Plan Now to Bounce Back from Failure
By Contributor, Tamar Cerafici, Esq.
Consultant and Lawyer
The very nature of running your own business requires you to fail. Why? Because you have to run risks. When you risk you have a 50/50 chance of failing. Actually, when you run your own business you can expect a 60/40 chance of failing completely. Six out of ten new business ventures will do that. The close your doors-declare bankruptcy-lay off everybody-hide the sharp knives kind of failing. The kind of spectacular flaming deadly failure Icarus had when he flew too close to the sun.
That doesn’t count all the tiny failures inherent in doing business. So, given that you’re statistically more likely to fail than succeed, why not plan your response now? Then, practice failing in all sorts of little ways before you really screw up. You’ll definitely feel more in control.
Retreat: Step back & take stock of your situation.
Reframe: Others might see your abysmal failure as a success in some way.
Reboot: Take what you learned and try again but make new mistakes. Repeating the old ones is just insane.