How I Handle Disappointment and “Failure” In My Business

Failing is a part of doing business. We all fail from time to time but we are not failures. Today, I want to talk about what happens when things don’t go as planned as an entrepreneur. We’re taking the shame out of failing so that you can fail successfully in business.

 

Set Goals That You May Not Reach

Often we feel like failures when we don’t reach a goal we’ve set for ourselves. But setting easily achievable goals isn’t the solution. Doing so will limit the extent of achievement you could possibly achieve. 

For instance, when it comes to revenue targets, we often set goals based on past achievements. When we do this, we restrict our potential to profit even more. Doing so could trap you in a state of mediocrity. When we reach higher, we push ourselves to improve, even if we fall short of that goal.

 

Be Open About Failure

We often think that these failures are indicative of our own abilities. When we don’t openly discuss these failures, it’s easy to think that it’s not something everyone experiences. That’s why I think it’s crucial to start normalizing failure and make it something we talk about without shame.

This isn’t to say that we won’t ever feel frustrated or disappointed. But regret isn’t helpful. Instead, these are opportunities to examine what happened so that we can learn from it and do something different next time.

 

What We Can Learn After Failing

When we experience failure, it’s really easy to believe at the moment that this is indicative of your future in business. Don’t catastrophize these kinds of things!

In my experience, some of my biggest disappointments have been some of the best things to happen to me. They have shown me where to pivot and get my business better aligned with where I truly want it to be.

What has the fear of failure been holding you back from doing? Leave a comment on the episode page!

 

In This Episode

• Why we need to set goals we may not reach [2:20]
• The importance of discussing failures as entrepreneurs [9:00]
• Why you are not defined by failure [22:30]
• Practicing the mindset of being okay with failure [33:00]

 

Quotes

“When you’re setting goals based on past experience, you might be limiting what’s possible for you in the future because you’re afraid to set a goal you may not hit.” [7:49]

“That [failure] was a situation that helped me see that the path I was on was not the right path for me.” [26:00]

“If you’re not taking risks on a regular basis in your business, then you’re probably not getting the kind of results you want to get.” [34:24]

 

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Episode 70 - What I Learned From My Biggest Business Failure