What do you do as an entrepreneur when your business idea failed?

[magnus2022]

It is not easy when your business fail as an entrepreneur. It brings a lot of mental torture, anxiety and depression. How do you handles the business collapse? Do you start afresh or call it a day?
It takes a lot of courage and determination to start afresh and start building again! You have to have strong faith in yourself before you can be able to stand on your feet again.

 

[Starmix]

I'm so fortunate, my offline business will be three years in August and I haven't experienced failure. I'm always protecting my business. I am always doing a strategic plan for my business. I always back up my plan.

 

[eLdavis]

The very first thing i would do is to mostly find out why the business failed, and then see if there is a way to correct it.

 

[Nomad]

Idea does not fail until you try it, if that happens to me maybe I would try something else, or possibly analyze what went wrong.

 

[Min George]

The best thing when your business idea fails is to try and examine the point that it didn't work. That would help to decide what to do next.

 

[neku]

The business owner should exit the business which is not workiñg at the earliest to reduce further losses. In some cases, an early exit may be difficult.

 

[Augusta]

Look back at your previous ventures and analyze WHY they failed. Be as thorough as you can. Learn as much as possible from each of your failures ..