How to recover if your business fails

How to recover if your business fails

For small-business owners, failure isn’t an option — it’s a reality.

For example, consider the roughly 733,000 businesses that launched in the U.S. in the year leading up to March 2016. Only about half made it to March 2021, according to the Bureau of Labor Statistics.

“One of the inside secrets of great entrepreneurs, and businesspeople in general, is they are resilient when it comes to failure,” says Mark Coopersmith, co-author of “The Other ‘F’ Word: How Smart Leaders, Teams, and Entrepreneurs Put Failure to Work” and a faculty member at the University of California, Berkeley’s Haas School of Business. “Failure happens a lot.”

What can set you apart is how you respond to failure in the moment — and what you learn from it when you look back.

Watch: How to balance saving for retirement and life in your 30s

Shut down correctly

Before you walk away from your business, make…

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