it. You can do the same by following these three steps.
Reflect: As an entrepreneur, failure is inevitable; you will fail at various points. However, what you do with your failure determines if you will move forward or backward. After suffering failure, successful entrepreneurs take some time to reflect. The purpose of this period of reflection is not to wallow and get stuck in shame and regret, no. In reflection, they glean valuable lessons from their failures. They think deep, roll things over and over in their minds, as they take notes on how they missed it. Failure is a teacher, so they learn the lessons. Effective entrepreneurs gladly submit to the tutelage of failure.
In the reflection process, they begin to see the cracks in their strategy. They examine the tools of their trade. Successful entrepreneurs study their failures in detail with great care. In reflection, a new strategy begins to emerge – a new path unveils. They begin to see the next steps and hope starts to grow within. For seasoned entrepreneurs, reflection results in a new blueprint.
Refuel: Typically, failure comes with loss – resources shrink whenever you fail. Also, morale gets low. Hence the need to refuel. To do this, effective entrepreneurs use the wisdom from the period of reflection to make necessary changes and replenish lost resources. Old faulty methods are discarded, and decisions are made for a new direction. Often, they realize that they need different resources from what they thought they required because of a renewed perspective. The refueling process includes physical, emotional and mental rest to allow recovery from the damages caused by failure. Here, entrepreneurs regroup and get fresh energy for a new direction.
Refocus: Reflection and refuel lead to refocus. The first two steps ensure clarity. You know where to go and how to move. Your vision isn’t foggy because of the pain of failure. Here, you are ready for action because your focus is now sharper. The proof that you have refocused is laser action because when your vision and direction is clear, you’re unstoppable. At this stage, you’ve successfully beaten down failure and you’re a winner.
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