Psychiatrist Dr. Janet Taylor recently spoke to about the psychological effects of failure in entrepreneurship and how to bounce back in spite of it all. Check out what she had to say. What are the psychological effects of failure?

Dr. Taylor: The psychological effects of failure can be that you develop a “why try” mindset which means that you don’t take risk. You allow the unknown to take over your actions so you can get stuck, you can get anxious, you can feel sad and lose hope—which is more extreme. Most people who have an entrepreneurial mindset know that failure is part of the process so the real key is how adaptable and flexible you are and your willingness to learn from the experience.

What happens in failure that causes the downward spiral? What messages are we conveying to ourselves when we fail?

It’s mostly our inner dialogue and our thoughts. It’s really about us, as individuals, understanding that negative thoughts can really hold

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Source: Black Enterprise » Small Business