Published on February 17th, 2015 | by Jose Vasquez
When you first start as an entrepreneur, you might think you have it all figured
out, but failure is going to strike sooner or later, and these steps can help you
work past that failure.
Failure is a given in the world of entrepreneurship, and even if your startup tech company’s business plan seems flawless, you’re going to have to prepare for failure at some point during your venture. It might be a big failure, like a catastrophic product failure that destroys your reputation, but it’s more likely that you’ll encounter a series of smaller failures.
These smaller failures aren’t bad. In fact, they’re learning opportunities. The only real failures in the world of startup companies come when these learning opportunities are ignored. So the next time you experience failure—big, small, or somewhere in between—follow these six steps to deal with it and move past it:
- Analyze the impact. First things first. Take a look at the mistake and realistically evaluate how big of an impact it’s going to make. Try to emotionally distance yourself and look at the situation objectively. What long-term goals is the mistake going to compromise?
- Mitigate the damage. Even if the mistake is impossible to undo, take a look and see what you can do to minimize the damage. Isolate the problem if you can, and prepare those who might be affected by it.
- Perform a root cause analysis. Determine where things went wrong. Was there a failure during launch? A failure during planning? Once you know where the problem started, you can understand why the problem exists.
- Scrutinize your original intentions. Did you think of everything when you started down this path? Of course not. Take a look at any and all failures you had at the point of your idea’s perception.
- Implement new procedures and processes. Put fixes and gaps in place to prevent the mistake from occurring in the future. This includes extra steps in the planning process.
- Set a new goal. Plan for something new. Work with your team to set new, possibly more realistic goals.
These steps aren’t foolproof, but it’s important that you learn from any failures and mistakes you make.