4 steps to recovering from failure

entrepreneur recovery

You might have a huge setback in life. Your business might go under. You might be kicked out by your partners.

Whatever.

Whatever you do, don’t make any rush decisions. Business is like love: Rebound relationships usually end in tears.

If you can afford it, force yourself to take six months off before committing to anything.

During the break, do the following:

  1. Read Necessary Endings by Dr Henry Cloud

Do it.

  1. Clear your head

Get out of Dodge City. Get away from the noise. Pack your family into a car and do a road trip. Better yet, fly to a time zone on the other side of the world where no one knows you or can call you.

Give yourself space and time to process your thoughts and deal with the emotions of failure.

  1. Reassess your priorities

Did you keep your family first? Did you enjoy what you were doing? Are you living in the right town? the right country?

Starting over again is the ideal moment for making the pivotal decisions to realign your career with your life.

Choose the town you want to live in, then choose a business model that won’t compromise your family life, and then do what you love.

  1. Reflect on your lessons

Big setbacks are the richest learning opportunities you’ll ever have. You’ll learn about yourself, about business, and about other people.

Sit down, write what you’ve learnt. What are your strengths? What are your weaknesses? What would you do differently?

Make a list of all the people that stood by you, and the ones that suddenly lost your phone number.

One day you’ll be top of the wheel pile. That is a great place to be, but it doesn’t teach you much.

Learn your lessons when you hit the ground.