There are not many things you can count on as an entrepreneur in the business world, but one of those things is that you will definitely experience some setbacks. Entrepreneur setbacks are bound to happen to everyone, and if you aren’t experiencing any kind of problems, then it probably means you haven’t risked much either, and you’re not achieving nearly as much as you could.
Anytime your business undergoes growth, it will very likely be accompanied by entrepreneur setbacks, which you’ll have to overcome in order to get to the next level. The way that you deal with entrepreneur setbacks will determine just how successful you ultimately become.
Analyze the Problem
Some less successful entrepreneurs go into a state of denial when confronted with a true setback, and simply choose to ignore the problem. Some others tend to become downtrodden and are consumed with self-pity or self-doubt. The individuals who are able to rise above entrepreneur setbacks are those who allow themselves to legitimately experience the whole issue, and then begin to analyze why it happened, and what can be done to overcome it.
By taking an objective look at the setback and what caused it, you’ll be better equipped to avoid it the next time around, and you won’t be paralyzed if something similar should happen. The main point with experiencing an entrepreneur setback is not to allow it to dominate you or knock you out of the game, but to learn from it so that you’re better equipped to handle similar entrepreneur setbacks.
Don’t Whine About It
Remember that your reaction to an entrepreneur setback will be noted by your entire team, and if they see you sulking and moping about, they will likely adopt the same attitude. Even if a setback has you hurting inside, you can’t whine about it, but must instead maintain a businesslike and even cheerful attitude about moving forward after the issue has occurred.
It’s also good to keep in mind that any of your competitors who recognize that you’ve been dealt a setback, may pounce all over you if they realize you’re not handling it well. Displays of weakness in the business world can prove fatal, so you’re much better off presenting a bold face to the world. You will also be helping yourself by maintaining a more cheerful attitude, because if you don’t let entrepreneur setbacks get you down, you’ll be in a much better position to move ahead.
Reassess The Situation
When confronted with an entrepreneur setback, take a hard look at it, and determine whether or not it has exposed a weakness in your organization or your business model. Take the information which you gain from reassessing the situation and use it to strengthen your business, and to patch up any weaknesses which may have been there. It may also be that you can use the time afforded by this setback to completely clear your mind, and go on a much needed vacation, so that you can come back refreshed and ready to go.
Keep Moving Forward
Remember that no matter how bad an entrepreneur setback might be, it’s only going to be in effect for a day or two. You have to recover from it and ensure that the single day doesn’t stretch out into a week or a month, because that might be enough to scuttle your business entirely. Persistence is one of the most valued characteristics in business, and if you can recover quickly from an entrepreneur setback and keep plugging away, you’re much more likely to survive in the business world.
Business Partner Alliance provides targeted coaching, consulting and business advisory services to help small and medium sized business owners achieve new heights. We put our passion and experience to work to help business people achieve their goals. Let’s meet for coffee to see how we can work together.
Emory Ware