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As entrepreneurs, we pour our heart and soul into building something, often taking risks that others would shy away from. But when things don't go according to plan, feelings of frustration, disappointment, and even shame can be overwhelming.
The truth is that failure it is an inevitable part of entrepreneurship. While it's never easy, learning how to cope is essential to moving forward. As Bill Gates once said, “Success is a bad teacher. It tricks smart people into thinking they can't lose.” It is often in failure that we learn the most valuable lessons.
Through my experiences with failure, I have found some key strategies that help manage the emotions and challenges that come with it. Here are four strategies that have helped me – I hope they will help you too!
Related: 10 lessons about failure every entrepreneur should know
1. Feel your feelings
One of the first things you should do after experiencing failure is to let yourself feel everything. You can't make clear decisions if you pretend you're not upset. Acknowledge your emotions – whether they're frustrations, sadness or anger – and give yourself time and space to lean into those feelings.
At the same time, it is essential to set a deadline for when you will stop bending over and get back to work. The amount of time you need should reflect the size of the failure. For example, if your entire business failed, it might take you a year. If your product launch failed, maybe a week is enough. Not all failures are created equal, so respect the time you need to get back on your feet.
When my first company failed, I felt the weight of that failure deeply. I spent months obsessing over starting another company, frantically coming up with ideas that weren't good because I was forcing it. Eventually, I realized I needed to step back and give myself space to learn. I decided to spend a year working at another startup, learning as much as I could before thinking about starting another business. When I finally did, I ended up founding Lemon light.
The key here is to give yourself time to process, but also set boundaries. Once you allow yourself to fully feel your emotions, you'll be clearer and more focused when it's time to take action—and maybe your next great idea will find you!
2. Talk to other entrepreneurs who have failed
Failure can feel incredibly lonely. The shame and guilt that often comes with it can make you doubt your abilities and your future. But you are not alone, and there are other people (LOT of other people) who have been in your shoes! Talking to other entrepreneurs who have also experienced failure is a great way to get back on your feet.
No matter how many articles you read or how many people tell you that failure is part of entrepreneurship, it still hurts when it happens. Hearing stories from others who have been there—and come out the other side—can make the experience feel less isolating. It is comforting to know that even the most successful entrepreneurs have faced failure at some point.
reading books about entrepreneurshipfailure and growth can also help. Whether through personal conversations or reading about the experiences of others, learning from those who have already been where you are gives you the perspective and tools you need to move forward.
Related: Why you must embrace failure to succeed in business
3. Make a list of everything you have learned
One of the most important things you can do after a failure is to take stock of what you learned. It may not feel like it at the moment, but every failure brings valuable lessons. Take the time to write down everything you learned from the experience, no matter how small it may seem. This list will serve as a reminder that your failure was not in vain – it was one opportunity for growth.
Documenting these lessons while they are still fresh will come in handy later. You will likely encounter similar challenges in the future, and having this list will allow you to more easily identify patterns and solutions. It also helps to shift your thinking from seeing failure as something purely negative to seeing it as a resource that can lead to better decisions down the road.
For example, when my first business failed, I kept track of the mistakes I made, the decisions I should have thought more carefully about, and the areas where I could have improved. These insights proved invaluable as I embarked on my next venture. They helped me avoid making the same mistakes and laid the foundation for smarter decision making with Lemonlight.
4. Take opposite action
Reverse action means doing the things you don't want to do—especially the things you want to avoid the most. It's natural to want to back down after a setback, but that's when you need to take action. Doing things that feel uncomfortable, such as attending a networking event or having the difficult conversation about your failure is essential to overcoming fear and moving forward.
Taking ownership of the situation is key here. It's easy to let failure weigh you down, but the fastest way to get over it is to face it head on. Talk about it, be honest about what happened, and embrace the lessons you've learned. The more you hide and pretend the failure didn't happen, the more you'll prolong the experience and keep yourself stuck.
When I've been at my lowest after a business failed, one of the hardest things was dealing with the people I felt like I'd failed—explaining what happened and owning up to my mistakes. But those conversations, while difficult, were necessary for closure and growth. They also helped rebuild my confidence.
Every step you take, even the ones that feel scary, is a step toward regaining your momentum. Taking the opposite action can break negative patterns, build self discipline and ultimately help you grow as an entrepreneur.
Related: 8 steps to turn your failed business into a success story
Failure is an unfortunate part of the entrepreneurial journey, but it doesn't have to define you. By using these four strategies, you can handle failure in a healthy and productive way.
Next time you faces an obstacletake a step back, evaluate which of these strategies might help, and move forward with a renewed sense of purpose. You'll find that every failure brings you closer to success, as long as you keep moving forward.