Another Entrepreneurship Project of the  Whitman School of Management at Syracuse University

Business failure: Lessons learned!

Hello WISE Readers!

Today, we will move on to the next step of our Business Failure Series (what an attractive name!) and talk about how to keep going after a business falls apart. Let’s face it: it is sad to see an entrepreneurship adventure come to an end, after all the work, dollars, sweat and tears put into it. Still, the end of a business should not kill the entrepreneurial spirit! It should rather signal the beginning of a better, stronger and wiser venture. Bill Bartmann, a seasoned entrepreneur who lost everything after his business partner was accused of fraud, shares with us the rules he lived by during those dark times:

Own the failure. Do not pretend it never happened.

It is the worst approach you can take. Being in denial will cause you some stress, and will prevent you from learning anything from your failure. Moreover, people will be quick to comfort you if you have the courage to admit that you messed up.

Do not make excuses…

Do not blame others for your mistakes, and the choices you make. Always understand that you are responsible for at least a percentage of everything you do or do not do.

But do not flagellate yourself either.

Yes, your venture just failed. No, you are not the most worthless person in the world. Losing confidence in yourself can lead to never having the courage to improve. Realize that failure in business is more prevalent that success; dust yourself off, identify your mistakes, and try again.

You are not the only one.

Entrepreneurs, athletes, scientists, politicians… they all fail, and many do so on national television, in front of the whole world. You are not alone.

Learn, and focus on what is to come.

Probably the most important thing in business failure: learn from what went wrong. It may not guarantee you will get it right the next time, but you will definitely not make the same mistake. Also, do not linger on what happened in the past; instead, put your lessons learned to good use in your next venture.

For the whole article, please follow this link:

What do you think, WISE readers? Have you ever experienced business failure? How did you come back from it? Please let us know by commenting below!

Thank you so much for reading, and until next week, stay WISE!



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