I was reading up on psychology a couple of days back and it mentioned that there are 5 stages of loss. These are denial, anger, bargaining, depression and acceptance. I think that most of you are already aware of this but may not have considered it in the context of Business. I know that a loss of a life especially of a loved one would have more impact, but the stages are the same with the loss or failure in a business. Denial - Because of our extreme optimism, it's hard for us to digest the fact that we're wrong. We start to think that maybe this failure is just a temporary thing and seek other's opinions that will confirm this fact and deny all those that are contrary to our belief. Another reason for our denial is our ego. The bigger our ego, the harder it is for us to accept that we're wrong. Anger - Once we run out of reasons to deny that we're wrong, we become angry. This is where we start to blame other people and everything that we think might have caused our business to fail. We'll say that our competition are playing dirty. We blame the falling market, a telephone call that broke our concentration, our kid who spilled milk or even our dogs who wanted to be walked outside. Bargaining - After being angry, we realize that we're not getting anywhere by being angry at the entire world and then decide that we might do better by being nicer. We then make a compromise and bargain with ourselves or even pray that if our business will recover, we promise that we'll do a much better next time. Depression - Common symptoms of depression are insomnia, tiredness and fatigue, lack of focus and wanting to be alone and refusing help from everyone. Acceptance - This is the stage of loss that we want to get to as soon as possible because once we accept our loss, we can already move on.