Methods to Deal with Failure as an Entrepreneur

Failure is a natural part of entrepreneurship. Every entrepreneur fails at some point or another. In fact, the majority of start-up firms eventually fail, no matter how good their foundation is. While start-up founders are often perceived as young and brash, most successful founders are in their late 30s or 40s. This is why entrepreneurs are in need of key business lessons for understanding how to deal with failure when it occurs.

The best way is to utilize TEFCAS methodology. This acronym stands for Trial, Event, Feedback, Check, Adjustments, and Success. Essentially, this method emphasizes the need for constant trial and error. It encourages an iterative process with input from outside sources to validate the path entrepreneurs are on.

Once you have clear feedback, you can make slow adjustments over time to increase your odds of success. These business lessons are in place to help entrepreneurs avoid failing.

Walt Disney is one classic example of someone who adopted a positive attitude and succeeded. He failed 9 times before launching his media and entertainment firm which became one of the biggest on the planet. His persistence despite failure is one of the most inspiring acts of entrepreneurship.

Thomas Edison is another important example. Before he discovered the light bulb and built a thriving business model around it, he failed thousands of times. When others around him asked how he could go on after failing, he remarked that each failure taught him about the things that don’t work. He only needed to find the one idea that worked to make everything worth it.

Failure isn’t something to shy away from, it means you’re trying and as long as you keep doing just that, you’ll end up exactly where you need to be. Everything really does happen for a reason. All of the wonderful leaders and mentors that have come before us have tried, and failed. Some a lot! Don’t be afraid, let go of the ledge and fail.

I’d love to hear from you and what you do to deal with failure in your business enterprises.