Buckle up, business owner! Bounce back plan here: Lessons learned: Analyze what went wrong. Don't blame, but identify areas for improvement. Pivot power: Adapt your business model based on what you learned. Be flexible, but focused on a better future. Seek support: Talk to mentors, advisors, or even support groups. Learn from others who faced failure. Celebrate small wins: Every step forward counts. Stay motivated and celebrate milestones on the road to success. By learning from stumbles, pivoting your approach, seeking support, and focusing on progress, you can rebound from failure, become a stronger entrepreneur, and see your small business thrive.

It's absolutely critical to reframe this as a learning opportunity, not a career failure. Talking to a coach or mentor to "audit" and find out what went "wrong" is a great way to look at the situation objectively and identify things that would do differently or perhaps not even try again because it's not aligned with what you're looking for in your career. It's important to detach yourself from the situation, as this "failure" doesn't dictate what you are or are not capable of in the future - it's just data that will help you make a decision to pivot in the right direction.

Seeking feedback is critical. Oftentimes we have blindspots as business owners. Feedback is vital especially from employees, clients and contractors that are okay with providing constructive criticism. Having a regular schedule to obtain feedback ensures that not too much time passes before you are able to understand how others are experiencing your products and services.

Having started my business just before the pandemic hit the world, I have been painfully aware of the need to adjust plans, adapt and really keep an open mind. Not easy, but I would like to share a few thoughts here: 1. Be willing to pivot, even if it means a deviation from the original plan. Survive first to then thrive later 2. Take small steps. Not all of us are built to manage massive change, but all of us should be able to make small steps of change, and then move one step at a time in the adjustment phase 3. Don't stop building networks and relationships. You never know what doors can open down the road. 4. As the classic song by Journey goes - "Don't Stop Believing" =)

In each industry there are vital skill sets that help drive success. Being aware of those vital skillsets is important. Also understanding where the gaps are in your current skills. Once the gap in skills is clear creating a plan to strengthen those skills will improve you as a business owner--thus improving your business. Many successful attempt to strengthen one new skill each business quarter.

You don't need to start from scratch. Revisit your previous ideas that failed. Did they truly fail? Or did they simply fail your *expectations*? The best products often result from surprise discoveries and the willingness to pivot from your original plan. Viagra is a perfect example. Pfizer originally tried to develop a drug to treat high blood pressure and angina pectoris. It failed miserably. But during clinical trials, male participants were reluctant to return the medication. Why? Because while the medicine wasn't doing what it was "supposed" to do, it was effective at something else: treating ED. Look back at your "failed" ideas. Are there any unexpected benefits or alternative applications that you can leverage now?