Maintain Integrity <\/strong>
<\/p>\n\n\n\nWhen a business fails, things can get ugly. Avoiding reality or delaying communication of bad news can have negative long-term impacts greater than having founded a failed business.
<\/p>\n\n\n\n
\u201cBe honest,\u201d Fahed advises. \u201cTo investors and to yourself. Nobody likes bullshit; not patients, not investors and neither do you. So, tell them the truth, no matter how hard it is; they will appreciate it.\u201d
<\/p>\n\n\n\n
Investors know the risk they are taking. If you maintain integrity, that relationship can survive failure. If you attempt to hide negative results or give false impressions, your reputation may be irreparably damaged. \u201cBe straightforward, be confident, and ask for support and help when you need it.\u201d
<\/p>\n\n\n\n
Reframe Failure<\/strong>
<\/p>\n\n\n\nFahed\u2019s first experience as a founder of a healthcare IT business was not successful. Dwelling on the failure could have been enough to steer him away from entrepreneurship entirely. The first step in moving forward was to reframe failure.
<\/p>\n\n\n\n
\u201cDon\u2019t look at it as a failure,\u201d Fahed says, \u201cbut a hard lesson in life.\u201d The healthcare IT business did not accomplish what Fahed and his co-founder initially intended, but there were valuable insights without which Fahed\u2019s second startup could not have succeeded and which continue to inform the decisions he makes with Dala Wellness.
<\/p>\n\n\n\n
Fear of failure will paralyze you as an entrepreneur. \u201cWin or lose, you should come out of the other side a better entrepreneur. The true failure is if you are still the same entrepreneur that started on the front end of your endeavor.\u201d
<\/p>\n\n\n\n
Investigate<\/strong><\/p>\n\n\n\n<\/p>\n\n\n\n
The opportunity to learn from failure can be extremely powerful. The first questions Fahed asks a business that has failed are: \u201cWhy did it fail? What can we learn from it? What would we do differently? And how can we learn from our mistakes?\u201d Documenting these answers from all relevant stakeholders\u2019 perspectives will allow you to face hard truths about the business and why it failed.
<\/p>\n\n\n\n
This investigation is something that is inevitable with failure but rarely takes place to the same extent with success. Thinking critically about what went well and what could have been improved will help you to understand your strengths as well as your blind spots as an entrepreneur and can help you avoid future pitfalls while growing your next business.\u00a0
<\/p>\n\n\n\n
Moving Forward<\/strong>
<\/p>\n\n\n\nHaving handled failure with integrity and thoroughly understanding what went wrong and right with the business, you will emerge from the experience a stronger entrepreneur, even if it does not feel like it right away. Hopefully, some of the relationships you have built throughout the experience are stronger as well. Identifying these trust-based relationships during a difficult time can be the key to future successes. \u201cWhat you need to do is to surround yourself with people you trust, that are willing to hear you out and give you the advice you DO NOT want to hear but should,\u201d Fahed says. \u201cHaving a circle of people that have your best interest at heart is the key.\u201d\u00a0
<\/p>\n\n\n\n
Maintain your confidence as an entrepreneur, focus on building on your successes and avoiding previous mistakes, and continue to build a strong, reliable network. As Henry Ford said, \u201cFailure is simply an opportunity to begin again, this time more intelligently.\u201d
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It hurts. You just lost your baby that you spent a year working on and nobody will get how it feels. How do you pick yourself up, and move forward? 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