As a serial entrepreneur, I have made more mistakes than most people have tried, many resulting in the most epic failures both in my personal life and in business. Some have resulted in me ending up homeless and car-less with my daughter.
People are often shocked when I tell them that many of the first companies I started over the last 25 years have “failed” in one form or another, whether it simply closed due to bad planning, not understanding the market, not having the skills I thought I had, or due to financial reasons. But, for each time I “failed” I learnt at least a 100 things that I would do differently the next time round.
Whilst most people would wither away in depression after suffering a setback or failure, a true entrepreneur will take a look at his/her failure, write down what he/she learnt from that failure, crap him/herself out for not seeing that, and move forward to start again.
This does not mean that an entrepreneur is immune to depression at all. An entrepreneur simply knows that it is not permanent situation, and that he/she can start again.
Like in a PC game, true entrepreneurs know that when they need to reset and start again, it only means that they have learnt what not to do the next time round. And in the end they know that there is always a way to win.
Learn from your failures. Analyse what has happened. Remove emotion from your analysis of the situation. Make a note of the Top 10 things you have learnt from this failure. Then make a list of the 10 things you will do differently next time round.
One of the most important lessons I have learnt from my failures, is that many could have been avoided or prevented, and success could have come so much sooner if I had invested in a mentor to guide me and advise me.
Entrepreneurship is a lonely journey, probably one of the loneliest jobs in the world. Surround yourself with fellow entrepreneurs and mentors who can support and guide you throughout your journey. People who can inspire and motivate you to carry on.
Remember that no failure is permanent. It is simply life’s way of teaching you something you need to know in order to bring you closer to those lofty goals you have set yourself.