The world of entrepreneurship has a funny love/hate relationship when it comes to failure. On one end, it can be one of the most celebrated “wow” moments of a founder’s careers. On the other, it could be just the right amount of discouragement to throw in the towel.
Entrepreneurs can fail for a number of different reasons (many of which aren’t even the founder’s fault). It could have been something out of your hands like an investor that believed in your idea more than they believed in you or even an immense amount of stress. Don’t beat yourself up too much though, because nowadays even the greatest ideas don’t necessarily equate to success.
While it’s true that over 96 percent of businesses fail within ten years, that can actually be a pretty comforting statistic. After all, failure is one of our greatest teachers and is genuinely proven to provide enormous future successes.
Whether you’re looking to get back into the startup world or not, there are some important things you should know on how to deal with hitting rock bottom. I too have thought about it being the end of the world, but this can actually be the perfect chance for a new beginning.
Embrace the Uncertainty
In 2011 I was at (what I thought was) the top of the world. I’d just raised capital for a high school sports platform I was building and was set on making it incredibly successful. Then my past caught up with me, and I was sentenced to two years upstate.
The most daunting part about this wasn’t necessarily that I was about to go to prison, but that I hadn’t developed the right foundation in place for my business to grow while I was away. It was terrible to think that my peers, full of optimism and joy over what our startup could do, were not only losing their jobs but an opportunity thrown away by my mistakes. There was a big takeaway from this: if your startup can survive on its own, then you’ve created something great.
While I had no idea what the world would be like two years out, my skills from running startups afforded me a sense of comfort. After all, uncertainty is commonplace for us, with not knowing even if the lights would be on the next day. This causes us to develop a sense of mental fortitude and strength…enough to feel good about whatever is to come next.
Regardless if you’re aiming to take another stab at starting a new business or not, congratulate yourself on the thick skin you’ve developed. It’s something absolutely no one can take away from you and will take you far no matter the path you choose.
This Is the Perfect Time to Learn
The perspective of an outsider looking in can be one of the most advantageous in our fast-paced startup world. Not only did I read hundreds of books in my time behind bars, but I also taught myself how to code via textbooks. While before I had to rely on others to develop technologies, I now have been gifted with the opportunity to do it myself.
Take some time to step back and reassess what it is you really want to do. Whether it’s picking up a new skill or analyzing the current/prospective market you want to enter, a little bit of patience can go a long way in advancing ahead. After all, there’s no such thing as failure as long as you learn.
Learn To Tell Your Story
When I was first released, I couldn’t even get a job at Starbucks (hell, even to today that’s true). However, I knew that to obtain the freedom and opportunity I wanted; I had to take another stab at starting a company.
At first, I was hesitant to talk about my past, having no idea if the business world would accept me (or even give me the time of day). But with the help of some great mentors, I became more comfortable, taking as transparent of an approach as I could. I understood that it was important to talk about not only what I learned, but also how it could lead to more potential growth.
In your time of building yourself back up, there’s going to be some folks that won’t accept you or your past. But it’s important to pay them no mind because if they can’t believe in you, then they probably aren’t worth working with. In fact, I don’t think I’ve missed a single opportunity because of my past, only progress.
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.