No matter how much effort you put in your startup things don’t always go to plan. But after failure, the worst thing you could possibly do is giving up! You will have to wisely carry out a perfectly designed startup post mortem strategy.
Things do not always go to plan. You may have put a lot of effort into your startup, only for it to fail. In fact, this is what it happens to almost 90% of the startups. It’s easy to beat yourself up, and give up entirely. In reality, this is the worst thing that you could possibly do! This is not the end. In fact, you will find many successful businesses that failed at the beginning.
It can be a difficult time. Everything you have worked for has come crashing down. However, feeling sorry for yourself will not bring success. You need to look at what caused the failure. You need to examine what went wrong and avoid that ever happening again. Construct a plan that focuses on your previous failings, and also focus on what you can do to increase your chances of success.
This is so important. You need to remember what you have gained. You have gained knowledge, and that is something that you did not have beforehand. You may have lost money in investments (or perhaps not even that, if you have read how to start a startup with no money), but you can’t beat yourself about that. What you have gained is more valuable than money, as it will take your business to levels that you cannot even imagine. You startup shutdown was a blessing in a way, because you have walked away with hunger and a mind full of fresh ideas. Thinking in this positive way is what will drive you towards success, because thinking in a negative manner doesn't help anyone.
And you should definitely include this failed startup as your working experience:
You also need to accept that your business idea may not have been ideal. It’s not always about selling what everybody wants you to sell. You can focus on your passion, because you’ll be a lot more likely to produce positive results when you’re focusing on something that you love. If you are selling shoes, but you have no interest in shoes, it will not work. You need to love what you’re putting out to the public.
Perhaps you were not thinking realistically. You may have expected to turn into Bill Gates or Steve Jobs within a year. For most of us, this will not happen. In fact, this may never happen. You can have people that inspire you, but at the end of the day, you need to be yourself. These people are successful because they have been themselves throughout their journey. Yes, they failed at times. Life was not always easy for these individuals, they have most likely been in your very position. However, with a realistic mindset, they achieved their goals eventually. They never gave up, and they kept pushing towards their dream. It may sound cheesy, but this is the reality. It will not be an easy road, but if you truly believe that you can go far, you will. If you do not feel that way about yourself, you’re right. It’s all about your mindset.
Similar to the advice above, you need to take your time. Take as much time as you need. The more time you spend on planning, the more likely you are to see results. Focus on every detail, and make sure that your business plan is flawless before you take much action. Post startup, you want to do things differently than you did the first time, so this is a way to do that.
This is probably the worst thing you can do. The tasks you need to complete all over again may prove too much to handle. The post mortem marketing, re branding and maybe even hiring. You have to start from scratch, but see the benefit in this. You have another chance to succeed, and that’s a blessing in itself.
Think of when you plan to ace a job interview, but it does not go your way. Do you stop searching for a job completely? Do you never search for a job again? No. You think about where you went wrong, and improve on that area. We all get knocked down, but when you know how to get up, it’s no longer a problem. You will have grown as a person from this experience, even if you do not know it. Keep telling yourself that a startup shutdown is not a loss, because that’s far from what it is. It is a learning experience, and you will look back at this moment and realise this. Your next attempt will be so much better once you remember what went wrong, and promise yourself to never make those mistakes again.
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