Ahoy, been caught in that there stormy business weather twice myself. Two boats sunk, yet three more survived.
Instinctive reactions on how to fail don’t come easily to most people. Where do you draw the line on what to say, and when, how to act, and then react. Articles such as yours help those yet to experience leading through failure with what they can expect and how to best serve the people who initially entrusted them with their careers, parts of their businesses, and their money.
As a serial and lifetime entrepreneur I get, and so too does my family, that business is an all in endeavor, and if the ship sinks we may get proverbially washed away.
The thing is we as entrepreneurs can prepare for the possibility of failure (have you seen the statistics on business failure) simply by compartmentalizing our work life separate and away from our private life. Yes, even the busiest most successful founders need to have a life away from work. When we make life more important than business then we’re preparing our selves to handle some of life’s more challenging moments.
While failure can be catastrophic financially for some it pails in comparison with some of life’s more serious issues. Walk into the pediatric ward of any hospital near your home. There’s one or two no more than several miles away, and each has a ward or section dedicated to pediatric care. The challenges some of those families face put into perspective how merely unimportant a business failure can appear.
Business failures impact many people in different ways, so it is clearly understood a failure could impact the financial well being of the families involved. Having experienced business failure twice, and the anxiety of a pediatric waiting room, I can say unequivocally I would opt for a failing business if given the option of choice.
Being the principal of a business, whether you call this business a Start up, SMB, Store, Shop, etc., should only be a small part of your life and who you are as a person. If it temporarily evolves into more then as entrepreneurs we understand, but temporary doesn’t mean long term temporary. Give your life a lifestyle. One other than business. Success, failure or heaven forbid the appearance of rocks (slow growth) will be much less daunting.