Every entrepreneur and business owner has had more setbacks than they would like to admit, in this age of rapid change and constant surprises, like the current pandemic. Some are able to overcome every challenge, and come out ahead, while others lose ground with each one, ultimately leading to their business demise.
Look for positives
Change is normal, and is probably the reason you saw an opportunity to start your business in the first place
- Now is the time to look for a new opportunity, and prove that it has more potential for you than the first one
- Don’t become the victim you fear with no control
Revisit your high-level goals and business purpose
There is never only one path to a goal, so now is the time to re-focus on your vision, and find alternate paths to achieve it
- Learn from your progress and challenges so far
- A business problem can be a positive in getting you back on the right track to success
Enhance your self-confidence to provide leadership
Look at every challenge as an opportunity to learn and provide leadership to your team
Stay cool and calm, and manage by objective facts
Don’t let emotions and feelings override your logical decision process as you look at alternatives
- Fall back to your initial process for evaluating markets, customer needs, and financial implications
- Let the challenge expand your thinking, rather than closing options
Adopt a mindset of refusing to concede defeat
If you are fully determined, motivated, and committed, almost any crisis can be overcome.
- Always remember that building a lasting and successful business is a journey, not a sprint. Accept challenges head-on, and turn them into opportunities.
Seek input from the team, as well as mentors
Don’t be afraid to ask for advice from peers, your advisory board, and outside experts and mentors.
