For small-business owners, failure isn’t an option — it’s a reality.
What can set you apart is how you respond to failure in the moment — and what you learn from it when you look back.Shut down correctly Before you walk away from your business, make a list of everything you need to do to shut down properly. A lawyer or financial advisor can help with this process. “It’s a small world nowadays, and you’ve got to treat people well,” Henson says. Memories of your business failure will fade, but “how you go about addressing and reacting to that situation is going to impact you for longer.”Care for yourself Once you’ve closed up shop, take time to care for yourself.
Don’t miss: ‘I hit the worst of bottom’: As Powerball fever strikes, this Connecticut man’s story serves as a warning about lottery addiction Outside forces do play a role. Sometimes a disaster, like the COVID-19 pandemic, suddenly hits. Sometimes the timing is just wrong.“The ultimate failure,” Coopersmith says, “is if you fail and don’t walk away with an insight that says, ‘This is what I could do.’”Do things differently next time Pompei says many entrepreneurs who experience a business failure will try again.
Sitting on a park bench in the winter for a few hours usually helps me get over it