By Candice Georgiadis, social media influencer and founder of Digital Day Inc, a social media and marketing agency in California.
Every entrepreneur understands that they are faced with two sides of a coin—highs and lows. You can be riding the peak of a wave and succeeding beyond your wildest dreams one second—and struggling to remain afloat the next. It’s all a part of the trip, and how you handle these highs and lows will help determine your long-term success. In this post, we’ll look at methods for maintaining a growth attitude and being resilient in the face of setbacks.
Remember That Setbacks And Challenges Are Inevitable
First, it’s important to recognize that setbacks and challenges are inevitable in entrepreneurship. No matter how skilled or experienced you are, there will always be unexpected obstacles and roadblocks that you’ll need to overcome. This is simply part of the game.
Successful entrepreneurs don’t view setbacks as failures, but rather as opportunities to learn and grow. When a setback occurs, consider these questions: “Why is this important to me, and what can I learn from it? What improvements to my business can I make using this experience?”
Let’s assume that you just started offering a new service with the hopes of being successful—everyone wants that, right?—but along the way, you are hit with reality. The business is not gaining traction. Instead of spending time moping over it, ask yourself the ultimate question: “Why is this important to me, and what can I learn from it?” Before you know it, you’ll likely realize that there are disparities in the service’s value proposition, messaging and marketing. This discovery could turn the tables, increase customer interest and increase sales, thereby turning the setback into a valuable learning process.
Stay Resilient
Resilience is an essential trait for any entrepreneur. For me, staying resilient involves taking care of myself both physically and mentally. This includes getting enough rest, eating well, and maintaining an active lifestyle.
To stay resilient, building a support system, and a solid one at that, should be a top priority. Whether it’s a mentor, a coach or a group of fellow entrepreneurs, having people you can turn to for guidance and support can make all the difference when you’re facing difficult times.
Here is my advice, especially for entrepreneurs just starting out: Seek out someone with more experience than you in your field with far greater levels of success. And for building a support system, seek out like-minded entrepreneurs at a similar stage in their business journey, attend events related to your industry (and interact with other entrepreneurs there) or start a mastermind group. In all of these efforts, remember that building relationships this valuable will take time and effort.
Although starting a business can feel lonely, it doesn’t have to. Being surrounded by a group of like-minded people who support one another might give you the inspiration and drive you need to persevere through difficult circumstances. Building a solid support network may significantly impact your path.
Maintain A Growth Mindset
A growth mindset is another essential trait for successful entrepreneurs. This means embracing challenges as opportunities for growth and believing you can improve with effort and persistence. A growth mindset also involves being open to feedback and continuously learning.
To maintain a growth mindset, it’s important to set goals and track your progress. Celebrate your successes, but also be honest with yourself about areas where you can improve. Seek out feedback from others, whether it’s from customers, colleagues or mentors, and use this feedback to identify areas where you can grow and improve. Personally, I conduct a “strengths, weaknesses, opportunities and threats” (SWOT) analysis of my business regularly (usually every month, although sometimes I skip a month or two). This helps me identify areas for improvement and areas in which I am excelling.
Focus On The Big Picture
It’s simple to become mired in the minutiae and lose sight of the bigger picture when you’re faced with obstacles or hurdles. Even when things don’t go according to plan, you can remain motivated and inspired by keeping your attention on your long-term goals. Setbacks are only transient obstacles that can be surmounted with tenacity and vigilance. You can overcome any challenges that come your way by keeping your sights on the goal and remaining dedicated to your mission.
Take Action
Finally, remember that action is key. No matter how motivated or resilient you are, nothing will change without action. Don’t wait for the perfect opportunity or for everything to be “just right.” Take action now, even if it’s just a small step, and keep moving forward.
Conclusion
I’ve found that resilience, a growth attitude, attention to the broader picture, community support and the willingness to act in the face of uncertainty and setbacks are necessary for charting the waters of entrepreneurship. You can more successfully traverse the highs and lows of entrepreneurship by accepting setbacks as chances for progress, taking care of yourself, asking for assistance and criticism, and acting. Keep in mind that setbacks are only transient obstacles standing in the way of success. Maintain your focus on the goal and never give up on your aspirations.