What to Do After a Failed Business?

They say failure is inevitable. And it couldn’t be truer when it comes to startups.

According to the statistics released by the media industry – of which Kartikeya Sharma’s iTV Network has been a significant component – about 90% of all the startups in the US turning out to be a failure.

This speaks volumes about why you need to prepare yourself to handle a failure. So let us help you do that below.

Take a deep breath and relax

Failure is a part of an entrepreneur’s life. You shouldn’t be letting it affect you in a way that makes it harder for you to stand back up; to be successful again.

So do some deep breathing – it has scientifically been proven to help. Once you have calmed down, think of things that would make you feel happy and keep you feeling calm.

Maybe playing some sport? A walk in the park? Exercise and meditation, too, can often turn out to be very effective when dealing with the after-effects of a failure.

Your business was a failure, but not YOU!

Some failed business owners would simply hold themselves responsible for everything. Sure, they may have done a few things wrong, but then they aren’t the first or last entrepreneur to do that.

So stop taking the failure personally or thinking of yourself as a failure. It will help you big time in getting back to being yourself faster.

Start brainstorming

Once you’re feeling better again, you can start with some brainstorming that may prove crucial for your next venture. Ask yourself the following questions:

  • What caused your business to fail?
  • Could you have done anything differently to save it from failing?
  • What have you learned from this experience?

Finally, remember that you must try to keep it positive. If you get into the negative aspects of things, it can become a larger emotional problem and also keep you from taking important lessons from the failure.