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The Next Thing To do After a Business Failure

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The word “failure” is a word no one wants to say out loud, especially as someone starting a business.

However, failure is a big part of being an entrepreneur. In fact, the most successful entrepreneurs have come face-to-face with a failed business at some point. What makes a successful entrepreneur; however, is the ability to get back up and try again.

That’s not to say failure isn’t difficult. To put it bluntly, it sucks. No one wants to start a business that doesn’t succeed. But after all of the blood, sweat, and tears, you realize your company going out of business isn’t the end of the road. It’s merely a speed bump along the road to success.

Take a deep breath and relax

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Failure is unavoidable. No need to dwell on it. Once you come to that conclusion, take a deep breath and let it all out. It’s been scientifically proven breathing can help calm us down, which is why you absolutely need to do it.

Once you’ve calmed down, relax. Do whatever keeps you calm. Exercise, take a hot shower, or enjoy a drink or two. This should help you digest the situation, and look at the experience differently. With some perspective, you’ll find it can be refreshing to pull the plug on something that has become a drain on both your time and resources.

Reflect and adapt

Set emotions aside and reflect on the loss analytically. Why did the company fail? Was there any way to save it? What factored into the failure of the business? Once you answer these tough questions, you should have learned a thing or two. You can take these experiences with you during the next go-around.

However, try not to reflect all on the negative, but more on the positive and how it will help you in the future.

Plan your next business

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You are now a more experienced entrepreneur who has some contacts. Take all of that and put it toward your next business venture. I bet you won’t make the same mistakes again, and you’ll enjoy a successful business.

Enjoy your free time

One of the worst aspects about being an entrepreneur is you don’t have any free time. Now that you don’t have to devote every second of the day to your company, you can enjoy yourself. Whether that’s going out to dinner with friends or taking a much-needed vacation, use your free time to recharge your batteries and catch up on all the moments you might have missed out on in the past.

Volunteer

Typically, volunteers want to make a difference, are passionate, can spot opportunities, and enjoy being around people. Sound familiar? Those are the same traits entrepreneurs possess.

Plus, volunteering can give you a new perspective on another industry–and maybe even lead to a new business idea.

 

 

ENTERTAINMENT

“I’ll Pick Any Marvel Series” – Ruby Akubueze

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Ruby Akubueze wants to feature in a Marvel project | fab.ng
Ruby Akubueze, a Nollywood actress, aspires to be part of any Marvel Studios project under Disney Entertainment. She gained recognition for her role as Frances in the television series MTV Shuga. It explores the experiences of young individuals dealing with love, desire, and the complexities of maturing.

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ENTERTAINMENT

Stella Damasus Celebrates Second Daughter As She Graduates From Columbia University, Earns Full Scholarship To Top College

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Stella Damasus Celebrates Second Daughter | fab.ng

Nollywood actress Stella Damasus is bursting with pride. On May 14, 2024, she took to Instagram to celebrate her daughter Angelica’s graduation from university. Damasus shared a heartwarming video collage featuring pictures from Angelica’s big day.

The caption brimmed with excitement, revealing that Angelica’s academic achievements were not only celebrated by her family but also landed her a prestigious Ivy League scholarship! This is a double dose of good news for the Damasus family, highlighting Angelica’s hard work and dedication.

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FASHION

How To Protect Your Brand Like Veekee James

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How To Protect Your Fashion Brand Like Veekee James | Fab.ng

Established fashion designer Veekee James recently shared some valuable wisdom with aspiring designers. In an Instagram post uploaded on May 14, 2024, she focused on the importance of brand protection. Veekee James offered key steps that up-and-coming designers can take to safeguard their creations and build a thriving fashion brand.

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