5 Ways Entrepreneurs Deal With Business Adversity
Obstacles, setbacks and failures happen. They happen in life, they happen in business. Entrepreneurs are more familiar with adversity than most. From the unexpected disruption during the startup phase to the loss of a major customer today, successful entrepreneurs find it in themselves to carry on. What can you learn from them to move beyond business adversity and get back on track?
Many people find themselves unable to do anything when adversity hits. The feelings of powerlessness and uncertainty are common first reactions. The problem is that inaction exacerbates those feelings. Business writer Niro Thambipillay advises entrepreneurs to try something. He explains, â€śOften the only way to overcome a challenge is to fail your way toward the right outcome.â€ť Action is always better than sitting still.
One of the challenges of dealing with business adversity is the loss of confidence and negative feelings that come with it. Itâ€™s difficult to focus on anything else. To counteract the loss of confidence and put events in perspective, entrepreneur Nancy Halpern reflects on past successes. She gets out and engages with current and new clients to regain her positive outlook. You canâ€™t allow what happened define you or make you doubt yourself.
Starting and running a business is not a sprint, but a journey. There will be good times and there will be bad times. The trick is staying on course no matter what happens around you. Wise entrepreneurs learn to stay focused on their goals and turn setbacks into growth. They ask questions and analyze the situation. They think about strategies to deal with the fallout. Never lose sight of the reasons you started your business in the first place.
Ask for Help
Family, friends and colleagues are in a position to offer valuable insights and, if nothing else, a listening ear. Objective suggestions from others often contain grains of wisdom youâ€™re too close to see. Even if your confidant only lends a listening ear, talk it out. Sometimes thatâ€™s all you need to get back on track.
Give It a Rest
Entrepreneurs are used to long hours and hard work. After a setback occurs, itâ€™s easy to feel overwhelmed. One of the best strategies for dealing with an adverse business event is not think too much about it at all. Take a walk in the park, go fishing, see a movie or do whatever it is you love as long as it gets you away from work for a while. Donâ€™t read your email or check your messages. Let your mind rest. Youâ€™ll be surprised how many fresh ideas you come up when your mind is fresh.
The fact that you worry and stress over your business means you are passionate about it. You care about what happens to it and those who depend on it. Adversity is fleeting, however and if you stay focused on your goals, youâ€™ll be back on track in no time.