5 Ways to Overcome Any Setback as an Entrepreneur
Resilience is the ability to bounce back from a negative experience, adapt, and problem solve with a growth mindset instead of internalizing failures. Studies have shown that the single most important factor to a person's success in life and their career is their ability to be resilient when faced with failures. In her well received book and viral TED talk, University of Pennsylvania psychology professor and 2013 MacArthur Fellow Angela Duckworth concluded in her research that “grit” (or, resilience) was a better predictor of success than IQ or conscientiousness.
Building a resilient mindset is especially important when it comes to entrepreneurship. All successful business owners go through a number of failures before they see success. The key difference between those who accomplish their goals and those who don't is one key thing. Call it persistence, grit, or resilience - either way, it is essential. Here are 5 ways to build your resilient mindset and keep going even when you face a setback in your business.
See Silver Linings
Every situation is business is one you can learn from, successes and setbacks. If you can approach setback with the mindset of treating them as lessons, each one can bring you closer to reaching your goals. When you ask, “What can I learn from this?” you might find new knowledge, new insights, gaps in strategy, opportunities to pivot. You will also flex your resilience muscle as an entrepreneur and build up your confidence in knowing you can handle a challenge and overcome it. With this, you are much more likely to be able to keep building on your strengths as an entrepreneur.
Treat every “set back” as an opportunity to learn
“Setbacks” may be inevitable as an entrepreneur. Part of being a resilient entrepreneur is examining exactly how and why an attempt doesn’t meet your expected result, then coming up with new and improved approaches to problem-solving based on your new feedback, data, and knowledge from the experience. A product launch that doesn’t meet your expectations, for example, can even turn into a fun and exciting challenge to iterate and create the product that fits all your ideal client’s needs.
Your value is not attached to your outcomes
It is important to remember not to see yourself as a failure when you are faced with a setback in your business. Your value as an entrepreneur is not attached to the outcomes of your business efforts.
Don't Give Up
Steven Spielberg was rejected from film school three times before becoming the director of countless classic films that we know him as today. Oprah Winfrey was rejected from her first job at a TV news station, and now she is one of the most successful women ever to work in media. The single most important aspect of building resilience, and therefore your chances of success as an entrepreneur, is simply to keep trying. Yes, the strategies matter, and you probably won't get anywhere by making the same mistakes over and over without going back to improve upon your tactics, but at the core, nothing would be possible if you don't try!
Believe me, I know that sometimes it can be hard to not lose hope of success in the face of a setback. The bottom line is this: the most important thing you can do is just to keep showing up. Keep doing the work. Keep going after your goals. This alone puts you ahead of all the others who've already given up.
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