ENTREPRENEURIAL MANAGEMENT

DEALING WITH
FAILURES
By Estimo, Maybel and Estrada, Jherrol Vincent
What we'll Topic Outline
Why Business Fail

discuss Dealing with Failures

The Grief Recovery Process

| Dealing with Failures 101

Introduction
Dealing with Failures
Failure is a natural part of life. So, if you ever hope to
succeed at anything, learning how to deal with it is
critical.

Few understand this better than entrepreneurs, who

practically make a career out of failing until they hit
that one big break that changes everything.

| Dealing with Failures 101

 LACK OF PROFITS OR FINANCIAL FUNDING

Why A big issue is under-capitalization at the outset of

starting a business. Business owners frequently

business underestimate how much money will be needed to fund

operations.

fail CONFIDENCE SOMETIMES LEADS TO

OVERCONFIDENCE
Entrepreneurs are usually by nature highly confident.
They can overestimate how quickly their products and
services will catch on in the marketplace.

| Dealing with Failures 101

How do entrepreneurs
deal with failure?
DO YOU THINK FAILURE IS
AN INTEGRAL PART OF BUSINESS?
 Work smarter,
not harder

Failure, for entrepreneurs, is

inevitable. This might come in the
form of small losses, like losing an
important deal to a competitor, or in
big ones, like being unable to make
payroll.

The best entrepreneurs, however, are

not defined by these failures but
rather by how they deal with them.
Navigating difficult situations both
externally and internally is crucial to
being a successful entrepreneur.
The Grief
Recovery Process

GRIEF IS A NEGATIVE EMOTIONAL RESPONSE

TO THE LOSS OF SOMETHING IMPORTANT
TRIGGERING BEHAVIORAL, PSYCHOLOGICAL,
AND PHYSIOLOGICAL SYMPTOMS.
The LOSS ORIENTATION
A "loss orientation" involves focusing on the particular

Grief loss to construct an account that explains why the loss

occured.

Recovery RESTORATION ORIENTATION

Process A "restoration orientation" enables entrepreneurs to

distract themselves from thinking about the failure.
 Words to Remember

THE BRIDGE OF SUCCESS IS BUILT ON

THE PILLARS OF FAILURES