Being a business owner or an entrepreneur requires resilience. You face highs and lows. You set goals and achieve successes, but you are also confronted with rejection, setbacks, hurdles and failures. Your product may get rejected by investors, you may lose customers, or a product may not take off like you had hoped. In these tough times, you need to know how to be resilient and bounce back.
Colonel Sanders KFC recipe was rejected 1,009 times before a restaurant accepted it. Steve Jobs was fired from Apple and rehired years later. Steven Bartlett the CEO of Social Chain, was rejected from being a contestant on Dragon’s Den and now he is an investor on the show. What did all these entrepreneurs have in common? Resilience. They persevered regardless of rejection and failure.
So, how can you be resilient like Sanders, Jobs and Bartlett? Read on to find out.
1. Learn from your mistakes and failures fast
Our first suggestion on how to be resilient is to use your mistakes and failures as a learning opportunity. But learn from them fast. When you make a mistake or fail at something, ask yourself “What have I learnt from this and how can I be better or avoid this next time?” Maybe you had a product launch that failed, or you didn’t lead too well in a meeting. By reflecting on what you have learnt, you can use the experience as an opportunity to grow, apply that knowledge going forward and avoid repeating the mistakes again. As Henry Ford rightly stated, “The only real mistake is the one from which we learn nothing.”
2. Surround yourself with the right people
As a business owner, you will have tough days. Who you have around you is so important. Avoid doubters who don’t support your goals. Surround yourself with supportive friends and family. Join a business group where you can meet other entrepreneurs like you facing similar challenges. They can lift you up, hold you accountable and give you strength. There are plenty of business clubs to join where you can meet likeminded individuals; after all, this is what Bizpedia is about!
3. Focus on what you can control
Whilst running a business, you will encounter some things that are out of your control. This may be a recession, our current situation with Covid or a new competitor in your field. But there are many things that you can control. For example, you can choose how you respond to difficult situations, the staff you hire, and how you lead your workforce. Even with the pandemic, we have seen many companies embrace innovation. Some businesses produced new products and services whilst others adapted existing ones. Gyms provided online classes to their members. Restaurants produced home-cooking packs and started delivering. By focusing on what they could control, they showed how to be resilient through tough times.
4. Expect and embrace change
It is inevitable in everyday life, not only in business, that change will happen. Conditioning yourself with the mindset of expecting and embracing change as part of your journey will help you to be resilient. As a business owner, it is very easy to hold onto wanting things to go a certain way, but things don’t always go how we expect. You may need to change your business model (as seen with Covid), or restructure your organisation. Be open to other directions. Use change to empower you.
5. Focus on your purpose
When you are confronted with a hurdle or setback, it is very easy to focus only on that. This is when you need to remind yourself of your purpose and the difference you are making in the world. Your why will help you maintain perspective, keep you motivated through the tough times and help you bounce back stronger.
6. Problem solve
Another way to be resilient is, when facing an issue, focus on problem-solving. Brainstorm possible solutions yourself or with your team. If you find that a product isn’t doing so well, speak to your current customers or undertake a survey to find out why. If you find staff are leaving, ask your current staff what they think needs to change in the business. By problem-solving, you can create a plan of action to move forward and improve the situation, therefore coming back stronger.
Resilience is a key skill to have and develop when running a business. Start working on your ability to be resilient today and see how you feel; stronger and more empowered!
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