The beginning of the global pandemic saw the end of many previously successful businesses, but it didn’t stop there. Even the companies that found ways to adapt still didn’t last through these unprecedented times. If you were the proud owner of one that didn’t make it and are struggling to bounce back from this disaster, this guide on how to mentally recover from your first failed business should help you get back on your feet.
Accept What Has Happened
Just like any other grieving process, you need to start by accepting what has happened and where it has left you. You probably feel embarrassed by this failure, but you have to realize that you’re not alone. Millions of people have had their companies come to a crashing end, and many more will do the same after you. This is a normal part of entrepreneurship, but know that failures make a person stronger and a better businessperson in the end. However, you can’t get to that point until you’ve internalized your current one.
Take Some Time for Yourself
Probably the best tip on how to mentally recover from your first failed business is to take some time for yourself to regroup and relax. After accepting failure, too many people try to hop right back into a new business opportunity without taking any time to reevaluate their current life direction.
Maybe in this time off, you’ll discover a new passion or figure out that you don’t want to run your own company again. Regardless of what kind of discoveries you make, having some downtime will help mentally prepare you for whatever career you decide to pursue next.
Learn From Your Mistakes
Either during this time or after you’ve figured out what you want to do next in your professional life, you need to sit down and try to learn from what went wrong in your previous venture. Even if you were a victim of circumstance, there’s plenty that you can learn from to avoid putting yourself in that position again.
Don’t be afraid to reach out to friends, family, or professional colleagues to ask them for their advice and input on what you could improve on. Hopefully, they can show you a perspective or line of thinking that you haven’t previously considered. Even something as straightforward as making website design mistakes for your new business could tank your next endeavor.
Regardless of what you do in this step, you need to come away from it with some learned knowledge, or else you’ll most likely set yourself up for a similar type of failure in the future.
Slowly Start Again
Once you’ve learned all that you can and mentally prepared yourself for your next career choice, be sure not to rush things. You’ll want to ease yourself back into the business world. Granted, depending on your situation, this might not be possible. However, you should start again slowly to maintain a healthy mental well-being. That way, you don’t overload yourself too early on in your new venture.