Setbacks are a feature of all entrepreneurial journeys, unless you exist in a utopian business world where all your plans and effort always yield desired results. But since we all exist and do business in the real world, we can only afford to carry on with adequate preparations for dealing with setbacks.
Now does this fact spell doom for you and your business? Not at all! Instead, it presents opportunities for growth and breakthroughs.
I have created this post for you and every business owner looking to bounce back from a business setback and tap into its power for success like a BOSS.
Why Entrepreneurs and Business Owners Need to Build Resilience
An Oxford business study describes resilience as the capability of capabilities. In simpler terms, it is a collection of traits that together enable dealing with negative experiences with a positive outlook.
This study also reports that early-stage founders who exude resilience build businesses with better survival and success rates than their non-resilient counterparts.
Below are other reasons why entrepreneurial resilience is crucial for success:
Handling Tough Times
No business is immune to economic downturns, market changes, and unexpected challenges. Resilience helps entrepreneurs handle these road bumps and come out even better.
When things get tough, it’s easy to get side-tracked and lose sight of what matters. Resilience helps entrepreneurs stay focused on their goals, no matter what.
Learning from Mistakes
No one is perfect, and every business will make mistakes. But if you have resilience, you’ll take those mistakes and turn them into lessons. That way, you’ll be able to make better decisions in the future.
Being an entrepreneur is like running a marathon, not a sprint. Resilience helps entrepreneurs stay motivated and keep pushing forward, even when the journey is long and daunting.
The Key to Building Resilience in Business
Embracing the unexpected is the key to building resilience in business. Like a sturdy oak tree bends in the wind to avoid breaking, embracing change and unexpected events increases your chances of weathering any storm.
Resilient businesses are better able to handle anything that comes their way, whether it’s a market downturn, a sudden loss of a key employee, or a change in the economy.
Embracing the unexpected doesn’t mean ignoring potential problems. Instead, it is about approaching them with an open mind and a positive attitude.
It also means recognising that challenges are a natural part of the entrepreneurial journey and that the best way to overcome them is to be prepared and adaptable.
Tips for Building Entrepreneurial Resilience and Recovering from Setbacks
Connect with Your Mission
Connecting with your mission is one of the most effective ways of building resilience as an entrepreneur or business owner. That is because your mission encompasses what you want to achieve and how and why you want to achieve it.
It goes a long if your mission is tied to something that inspires and fills you with a strong sense of purpose. This way, finding the strength and motivation to push through setbacks becomes a more achievable feat.
Reflect on Progress
Setbacks and progress aren’t words that typically belong together. But in business, how you choose to handle setbacks can change everything.
For example, let’s say you set out to acquire 20 clients within six months to make your business eligible for a grant. You are likely to consider the outcome of getting just 12 clients a setback after the 6-month duration.
But another way to look at the situation is to focus on the fact that you brought in 12 new clients. Yes, you failed to win the grant, but you have 12 customers today that you didn’t have six months ago. It is different from what you wanted, but it is still progress.
In this example, focusing on your failure to get the grant can negatively impact your overall mood and morale, discouraging you from proactively seeking a way forward.
On the other hand, reflecting on the fact that you acquired 12 new clients can open your eyes to what you did right. Consequently, you enter a position where you are more likely to identify what you can do better to set up your business for more positive outcomes in the future.
Connect with Your Tribe
Having strong social connections is a huge predictor of success in entrepreneurship.
Invest in building the right relationships with people who believe in you and can support and stand by you through tough times.
You can get more personal by finding at least two people (bonus points if you include a mentor) to have discussions with whenever you need encouragement or fresh perspectives.
It is easier to tackle business setbacks and find the strength to keep going when you have a supportive community backing you.
Focus Less on Blame and More on What You Can Change
A common mistake most business owners make when dealing with setbacks is looking for who or what to blame and dwelling too much on what they cannot change.
Going through a thousand ‘what ifs’ won’t change a thing. The same as pointing fingers at someone, something or even yourself.
Try shifting your attention from what has gone wrong and focus on what you can change to improve your situation. Doing more of this will help you overcome setbacks quickly and prepare you to be more accepting of whatever comes your way in your business journey.
Do You Consider Yourself a Resilient Entrepreneur or Founder?
Whatever your answer, here’s the one thing to keep in mind: entrepreneurial resilience is a matter of the mind. It isn’t some unachievable superpower that only the most successful people have.
With the right training and mindset, you can become as resilient as you need and beat the most challenging business setbacks.
Lastly, you can always rely on Be The Boss for expert, personalised support in your journey towards business growth.
All the best!