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3 Ways to Master and Deal with Failure as A Startup Founder

It is very important that startup founders learn and master how to deal with failure since it’s part of the success journey. Though this is not easy, it’s very learnable.

Don’t be deceived by the perfect status updates of founders on social media about a recent investment deal closed, a selfie with a global business icon or a pitch award at a major startup event. There are a lot of hustle and sometimes tears (men don’t cry, right? Well…) that go on behind the hood that a lot of founders can’t deal with not to talk of sharing it to encourage people.

I believe sometimes there are more lessons to learn in failure than success. Most entrepreneur success stories that inspire us a lot are because there were so many failures to deal with until they became successful and then we say to ourselves we also can if this person was able to do it. Strive Masiyiwa says he never gets frustrated by failures and challenges but rather he focuses on finding the opportunities being created for him.

Bill Gates puts it that, “…it’s fine to celebrate success but it is more important to heed the lessons of failure.”

Personally, I have had to deal with some failures in my journey as an entrepreneur. I may not have lost a billion dollars or a million users. But I have failed at closing an important investment deal, losing a good amount of money, failed businesses and many more. It really hurts when all the devoted time, hardwork and money you have put into a business doesn’t pay off. But these failures thought me a lot of success lessons and made me a better person.

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I developed these three ways to deal with any failure that comes my way. This is not because I expect failure but to master it when it comes. Below are the three ways;

1. Revisit your vision

Every founder has a deep burning reason why they started a particular business and hope to accomplish them. I started out to contribute to fighting hunger and poverty by building a robust food system that has the capacity to end hunger and poverty. Going back to this reason will rekindle your passion to get you over it. Focusing on the bigger picture blurs the current failure.

2. Talk to people about it

One of the important ways to deal with failure is to share with employees, friends and families. This will ease the pain resulting in a better feeling. Failure increases a lot of negative energy in our body and the more we share the more we decrease this negative energy and replace it with a positive one. But choose the right people since talking to the wrong person is worse as the failure itself. Know your trusted circle and approach them in such times.

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3. Draw out lessons

Every failure teaches unique success lessons. It is up to you to look deep and ask yourself what can I learn from this? This will help you to avoid future failures. Mistakes are okay but not when you have not learnt any lessons from it and repeat the same mistakes (though sometimes it can happen). Thomas Edison found 10,000 ways that won’t work to create the light bulb until the breakthrough.

Sometimes in the failure exists the breakthrough. So don’t beat yourself the next time. Use these three tips and master failure.


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Abraham Nii Omane Quaye is an entrepreneur and founder of Agrocentry, developers of Ghana's online farmers market - www.farmartghana.com . He is on a journey to change the world through Agriculture.

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ARTICLES

How to Gain Self-confidence as a Professional Trader

Confidence is one of the key ingredients which will allow you to trade the market like a pro trader. If you wish to build your career in the investment world, we strongly recommend that you learn to take the trades with strong confidence. It might take a while to get used to the overall concept of trading but once you become good at analyzing the market data, you can build your confidence level. But developing your skill in the retail trading industry is not that easy. You have to follow some specific rules and only then you can expect to become a full-time trader.
In this article, we are going to give you some advanced tips which will allow you to trade the market with a high level of precision. Once you become good at following the tips mentioned in this article, you will never struggle in the ETF trading industry.

Forget about the past trades

The novice traders get biased with the losing trades. They keep on monitoring the market and repent of their mistakes. On the contrary, the professional traders take smart steps and without any repentance, they look for the next trade signals. If you wish to develop yourself as a professional trader, we strongly recommend that you forget about your past trades. You can’t undo your past. Instead, look for the next trade signals strategically and try to find the solutions to this market.

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Trade with long term goals

You must take the trades in the market with long-term goals. Without setting up long-term goals in the investment business, it is very hard to stay tuned with the market changes. View the website of Saxo and learn about the importance of having strong determination in the trading business. Unless you are determined with your actions, you will keep on losing money most of the time. So, follow a conservative way and systematically take the trades. Once you become good at evaluating the key direction of the market, you can easily change your life.

Analyze the high impact news

Learning about fundamental analysis will improve your decision-making skills to a great extent. Very few traders in the retail trading industry have the skills to evaluate the fundamental data in the market. If you want to survive in the retail market, you must learn to take your trades systematically. Forget the fact that you are know everything about this market. See how the news data changes the course of the trend. As you become skilled in analyzing high-impact news, you will slowly learn to take the trades with strong confidence. This will also make you a better trader and let you systematically trade this market.

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Create a trading routine

To build strong confidence in the trading profession, you should trade the market with a balanced trading routine. Unless you take your trades with a proper trading routine, it will be really hard to bring any positive change to your trading system. As a trader, you might be thinking that you know every bit of detail. But this is not all true. In your trading routine, you must define all the basic rules. If you don’t trade the market with predefined rules, it will be a big challenge to make bring changes to your trading system. Follow the basic rules and trade the market with long-term goals.

Trade with low risk

You should always trade the market with low risk. Once you start taking the trades with managed risk, it will become an easy task to develop self-confidence. The majority of novice traders don’t have the strong skills to deal with the complex market. Usually, they aggressively take the trades and they lose a significant portion of the trading capital. So, trade with only 2% risk in the trades and it will help you to build strong confidence at trading.

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