Failure Brings Unexpected Opportunities for Startups. Here’s How.docxFor every one startup that succeeds, chances are there are at least three others that fail. As it takes a lot of effort and resources on the part of the founders and co-founders to get the startup up and running, a scenario where the startup fails to meet goals and expectations and faces an untimely demise is a most dire one. It’s more than enough to put off some founders from attempting to make another startup for a long time, if ever. However, as with most things, there are usually opportunities for betterment present in our failures if we know where to look.
Before moving on, let’s make it clear that it’s perfectly alright to acknowledge and own up to your failure. Taking responsibility for your loss or failure, instead of blaming others, prepares your mindset to be more receptive and open towards learning and accepting change that is necessary for improvement and growth. It’s also vital to acknowledge the feelings and emotions that come with the loss so that you are able to process them. Allow yourself to indulge in the loss for a while; let it flow naturally out of your system. Once you’ve let the feelings and emotions run its due course, you will be in a better mental and emotional state to move on to the next stage in your life.
A failure is a good opportunity to clarify your goals and set your vision. Sometimes a startup fails because the founders don’t have a clear direction of where it wants to go in the first place. Without a direction, the startup is like a rudderless ship floundering on the high seas, always at the mercy of the currents. Having a clear, strong vision and goals provides a solid foundation for the startup when it is faced with adverse conditions and unfavorable situations. A founder can take the lessons learned from previous failures to set better, more realistic goals and parameters for a new startup so that past mistakes aren’t repeated, and the goals set are within the means and strengths for it to achieve. Didn’t prepare a plan B in case things turned awry the first time around? Now there’s a backup plan B and C for worst case scenarios. Didn’t have a proper understanding of the rules and regulations of the market that you are operating in? Now the startup is better prepared to conform to the required laws.
Failures are also an opportunity for you to devote some time off for other meaningful activities. As a wise teacher once said, when faced with an insurmountable situation, sometimes all it takes is to just take a step back. Sometimes founders become so invested in their projects or startups that their focus becomes too narrow and they can’t see the forest for the trees. To break out of this closed mindset, it is good for founders to take a step back, take a deep breath, and involve themselves in other activities to take their mind off the present situation. This may be the best time for founders to spend some quality time with their family, which some may have neglected due to the demands of running a startup. It’s also a good time for you to get back in shape, play the dating game, or devote yourself to a charity or cause that interests you.
As they say, failure breeds success. While the first or even second startup that a founder establishes may not necessarily succeed, through perseverance and sheer determination coupled with a healthy mindset, a successful startup will eventually arise, one with perhaps even the potential of becoming a unicorn one day.