GamesHow to Move on When Your Business Fails

How to Move on When Your Business Fails

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If you are an entrepreneur, you need to get comfortable with failure. There’s a good chance that it’s going to happen to you.

After taking some time to grieve, do a post-mortem of your business. “It’s actually cathartic to think through what happened. There are so many lessons to learn,” said Tom Scarda, a speaker, franchise expert, and author who has owned both a highly profitable business and one that failed.

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In fact, about 20 percent of small businesses don’t make it past their first year. Nearly 50 percent won’t be around to celebrate their five-year anniversary. Only one-third of establishments are still open for business after 10 years. While these sobering statistics, as reported by the U.S. Small Business Administration, may prepare business owners for the likelihood their business may fail, they don’t equip SMB owners once that probability becomes a reality.

Closing a business is not the end of your story. Finding ways to deal with closing a business without being defined by it is the only way to move forward and start anew. Here are a few practical tips from entrepreneurs and business experts who know a thing or two about rising from the ashes. There is no reason to believe that because your most recent venture didn’t end the way you envisioned it your next brilliant idea won’t be the one that propels you to success,” added Ellis.

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