The unfortunate truth is that most startups fail. But failure doesn’t mean that all is lost. After the collapse of Quincy Apparel – the women’s clothing startup – Christina Wallace hit rock bottom. Her experience as a founder had left her with a failed startup, a broken dream, and crippling debt.
Wallace had no choice but to get a job. And while she couldn’t imagine ever leading a startup again, she was happy to work for one. A role at an immersive training program in New York City called the Startup Institute was her first step to recovery. And she went on to found another startup, an EdTech company supporting women in science, before ending up teaching at Harvard Business School. The failure of her startup didn’t hamper her long-term success at all.
When you’re in the throes of failure, a pathway to success might seem as hard to find as a unicorn in your local park. But by following the Three Rs, you can walk that path all the way to the finish line.
The first phase a founder experiences after failure is Recovery. If your startup fails, you’ll likely find yourself in a state of financial ruin, as Wallace did. It’s common for founders to accrue massive credit card debt while simultaneously deferring their salary to maximize investment in their company.
At the same time, you’ll find that your personal relationships have deteriorated too; all those long hours at work have forced you to neglect your loved ones. This sense of isolation gets compounded by failure’s negative emotions – things like grief, shame, or guilt. To avoid getting depressed, find ways to support yourself during this time. Implement healthy lifestyle habits, give therapy a shot, and reconnect with activities you enjoy.
Once you’ve processed those difficult emotions, you can move on to the second of the three Rs: Reflection. In this phase, you’ll identify what you’ve learned by exploring your experiences objectively. This can be challenging. Our egos always try to preserve us by blaming someone else for our own mistakes. But if you can overcome this tendency, you’ll be in a position to gain valuable knowledge.
The final phase of your journey is Reentry. Despite the hardship of failure, around 50 percent of unsuccessful entrepreneurs found new startups. You might be concerned that your previous failure will send potential investors running, but there’s a way to avoid this: articulate how what you’ve learned in Phase Two has informed your new business plan. That way, you can demonstrate to investors that you’re starting afresh from a place of experience and wisdom.
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