“I have not failed, I've just found 10,000 ways that won’t work.” _Thomas Edison. True failure comes when you refuse to get up and try again.
There are N ways to handle failure, but here are most paramount ways to handle failure as an entrepreneur.
Be vigilant, updated and smart
Be smart to sense/observe any abnormal effect that arises from any corner of your business. Most pain areas should be handled and arrested before they blow up.
Draft a backup plan
This helps a lot if you can adopt it. After calculating your risk, before taking the risk have a backup plan. No one is a superman and am sure you've not been to the future before this time. What happens when you fail? Bring up your backup plan. Don't be too smart not to have back up plan.
Be Flexible with Your Goals
Change is a constant thing in this world, it's inevitable. Be ready to change your plans and goals if it doesn't work out as planned. You will definitely reach a road block at some point in your business, don't be rigid about your plans.
Success’s a thing of the mind. What you think you become. Even though entrepreneurship road is not rosy and cushy, but to succeed you need to occupy your mind with positive thoughts. Sure failure will come but be positive. You are against all odds.
However, It’s good to know as an entrepreneur, failure we definitely come but never back down. Failure is an opportunity in disguise, to do it better and wiser. I hope that help...
Please feel free to add your thoughts and how you've handled failure as an entrepreneur below.