1. Know That You Can Bounce Back
“Donald Trump famously filed for bankruptcy four separate times. By no means am I saying this should be part of your business plan, but as a worst-case scenario, it’s affirming to know that you can bounce back. In any business venture, the key is to ensure the business is structured such that your personal assets are insulated from the company so that you can always live to fight another day,†says Matt Ehrlichman, founder and CEO of Porch, a home improvement network.
2. Don’t Be Afraid to Reach out for Help
“Entrepreneurship can be a struggle, but you don’t have to go through it alone. Knowing who to turn to when you need advice will help make the lows more bearable. When co-founders and investors may be unable to help, try to seek out an experienced entrepreneur distant enough from the business to offer the advice you need (whether it’s personal or professional),†says Tyler Arnold, founder and CEO of SimplySocial Inc., a social media software tool.
3. Learn From Your Mistakes to Prevent Failure
“The only time you fail is when you don’t learn from your mistake. If you’ve learned a lesson in defeat, then go back out and apply your new knowledge. I’ve made tons of mistakes, but I’ve had very few “failures” because I make those missteps valuable experiences,†says Nick Friedman, president and co-founder, College Hunks Hauling Junk and College Hunks Moving, a junk removal and a moving franchise business.
4. Fail Fast
“There are two big benefits from trying and failing quickly. Number one is that you can quickly figure out what isn’t working and iterate to find a new solution that is better. Number two is that each failure lessens the sting a bit, so the quicker you can get acclimated to the idea that not everything will work, the better,†says Patrick Conley, founder of Automation Heroes, a marketing strategy firm.
5. Talk About It
“Too often, entrepreneurs feel they must be eternally optimistic, particularly in front of employees, customers and investors. It’s essential to have trusted confidantes with whom you can be completely honest–for better or worst–and talk through some of your biggest challenges and deepest fears,†says Martina Welke, co-founder and CEO, Zealyst, a curated networking service.