How can I recover emotionally from failure in business?

Seek the aid of wise advisors. Your situation has taken a toll on all areas of your life, so you will be re-building in all areas of your life. Start by seeking the counsel of a person knowledgeable in financial matters. You may want to consider entering short-term therapy. A skilled therapist will be able to help you refocus so that you can learn from your mistakes and move forward. You still possess the same skills and traits that brought you success. You just need to tap into them again.

Now is not the time to distance yourself from family and friends. You need your support system more than ever. This is a wonderful opportunity to see who your real friends are. Reaching out is the answer. Brainstorm with everyone you know. Then quietly and slowly select your course of action. Embrace those in your inner circle. They will celebrate with you again when this detour is done.

And know that you are not alone. All entrepreneurs fail. The ones that have succeeded are the ones that failed first and tried again out of determination. Don't get discouraged. Learn from your mistakes and get back on the horse!

Dale Hansen
Associate Dean, MacPhail School of Energy at Southern Alberta Institute of Technology

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