Business is a struggle that is not easy. There are many risks and uncertainties that an entrepreneur must face. Sometimes, failure can occur and this can make someone feel afraid to start a business again. However, how can an entrepreneur overcome this fear and get back up to start a new business? In this article, we will discuss several strategies that can help overcome the fear of starting a business after failure.
Facts about Failure in Business:
According to a study conducted by the Small Business Administration, approximately 20% of newly opened businesses will fail within the first year. This figure is increasing every year. Meanwhile, a study conducted by Harvard Business School shows that around 75% of all newly opened businesses will fail within the first five years.
However, failure in business is not the end of everything. Many entrepreneurs have managed to recover from failure and start new, successful businesses. The following are some strategies that can help you overcome your fear of starting a business after failure.
1. Analyze Your Failure:
The first thing you need to do is analyze your failures. What caused your business to fail? What can you learn from this failure? Are there any mistakes you can avoid in the future? By analyzing your failures, you can gain valuable insights and better prepare yourself to start a new business.
2. Create a Solid Business Plan:
Before you start a new business, make sure you create a solid business plan. A business plan will help you estimate risks and opportunities that may occur in the future. Apart from that, a business plan will also help you identify the right goals and strategies to achieve success in your new business.
3. Ask for Help from Business Experts:
If you find it difficult to start a new business after failing, there’s no harm in asking for help from a business expert. Business experts can help you analyze your failures, create a solid business plan, and provide valuable advice for starting a new business.
4. Start with Small Business:
It can be difficult to start a big business straight away after failure. Therefore, start with a small business first. A small business can help you build the confidence and experience needed to start a larger business in the future.
5. Don’t Be Afraid to Try New Things:
Lastly, don’t be afraid to try new things. Business is always changing and developing, and successful entrepreneurs are always trying new things to beat the competition. Don’t be afraid to try new marketing strategies, new products, or even new businesses. Remember that failure is not the end of everything, but is part of the learning process to become a better entrepreneur.
Overcoming the fear of starting a business after failure can be a big challenge. However, by analyzing your failures, creating a solid business plan, asking for help from business experts, starting small, and trying new things, you can build your confidence and start a successful new business again. Remember that failure is part of the learning process and don’t be afraid to try again.