6 things to do when a startup fails

“If you are not prepared to be wrong, you’ll never come up with anything original”

–  Ken Robinson

It is quite normal if you have faced rejections or have experienced failure.  In fact, failing is good; failing and adapting from those failures. While operating a startup, if you haven’t experienced ups and downs, then that is a thing to worry.

Facing failure is one thing and getting over it is another thing. Experiencing failure is OK but how you cope up with it is more important. It is imperative for you to learn from your failures and turn the down into roaring success for your business.

The road of failure often leads embarrassment, anger and a loser feelings. These feelings often vision a dead end of the business. But, just imagine if all eminent entrepreneurs did the same thing? What if Sachin Tendulkar never went to play again when he got out at a duck? “I have not failed. I’ve just found 10,000 ways that won’t work.” said Thomas Edison when his first light bulb failed.

The best thing to do when you fail is to sit back and reverse your thinking. Think what went wrong and make a note of why it went wrong. Below given are 6 important things that you must learn from any catastrophe –

#1: Stop the ‘Blame Game’

When things don’t happen according to the plan, it is human tendency to blame each other for the wrong happenings. Stop doing this all this an instead begin taking responsibilities for your wrong steps.

#2: Let go of things and people

When you fail, people might want to leave your company, investors might want their money back and customers may lose faith in your firm. Let them all go when you fail. Don’t force them to stay with you. Take your time to relaunch yourself and then gain their trust back.

#3: Don’t double up

“I will launch myself bigger and better than before” – is this what you are thinking after a failure? Wrong thinking! It is not necessary to double up. You can always relaunch yourself with the same product or service, just with the wrong things made  right this time. Try to keep it simple the second time as well.

#4: Come out of the “MY” perspective

While in an industry where stakeholders are involved, it is important to come out of your own opinions and perspectives, it is important to think from the customers and investors point of view. This will help you to give what THEY want.

#5: Take advice

Maybe the first time, you were not open to advice and feedback. This time open up to advice from experts and keep your mind open for feedback. This will bring in experienced talks to your business. Experts will be able to guide you on launching better. They will be able to point out the reasons for your failure. Work on the advise provided and see where it take your firm.

#6: Keep your eyes and ears open

Did you do a proper research before entering the market? May be not! This time keep your eyes on the market changes, and listen to what the competitors have to say about the market scenario and industry standards.

By failing, you have just joint the club of most successful entrepreneurs. You probably haven’t ever heard any success story that dint involve any step down. So, whatever happened just let it go. Prepare yourself for the best to come ahead.

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