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  • Cameron Finlay

It’s Hard To Be Motivated After A Failure!

Note: Follows on from our Newsletter last week, “Crisis Management”.

Sometimes you don’t win. So, what do you do to recover after a business setback?

Failing hurts even more when it’s at something that really matters to you. You’ve taken calculated risks, that’s what entrepreneurs do. With big risks come possible big success, but also the chance of big failures. How do you switch back into entrepreneurial drive mode again?

Don’t beat yourself up

Your ego takes a hit too, feeling ashamed, resentful, and even regretful. Go back to the plan, focus, analyse the situation (what went right, what went wrong), ask the right people for help, develop options and strategies, and evaluate what could best be done to turn things around.

Business is wins and losses; if you don’t try, you won’t fail either. It’s also true though that you won’t move forward. You can’t be good at everything, you need practice and trial and error, even failing, in order to grow.

It’s not embarrassing, it’s an invaluable lesson you have now learned very well.

See it in perspective

This failure does not define you. To be where you want to be, you have to accept there may be some tough times, and that there are lessons to be learned.

Does this disappointment crush all of the previous successes and victories? Realize you will have more than one setback on the business road.

Get back on track

You’ve examined the details, been upset and even distraught, thrown around blame and responsibility, and thought of lots of questions, but now it’s time to go forward again. Plan your steps in the right direction, and know where you want to be in a month, a year, and also beyond.

One of the self-help gurus of the 1950s always said to ‘thank the Universe for this lesson’. Give yourself time to get your ideas straight, do a realistic SWOT (strengths, weaknesses, opportunities, threats) assessment, find someone who can constructively critique the plan (not just say nice things to make you feel better), organise and go for it!

Cam Finlay (Arnold & Finlay Accountants & Planners Pty Ltd)

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