The differentiating factor of true entrepreneurs is that they are able to handle all the downsides; the emotions, the failure, and they are then able to move on to their next step or to their backup plan, which they would have thought of before they started their venture. Mr Inderjit – The Art and Science of Entrepreneurship
The chances of a failure are very high in an entrepreneur’s life. It takes a strong entrepreneur to pick up the pieces and move on with life. This does not mean that entrepreneurs are not hurt by the failures. Some may be devastated by the unexpected outcome and by the failure itself, and may be unable to handle their lives being turned upside down.
It is not easy to see something that you have put your heart and soul into, and maybe even all you money into, just fail and close down. But an entrepreneur knows that it is not the end. It is about seeing failure as part of the journey and also as a point of time to recuperate, re-strategize and to take the next step. Yes, entrepreneurs should aim high, but they should also be prepared for the worst. Have a plan in hand in case you need it and you will always need it so it is better that you have one.
You have to prepare for failure. Do not lament over it, but prepare for what you would do, if you did fail. What is your backup plan? What would you do if your business does not succeed?
Some people may consider going back to their old jobs, or go into similar fields, and some will move on to their next adventure. The key thing is that entrepreneurs have confidence that they will be able to pick up the pieces if they fail and move on with life.
By having a backup plan initially, you will be able to convince yourself that failing is not the worst option and that it is not the end of the world. This will help cushion the blow of any hard hits that you may take along the way, and it will help you get back on that horse faster.
Entrepreneurs do not cry over spilt milk; they figure out why the milk spilt, learn from it and move on to find another glass of milk. That is the differentiating factor of the entrepreneurial mindset. They may be taken aback, but they get back on their feet and move forward, looking for the next challenge along the way.