One of the secrets of entrepreneurs is that they are resilient in the face of failure. Entrepreneurs are able to transform their setback into learning experience and valuable knowledge for future use. It's important to know that failures happen but it's how you respond to these setbacks which will determine your success.
Business failures can be a really traumatic experience. It's important to take time before any investigation attempt to just stop and breathe. Give yourself permission and time to mourn. Take a break from work. Go on vacation, or spend time on hobbies and personal projects. It will help you relax, clear your head, and get ready for what you have planned next.
Once you are ready to begin your recovery, these steps can help you:
1. Make sure you are ready for entrepreneurship again.
2. Analyze the failure and figure out what went wrong.
3. Take the necessary lessons throughout your failure and do not repeat them next time.
4. You can work with a mentor; who has been there, who has done this.
5. Don’t alienate the people you worked with as an entrepreneur.
6. Don’t be shy; talk about your experience as an entrepreneur. Even if the business failed, people will respect you for your leadership and management experience.
7. Develop a network, talk to other entrepreneurs; take lessons from others’ failures too.
8. Make a new business plan, this time, be more realistic and be aware of your last time’s mistakes and miss-expectations if any.