The most important thing to realize is your business failed, but that doesn't mean you are a failure. Failure is an opportunity to take all you've learned and apply it to a new venture or role. You have to get back up and move forward. Most successful business people have one or two business failures to their credit. Remember there is a lot of risks involved with being an entrepreneur and taking failures with a shift in perspective can result in greater success in the end.
These five steps can help you accept the failure and move on.
1. Take things a step at a time.
Realizing the overall magnitude of any life change can be intimidating and create a mindset for avoidance. Avoiding difficult issues only makes them worse. If you know, things are getting ready to change don't avoid the tough issues. Face them head on and put them behind you.
2. Avoid taking business failure personally.
The success of a business isn't easily predicted, and unexpected circumstance can take place at any time. The point is to be fluid and adaptable. The better you can accept and allow for change, the easier you can recover from a business failure or a big change that takes place.
3. Prepare for a new venture or the next stage in your life.
Unless you decide being an entrepreneur isn't for you, don't take a business failure as a sign to give up. Consider failure as nothing more than an opportunity to reflect and adapt. Where did you go wrong? What can you do differently? Learning is a part of the trade and failure is a tool for refinement.
4. Rekindle your passions.
Depending on how long ago you began your business, more than likely you've changed in many ways. Take a moment to reflect back on your life and decide a direction that seems the most fulfilling. Bring your dreams to life. Sometimes it's the ending of one the thing that brings the most joy in a new beginning.
5. Surround yourself with people who will help you grow in the new direction you want to take.
Find a mentor, take a class or attend a seminar but allow yourself to continue learning. The more you learn, the more value you bring, which results in you being ready to take on a new opportunity.
Failure can be daunting at first, but it doesn't have to be the end of the world. Bouncing back is possible, but it does take conscious effort and the decision to accept and move forward. Learn, adapt and keep working towards your dreams.