{"id":2889,"date":"2020-07-15T04:03:00","date_gmt":"2020-07-15T03:03:00","guid":{"rendered":"https:\/\/ceoentrepreneur.com\/?p=2889"},"modified":"2022-06-01T17:02:07","modified_gmt":"2022-06-01T16:02:07","slug":"how-to-succeed-after-failing-in-business-part-2","status":"publish","type":"post","link":"https:\/\/ceoentrepreneur.com\/how-to-succeed-after-failing-in-business-part-2\/","title":{"rendered":"How to Succeed After Failing in Business &#8211; Part 2"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-Blog-image-1024x576.png\" alt=\"\" class=\"wp-image-2976\" srcset=\"https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-Blog-image-1024x576.png 1024w, https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-Blog-image-300x169.png 300w, https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-Blog-image-768x432.png 768w, https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-Blog-image-1536x864.png 1536w, https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-Blog-image-2048x1152.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">7 Steps to Bouncing Back After Failing in Business<\/h2>\n\n\n\n<p>If you\u2019re an entrepreneur, I sincerely hope you never fail in your business endeavors or have things go wrong.<\/p>\n\n\n\n<p>If you\u2019re an entrepreneur, you\u2019ll know that it\u2019s pretty much guaranteed that you\u2019re going to fail and things are going to go wrong.<\/p>\n\n\n\n<p>So, rather than just giving you my sincerest hopes and wishes, I think it\u2019d also be a good idea to equip you with a strategy you can deploy if and when things do go wrong. So you can bounce back and stay on your path to becoming the CEO Entrepreneur you were destined to be.<\/p>\n\n\n\n<p><em>Hit play on the video below or read on for more&#8230;<\/em><\/p>\n\n\n\n<figure class=\"wp-block-embed\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"How to Succeed After Failing in Business - Part 2\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/PnIv1Qasaf8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Advice based on my own experience<\/h2>\n\n\n\n<p><a href=\"https:\/\/ceoentrepreneur.com\/how-to-succeed-after-failing-in-business-part-1\/\" target=\"_blank\" aria-label=\"If you haven\u2019t read my last post, I recommend you do. (opens in a new tab)\" rel=\"noreferrer noopener\" class=\"rank-math-link\">If you haven\u2019t read my last post, I recommend you do.<\/a> It got a little personal, a little open and honest, and a lot of other things.<\/p>\n\n\n\n<p>Plus, you\u2019ll see some references to my story in this post, so if you want to be clued up on the in-jokes and the context of my failure and how I recovered from it, do take a few minutes to read the previous post.<\/p>\n\n\n\n<p>If you do, you\u2019ll see that all of this advice I\u2019m sharing with you is based on my own experience of enormous, catastrophic, unbelievable-but-for-the-fact-it-happened failure.<\/p>\n\n\n\n<p>I\u2019ve been there, done that, got the T-shirt (and had to sell the T-shirt immediately to help bail my business partner out of jail)\u2026 And these are the seven steps that I took, initially unintentionally, to bounce back.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-LinkedIn-2-1024x536.png\" alt=\"How to Succeed After Failing in Business - Part 2\" class=\"wp-image-2997\" srcset=\"https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-LinkedIn-2-1024x536.png 1024w, https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-LinkedIn-2-300x157.png 300w, https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-LinkedIn-2-768x402.png 768w, https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-LinkedIn-2.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">1)&nbsp;&nbsp; Take some time off<\/h2>\n\n\n\n<p>Okay, immediately I have to own up to something. I didn\u2019t do this at first and I suffered as a consequence. Looking back, I know that this is an essential part of bouncing back after failing in business.<\/p>\n\n\n\n<p>I kept going but I was still miserable, down, and in chronic pain. Everything was out of sorts and I was a shadow of who I used to be.<\/p>\n\n\n\n<p>Taking down time is so important if you want to come back at your entrepreneurial journey with a fresh and refreshed perspective. If you keep going at it, your mind will get no rest. An unrested mind means an always-on mind, and when it doesn\u2019t turn off\u2026<\/p>\n\n\n\n<p>Well, you can end up like me, waking up every morning in cold sweats and anxiety attacks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2)&nbsp;&nbsp; Find someone you trust and who understands your vision<\/h2>\n\n\n\n<p>You need a confidant, a voice that cuts through the chaos, and that isn\u2019t necessarily your best friend or partner.<\/p>\n\n\n\n<p>Many of the people I love and trust told me that I had tried and done brilliantly, but that now it was time to get a job and give up my dream of entrepreneurship.<\/p>\n\n\n\n<p>But I wasn\u2019t ready to go back to the \u2018real world\u2019 and waste my life in someone else\u2019s office.<\/p>\n\n\n\n<p>They weren\u2019t the right people to talk to.<\/p>\n\n\n\n<p>The right person will help you think about things in a different way, support you, and encourage you to grow from the experience, not shrink from it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3)&nbsp;&nbsp; Lessons learned<\/h2>\n\n\n\n<p>Now it\u2019s time to sit down and analyze what went wrong. You\u2019ve had your down time away from the situation, you\u2019ve started speaking to people who <em>get it<\/em>, now it\u2019s time to go back and start writing down everything that happened.<\/p>\n\n\n\n<p>Write down what went wrong, analyze it, and write out what you think you could have done better.<\/p>\n\n\n\n<p>If, like I did, you had a huge client pull out of your contract, is that because you focused too much resource on a single project? In the future, perhaps you will diversify your workload more.<\/p>\n\n\n\n<p>This step allows you to really begin to learn from your mistakes and understand where you can improve. This is one of the most powerful ways you can learn and improve as an entrepreneur.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4)&nbsp;&nbsp; Rewrite your narrative<\/h2>\n\n\n\n<p>More writing, I hope you\u2019ve got a good pen to hand! Your next step is to write out your story of what happened, what went wrong, and where you fit into all of it.<\/p>\n\n\n\n<p>This might not feel very good, it might get a bit ugly, but it might just be the best thing you can do to transform your failure into a success.<\/p>\n\n\n\n<p>Don\u2019t hold back \u2013 write down those nasty, grizzly feelings like shame and guilt. Put all of the things that are playing on your mind down on paper.<\/p>\n\n\n\n<p>Once that\u2019s done\u2026 start looking at it from other perspectives.<\/p>\n\n\n\n<p>Write down how other people might see the sequence of events, the things that you did right, the things you managed well, the reasons you shouldn\u2019t feel guilty. Try to understand why they would say these things \u2013 it\u2019s not just because they want you to feel better, it\u2019s because it\u2019s the truth from their perspective.<\/p>\n\n\n\n<p>Taking those new perspectives, flip your narrative on its head and incorporate those views into the way you see your story so that it empowers you!<\/p>\n\n\n\n<p>For every bad thing that happened, find a positive that has come from it:<\/p>\n\n\n\n<p>My business failed and I had to move back to England, but I met my wife as a result.<\/p>\n\n\n\n<p>My business failed and I had to start from scratch, but I did so with so much more experience and preparation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5)&nbsp;&nbsp; Revisit your purpose<\/h2>\n\n\n\n<p>When a big event happens in your life, it can be a cause for reflection \u2013 stepping back and saying \u201cI don\u2019t want to do this anymore\u201d or, in fact, \u201cI am more determined than ever to do this.\u201d<\/p>\n\n\n\n<p>Both of these are fine! It\u2019s all about reflecting on what you want and need to be doing based off of your experiences (good and bad).<\/p>\n\n\n\n<p>In my case, I didn\u2019t just want to work in tech anymore. I wanted to start focusing on helping other entrepreneurs and small business owners. I wanted to be the kind of help that I didn\u2019t have when I was at my lowest ebb. I wanted to change the education system so that it created strong, adaptable, risk-taking entrepreneurs (not factory drones).<\/p>\n\n\n\n<p>My purpose had shifted as a result of my experiences \u2013 yours might, too.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6)&nbsp;&nbsp; Integrate failure into your business<\/h2>\n\n\n\n<p>Embracing failure doesn\u2019t sound like it should be part of succeeding in business\u2026 but failure is inevitable. You should try to avoid it and do what you can to mitigate it, but failure is part of life.<\/p>\n\n\n\n<p>Bad things happen and things don\u2019t go to plan, but we stick our heads in the sand and imagine they never will.<\/p>\n\n\n\n<p>You need to know what you\u2019re going to do in case of failure.<\/p>\n\n\n\n<p>Companies write risk logs and policies that explain what bad things can happen and why they definitely <strong>will not<\/strong> happen\u2026<\/p>\n\n\n\n<p>Wrong.<\/p>\n\n\n\n<p>You need to know what bad things can happen and how you will respond to them when they inevitably <strong>do<\/strong> happen.<\/p>\n\n\n\n<p>If all businesses start embracing and integrating failure, rather than trying to get everything right and avoiding failure at all costs, a lot more business would succeed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7)&nbsp;&nbsp; Get back to it<\/h2>\n\n\n\n<p>After you\u2019ve done the work of recovering, reflecting, and refreshing; all that\u2019s left to do is restart.<\/p>\n\n\n\n<p>Sure, you can give up and admit defeat\u2026 but then what? Are your dreams, goals, and visions of the future just gone? Left to be unfulfilled and not achieved? That\u2019s not you.<\/p>\n\n\n\n<p>You go back to square one, you do all the work laid out in the previous six steps, and you come back \u2013 enriched by the lessons learned and revitalised with your new focus on your goals and vision.<\/p>\n\n\n\n<p>That is the way you are going to succeed after failing in business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">You can do this \u2013 I know it!<\/h2>\n\n\n\n<p>When things go wrong, you can come back from them wiser, more experienced, and stronger.<\/p>\n\n\n\n<p>Failing in business is not the end of the world.<\/p>\n\n\n\n<p>It\u2019s possible for you to be able to achieve your dreams and the successes you\u2019ve always imagined \u2013 even when things go wrong.<\/p>\n\n\n\n<p>Look at some of the most successful people in the world, all of them will have had their own major catastrophes, mistakes, and failures.<\/p>\n\n\n\n<p>The truth is, nobody gets to the place they want without learning \u2013 and the biggest lessons we learn are the ones we get from our mistakes.<\/p>\n\n\n\n<p>Follow these seven steps and bounce back from your failure. You can do this.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Make sure to watch the previous video to this post &#8211; <a aria-label=\"How to Succeed After Failing in Business - Part 2 (opens in a new tab)\" href=\"https:\/\/ceoentrepreneur.com\/how-to-succeed-after-failing-in-business-part-2\/\" target=\"_blank\" rel=\"noreferrer noopener\" class=\"rank-math-link\">How to Succeed After Failing in Business &#8211; Part 1<\/a>.<\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" href=\"https:\/\/www.youtube.com\/channel\/UCw45kL2SSXWaW7Al410f_1Q?sub_confirmation=1\" target=\"_blank\" class=\"rank-math-link\">SUBSCRIBE to my YouTube channel <\/a>so you don&#8217;t miss out on future videos.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"536\" src=\"https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-LinkedIn-3-1024x536.png\" alt=\"\" class=\"wp-image-2996\" srcset=\"https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-LinkedIn-3-1024x536.png 1024w, https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-LinkedIn-3-300x157.png 300w, https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-LinkedIn-3-768x402.png 768w, https:\/\/ceoentrepreneur.com\/wp-content\/uploads\/2020\/07\/EP-4-LinkedIn-3.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>7 Steps to Bouncing Back After Failing in Business If you\u2019re an entrepreneur, I sincerely hope you never fail in your business endeavors or have things go wrong. If you\u2019re an entrepreneur, you\u2019ll know that it\u2019s pretty much guaranteed that you\u2019re going to fail and things are going to go wrong. So, rather than just [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[169,170,157,167,172,174,173,165],"_links":{"self":[{"href":"https:\/\/ceoentrepreneur.com\/wp-json\/wp\/v2\/posts\/2889"}],"collection":[{"href":"https:\/\/ceoentrepreneur.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceoentrepreneur.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceoentrepreneur.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceoentrepreneur.com\/wp-json\/wp\/v2\/comments?post=2889"}],"version-history":[{"count":0,"href":"https:\/\/ceoentrepreneur.com\/wp-json\/wp\/v2\/posts\/2889\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceoentrepreneur.com\/wp-json\/wp\/v2\/media\/2976"}],"wp:attachment":[{"href":"https:\/\/ceoentrepreneur.com\/wp-json\/wp\/v2\/media?parent=2889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceoentrepreneur.com\/wp-json\/wp\/v2\/categories?post=2889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceoentrepreneur.com\/wp-json\/wp\/v2\/tags?post=2889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}