Looking at your business failures as lessons and experience and not disqualifications.

[TOZZIBLINKZ]

It is normal and understandable for you to feel like discontinuing or ditching your implemented or already established business idea , simply because you failed in one area or the other that have made the business turn into a negative direction and bring forth negative not positive result and repercussions like accumulation of high business debt , and liabilities , inability to sort out or pay out business bills like remunerating or compensation of your business employees , workers or staffs . But is the discontinuing or ditching your implemented or established business ideas worth it because you failed .

Absolutely not , to some extent it is not advisable to quickly give up or discontinue your business idea because you failed in one area or the other . Some business failures could be beyond repair while others could be repaired by putting one or two things into proper condition again . As the business owner , you have the sole duty and role to identify and rectify your business problems and obstructions . You must be able to find the key reason(s) why your business failed or what exactly you are not doing well that made your business to channel into a wrong and negetive turn . It is advised to speak with a more advanced business owner who is in the same similar business dealings and doings as yours , so as to hear , learn , tap some knowledge from his own experience of how he was able to handle matters , possibly when his business was at the edge of failure .

 

[eldavis]

I believe I must have said these before, our mindset plays a very important role on how we do and reason things. The reason most persons give up is based on the fact that they see failure as the end of the road for them, while there are those who see failure as an opportunity to not just learn but also try out something new. In every failure, there is a lesson to learn and in every wins, there is a lesson to learn as well.

 

[Abigael]

This is very true. It is normal for business people to go through challenges and they may fail sometimes. Since it is normal, a business person should not give up easily just for failing. Failure should be viewed as motivation rather than an adequacy. That way, you rise faster from failure and become the best version of yourself.

A business person who rises faster of from failure will grow bigger each time. At least you will have learnt things that don't work out. Remember the wise Thomas Edison who when asked about his misteps while investing a lightbulb answered that he did not fail, he just found 10000 ways that it does not work.

That is the positive mindset you should have about failure. Recognize that what you tried has not worked out and then do your best to find ways that works. Then you will never repeat your failures but you will work hard to avoid them.

Failure also gives you something to advice people about in future. One day you may be a role model to others and they will want to know what challenges you went through and what you did to rise from those challenges. Someone who viewed failure positively will talk about it confidently.