Failure, for entrepreneurs, is inevitable. Regardless of how perfect you plan out your business or how smart you are you are going to fail at some point. Failure is an extremely important stepping stone when it comes to entrepreneurship. Instead of getting down on yourself, learn and improve from your defeats. Here are 3 ways to deal with failure as a teen entrepreneur.
1.) Be prepared
“By failing to prepare, you are preparing to fail” – Benjamin Franklin
Preparation is crucial to dealing with failure. When starting a business mentality prepare yourself to understand that things can and will go wrong. No business ever goes perfectly according to plan. If you are expecting your business to go perfectly, failure is going to be a lot tougher to cope with. On the other hand, if you prepare yourself for some down points and expect bumps along the road you won’t see them as such a big deal.
2.) Surround yourself with supportive individuals
“You need to associate with people that inspire you, people that challenge you to rise higher, people that make you better. Don’t waste your valuable time with people that are not adding to your growth. Your destiny is too important.” – Joel Osteen When something does go wrong, make sure to surround yourself with people who understand your situation and are able to help you through it. Whether that means giving you advice or helping you make an important business decision. Friends and family are a great support system but also consider finding a mentor who is able to give you raw feedback when it comes to crucial decisions.
3.) Learn, learn, learn
“It’s okay to make mistakes, but its not okay not to learn from them” – Brendan Cox Jillian Michaels once said “If you’re not failing, you’re not trying hard enough.” It’s extremely important to fail in the business world. As dumb as that sounds it’s true, it’s how you learn and grow and a person and entrepreneur. As long as you learn from your mistakes and process how to avoid them in the future, failing isn’t a huge deal in the grand scheme me of things.
Overall, whether you believe it or not, you are going to fail at some point in your life. It’s better to prepare for it than have it come unexpected.
Are you an aspiring entrepreneur? Check out my new book: Strictly Business: How to Crush it as a Young Entrepreneur.