How to Become a Stronger and Resilient Entrepreneur in the Face of Failure
It is factual to say that starting a business is a lot like running an obstacle course. Some business experts view it as a path of setbacks, challenges, and potential roadblocks from the start to finish. It is prudent to understand that the struggle may be inevitable. However, your success depends on the way you frame your setbacks and how effectively you find and implement viable solutions. Often, it is only human to avoid pain and seek pleasure, but entrepreneurs are a different breed. You will see them take risks where others play it safe. In addition, they see problems and answers where others perceive the status quo. They keep away comfort zones in the name of progress, even when it means potential failure.
According to the American Psychological Association, resilience is the process of adapting well in the face of adversity. It is particularly a valuable trait for those looking to start or grow a business. The truth is that there are times are the times when you are faced with extremely difficult problems and decisions. This may be as an individual or as an entrepreneur. For entrepreneurs, resilience is the ability to recognize setbacks as catalysts of growth and progress rather than avoidable threats. Having this ability is essential for the growth of your business and your career as an entrepreneur. Nevertheless, gaining this ability does not occur overnight. Here are some practical steps that would be very useful in building resilience.
Make Setbacks a Key Performance Indicator
It is prudent to acknowledge that it is impossible to improve what you do not track. The same holds true with business challenges. Often, obstacles may not seem as cut and dry as revenue, margins, or even market share. However, it is important to measure and review your setbacks, similar to any of the traditionally measured KPIs of a business.
Making setbacks a key metric for your business will help generate a clearer understanding of the problems you are facing. In turn, this makes it easier to find, review, and select potential solutions. If your setbacks appear vague and hard to pinpoint, potential solutions may feel the same.
Use ample time Solving Meaningful Problems
Making decisions is strenuous and the willpower needed to make choices may be limited. Perhaps, that is why Mark Zuckerberg wears the same outfit every day. Even more, it may be the same reason why neuroscientists always pick the second item on the menu in restaurants. It is all about Choice Minimalism.
For an entrance, you can build resilience by reducing the decisions you have to make in a day. Instead, use most of your time focusing on the choices that matter most. If resilience is largely about being honest and realistic about your setbacks, then avoid trivial decisions. Focus on choices that will actually move you forward.
Remember Your Mission
Philosopher Friedrich Nietzsche once claimed that anyone “who has a why to live can bear with almost any how”. This was long before Simon Sinek, a leadership expert and organizational consultant, urged today’s leaders to “find their why”. A sentiment Viktor Frankl would later echo this in his book Man’s Search for Meaning.
All this may sound cliché, but it is true. Taking time to focus on your purpose in life is an effective way to deal with the hard times. Resilience is about constantly adapting to change and helps you to know that your mission and meaning in the world will stay constant.
Know When to Quit
This may be fascinating since it seems like a paradox. However, sometimes resilience means discerning when to pack up your things and fold. Apparently, there are all sorts of reasons why we become irrationally attached to our efforts. This includes the sunk cost fallacy that makes us think we have to keep it going because we have a lot invested in something.
In reality, some ventures may neither help us to grow nor regain the capital invested. The ideal thing is to admit that you are on the wrong path and carry the lesson learned to your next endeavor. Author Adam Grant highlights that “never give up is bad advice”. He also admits that sometimes quitting in a virtue. For entrepreneurs, it is wise to define your dreams broadly enough. This ensures that you can find new ways to pursue them when your first and second plans fail.
Tap Into Your Reserves
Dealing with setbacks can be exhausting, mentally, physically, and even financially. It would be surprising to see how much resilience you have built up from years of work and life experience. Sometimes, it is better to adopt the Navy Seal 40% rule. This rule indicates that you are only 40% done when your mind is telling you are done.
The 40% rule intends to help you tap into a reserve tank of resourcefulness. Many people simply do not use this reserve because they do not have the right mindset. However, for entrepreneurs looking to build resilience, it is necessary to go to the next level of mental endurance. Always take time to reflect on your achievements and find solutions to penetrating your current barriers.
