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What each profitable entrepreneur does

September
14, 2020

5 min read

The opinions expressed by the entrepreneur's contributors are their own.

As an entrepreneur, talking about how to deal with mistakes as an entrepreneur may seem easy from a distance. But once you find yourself in this ugly rut, you may want you never to have taken the entrepreneurial route. Many compare the feeling to a bad breakup, which is what it is.

I remember my project manager talking to me in college about the miracles of failure. He said failure is a ladder up which an entrepreneur can advance to the next phase. As a naive entrepreneur, I never really understood the concept or how excruciating it was going to be.

Related: 10 Strategies For Entrepreneurs To Cope With Failure

I had an idea – a business model that I believed would be my ticket to financial freedom. It started with an impressive plan, a map that led me to my dream. I remember the sleepless nights and how passionately this dream burned inside me.

Every morning I woke up with a glimmer of hope and expectation and was ready to play my part in this vast world. For me, time was the only obstacle to my dream. If I could stay consistent and focused I would be confident of hitting the gold, at least I thought.

But then I woke up one morning to find that my business had been hit. An algorithm update affected my website's ranking and resulted in me losing over 80% of my traffic in a week. My business was like a baby to me and I watched it go down the drain.

Years of hard work, resources and effort came to nothing. Without a doubt it plunged me into the deepest depression I have ever known. I felt worthless, broken, hopeless, and most of all, I felt like a failure.

To learn from mistakes

Every mistake is associated with a lesson, and it is up to you to identify those lessons and do things differently. By learning from each mistake, you can determine what works and what doesn't. This new insight will make you smarter and smarter.

Related: 5 Ways Fear of Failure Can Ruin Your Business

Almost everyone knows the man who invented the light bulb, Thomas Edison. As you may have already known, he failed 10,000 times before he finally made it. In his words, "I haven't failed 10,000 times – I've successfully found 10,000 ways that won't work."

When you think about it, it sounds crazy. When others view failure as failure, some people see this terrifying monster as their ladder to success. You need to understand that one mistake doesn't make you a mistake. You will not fail until you decide not to try again.

To stand up again

If you've never failed as an entrepreneur, you'll never really understand what it means. It's not about reading tons of self-help books or listening to motivational speakers. If you haven't eaten with failure, your first dealing with it won't be pleasant.

In that moment you will feel defeated, hopeless, and depressed. Worst of all, however, you may lose confidence in your skills as an entrepreneur. Doubt is most likely to creep in and you will wonder if this trail is really for you.

If you are struck down by failure, you might consider a simple alternative – giving up.

According to Henry Ford, "failure is just an opportunity to start over, smarter this time."

Understand the role of failure in order to stop being blamed and feel sorry for yourself. It's like being told to try something different in order to start over, smarter.

There is always a reason for failure and a solution to it. Maybe you weren't paying attention to your business, your finances, your team, or your competitors. Or maybe you focused on quantity rather than quality.

If you learn from failure successfully, you will stand up again like a fearless lone wolf with an immortal dream. Try to remember why you chose to be an entrepreneur – this will force you to keep going.

Related: Why Covering Bugs Is Good For Business

Understand that it never ends

I have failed many times and have failed to this day. While you can't beat bugs, you can change your mindset about it. Instead of seeing it as a hideous monster struggling to end your dream, think of failure as your guide.

It's there to guide, nurture, and teach you what works and what doesn't. With every mistake, lessons must be learned and adjustments made. Unfortunately, most entrepreneurs neglect teaching.

In this case, you are in a loop and make the same mistake without making any progress. But as you learn and get up again, you become an unstoppable force ready to turn your dreams into reality.

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