How to overcome failure?
One of the things we talked about during our Disruption22 program was the element of failure and how to deal with It – something that often goes unaddressed in the shark tank reality of startups all around. Failure is inevitable, we all know that. For entrepreneurs, it comes in different forms: sometimes is losing an important deal, or facing unexpected challenges on product development and even being unable to make payroll.
This led to the birth of Fuckup Nights, a global movement and event series that shares stories of professional failure. Usually, a group of 3 to 4 people get on stage and tell a room of people what, how and when everything went sour in their business. After a truly inspirational session with them, we came across a few things to keep in mind when things don’t go according to plan.
1. Be prepared
When you decided to take on the entrepreneurial road, you probably heard it wasn’t going to be easy. Even if you get some initial success, don’t be fooled: sooner or later, things will escape your control. Keep that in mind, and try your best to anticipate issues with your team. It’s not always possible to eliminate the surprise factor, but you can try your best to.
2. Do not make emotional decisions
When something bad happens, sometimes we have the instinct of trying to act immediately to fix it. Don’t do it. Take a deep breath, talk to your team, partners and investors and together you will find a way to rationally act on it.
3. Have a support system
Your friends, family, partners and team are the ones who got you here. Without that emotional support, you can feel alone and stressed. Do your best to celebrate them as they will keep you grounded and safe as you work hard to make your dreams come true.