In light of recent economic challenges, entrepreneurs are increasingly confronted with the harsh reality of business failure. According to recent data, around 60% of new businesses in the UK fail within the first three years. This statistic might seem discouraging, but it highlights the importance of resilience and adaptability in the field of entrepreneurship.
We need to acknowledge that setbacks are an inevitable part of the entrepreneurial journey. Whether it’s a failed business venture or a setback in a long-standing enterprise, entrepreneurs must equip themselves with the tools and strategies to return to the drawing board stronger than before. However, bouncing back from a failed business endeavour requires more than just sheer determination – it demands strategic approaches and a willingness to learn from past mistakes.
To shed light on this topic, we turned to industry experts for insights into overcoming business failures and bouncing back stronger than before.
Our Experts:
- Jake Munday, Co-founder and CEO of Custom Neon
- Aisling Owens Nash, Head Leader of MIB International and Founder of The Love Life Community
- Rick Smith, Founder and Managing Director of Forbes Burton
- Mimi Nguyen, Founder of Cafely
- Heather Rose, CEO of Pink Fizz Social
- Rhea Freeman, Founder of Rhea Freeman PR
- Claudia Dumond, Holistic Health Coach & Founder of Minimondo
- Elle Mace, Positive Psychology & Business Coach
Jake Munday, Co-founder and CEO of Custom Neon
“Bouncing back from failed business endeavors is an integral part of the entrepreneurial journey. You learn about resilience, adaptability, and people.
“Acknowledging and processing the emotions that accompany failure is vital. It’s natural to feel a mix of disappointment, frustration, and even grief. Rather than suppressing feelings, talk them through.
“I am a huge believer in preventive counseling. Which makes problems more manageable when they do arise. Emotional honesty and preparedness not only aid in personal healing and positive mental health but also in retaining clarity and perspective.
“Remember, each failure provides an opportunity to learn. Taking responsibility is key to recovery. It’s tricky to take your ego out of the equation when your pride is hurt but accountability paves the way for actionable change and growth.
“Seeking support and guidance was pivotal. Admitting your failings out loud is daunting, but most people have made mistakes in the pursuit of goals. I found leaning on mentors and peers, provided external perspectives. This helps you strategise for the now, but also provides invaluable insights for future reference. (It’s humbling realising that your ideas aren’t necessarily the best!).
“It’s also important to get back on the horse. If you dwell on failing too much, it will eat away at your drive and confidence.
“The experience made me mature as a person, business owner, and leader. The kind of growth and perspective you will never gain from an MBA.”
Aisling Owens Nash, Head Leader of MIB International and Founder of The Love Life Community
“After my first business had to close, I felt like I was carrying a heavy bag of mixed feelings. At first, it felt like I had lost a big race, a dream that didn’t come true. But as I thought more about it, I realised that this wasn’t the end of my story—it was just a twist in the plot. It took a while to get there.
I learned a lot from the experience. It taught me to be flexible, to accept changes, and to know what I can and can’t control. It also made me reassess what I am passionate about. I moved forward in a completely different industry, now I help people live healthier and happier lives. It was a reminder that even if one plan doesn’t work out, the goal doesn’t have to change.
“I also saw how important it is to have support from others. We’re all in this together, trying to make a difference. Closing the business was hard, but it showed me that when one door closes, another opens. It’s all about getting back up, learning from what happened, and moving forward with new knowledge. Also, networking in the right circles is a must.”
Rick Smith, Founder and Managing Director of Forbes Burton
“The old adage of learning from your mistakes is sound advice when it comes to running a business. Almost every failed venture provides valuable information as to how to find success further down the line. Think of it as a game of Battleship: although you may have missed your shot, you’ve also narrowed down the area where the target could be.
“Sure, a failed venture can be an expensive business lesson, but that only makes it more important to take something away from it. Be sure to study not just the areas you assume were the problem, but everything else too. It’s possible that you can catch a hidden issue that has the potential to derail your next project as well.
“The main problem people make when analysing past failures is not being honest with themselves. By that, I mean that directors can spend countless time and resources on ventures that just won’t work however they’re facilitated. Don’t be afraid to admit defeat on a project that you initially thought had legs. Sometimes the problem lies in the idea itself, not the execution. In these instances, try to consider the elements that worked well, and pivot them into a different offering.”
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Mimi Nguyen, Founder of Cafely
“Bouncing back from failed business endeavors… It’s like trying to make a perfect cup of coffee. Sometimes, you get it just right on the first try, and other times, well, let’s just say it takes a few attempts to nail it.
“When I think about bouncing back from failures, I can’t help but reflect on my own journey with Cafely. We had our fair share of setbacks along the way. There was this one particularly tough moment when we invested a significant chunk of our resources into expanding our operations, only to see it fall flat. It was disheartening, to say the least.
“But you know what they say, when life gives you lemons, you make lemonade. So, we took a step back, reassessed our approach, and got back to the drawing board. We tapped into our resilience and creativity, and slowly but surely, we started to turn things around.
“It wasn’t easy, and there were moments when it felt like we were fighting an uphill battle. But with perseverance and a never-give-up attitude, we managed to weather the storm. And you know what? Our failures made us stronger. They taught us valuable lessons about resilience, adaptability, and the importance of staying true to our vision.
“So, how do you bounce back from failed business endeavors? You roll with the punches, learn from your mistakes, and keep pushing forward. Because in the end, it’s not about how many times you fall down, but how many times you get back up. And trust me, with enough determination and grit, you can bounce back from anything.”
Heather Rose, CEO of Pink Fizz Social
“In the journey of business and entrepreneurship, having setbacks and failed business endeavours is almost certainly going to happen in some way. However, it’s crucial to try and adopt a resilient mindset that views these challenges not as failures, but as invaluable learning experiences. Each setback presents an opportunity to grow and helps shape us into stronger and more knowledgeable entrepreneurs.
“Refusing to label my experiences as failures and treating them as learnings has been all part of my journey and where I am today. I have looked and reflected on each one and treated them as part of my journey and to help me move forwards to where I am to go next. Taking any learnings from each situation to make sure I improve, change something, and to keep on improving.
“Maintaining a positive outlook is key, It’s essential to continually work on our mindset, and embrace challenges as opportunities for growth rather than personal defeats. This mindset shift allows us to detach ourselves emotionally from setbacks, enabling us to approach them with clarity. While it’s natural to feel disappointed or discouraged, understanding that not every venture will succeed is part of the entrepreneurial journey. Instead of dwelling on what went wrong, focus on extracting lessons learned and how they can inform future decisions made. By reframing setbacks as stepping stones rather than stumbling blocks, we can forge ahead on our path with confidence and determination.”
Rhea Freeman, Founder of Rhea Freeman PR
“It’s important to reframe ‘failure’ when it comes to business, because in business, when you’re trying to create new things and grow, things will not always go to plan- let’s be honest, they rarely do! If you can see failure as a way of highlighting something that didn’t work then then take that an extra step and look for the learning opportunity, it can be really positive. Failures suck, but what makes them even worse is wallowing in the failure, not learning from it and not retrying with your new learning. That, to me, is when it becomes a real failure because nothing has been learned. If you work hard to retrain yourself to see failures as learning opportunities- to do this I ask clients ‘ok, so what have we learnt?’ As soon as the issue has been recognised- and I ask myself this too. This means that you can start to take a step back, remove the emotion and the knocks to the ego, and use the rubble to rebuilt the next iteration which will be better because you’ve learnt one way it won’t work.”
Claudia Dumond, Holistic Health Coach & Founder of Minimondo
“Sometimes, things don’t quite work out as we hope. Whether it’s a business idea taking longer to grow or a delayed promotion, disappointment is inevitable in life. That’s why it’s crucial to equip ourselves with the right tools to bounce back when challenges arise.
“I like to use the acronym ‘SUGAR’ as a simple yet effective tool for navigating tough times. While I don’t trivialize the disappointment of failure, it’s important to take stock of the situation and maintain a positive outlook. Here’s a closer look at this powerful tool:
“STOP: Everything feels better when you take a moment to pause, this isn’t the time to rush into your next endeavour. Maybe it’s a moment to yourself, or maybe you need to seek support from mentors, peers, or professional networks who can guide you through this journey.
“UNDERSTAND: Approach the situation like a detective on a mission. Seek to understand what happened and why. Treat each experience as a learning opportunity. Reflect on the factors that contributed to the failure and identify areas for improvement.
“GRACE: Be gentle with yourself as you explore. It’s okay to feel whatever emotions arise. Give yourself grace and know that setbacks are part of the journey. And don’t forget to be open to adapting your approach based on the lessons learned.
“ACCEPT: Sometimes failure feels like grief – it can feel like the loss of the future your once envisioned. Accept yourself without judgment and acknowledge that setbacks are not personal. Embrace the opportunity to learn and grow from the experience.
“REDEFINE: While you can’t change the past, you can redefine your future. See this setback as the beginning of a new chapter. Set a new definition for success that aligns with your values and long-term vision.
“Remember, you have the power to choose how you react to disappointment. In the words of Bear Grylls, ‘Being brave isn’t the absence of fear. Being brave is having that fear but finding a way through it.’ Use this experience as fuel for personal growth and resilience. SUGAR is your secret ingredient for empowerment and moving forward with confidence.”
Elle Mace, Positive Psychology & Business Coach
“To bounce back from failed business endeavours, one must first reflect on the lessons learned, adapt strategies accordingly, and persevere with resilience and determination. It’s essential to seek support from mentors, reevaluate goals, and embrace innovation while maintaining a positive mindset throughout the journey of recovery. Never give up, a failed business will lead to a successful one because you’ll never make the same mistake again.”
For any questions, comments or features, please contact us directly.
