Setbacks in business can provide lessons that generate long-term rewards in the future. We must accept that adversity happens to everyone at some point in life. Overcoming challenges is critical on the path to success, so dealing with them in a healthy manner is really important for entrepreneurs. Always remember that it is possible to bounce back from failure, and get back on track in no time, than to remain mired in misfortune. An entrepreneur is not defined by the number of times he or she fails, but what they learnt from those mistakes.
Start learning from your Mistakes
Dealling with setbacks simply involves taking a few proactive steps such as discussing the failure, asking for feedback, taking responsibility and learning from the errors you have committed.
Whenever you are trying to crack a huge business deal, and it does not turn out the way you expected, at that very moment you may feel hopeless. But, instead of feeling disheartened, accept it and use it as an opportunity to do better. This might sound like an easy yet not so effective trick, but in real life it works like rocket science.
Moreover, some mistakes are not as large as the efforts we put in to make it pay off. Entrepreneurs can follow these basic steps to prevent themselves making repeated mistakes in future.
Identify the core reason
We all have to deal with setbacks at work at some point or other, but what differentiates us is how we deal with them. The first step to countering disappointment is to realise the core reason for the situation. More than 50 percent of the problem is sorted once the root cause is properly identified and worked upon. Study the target consumer market to understand what is not attracting them and change course accordingly. This will gradually help fill the gap in the customers’ needs and improve the products and services.
Every challenge is an opportunity
To become a great leader, one must find an opportunity in a challenge. As Napoleon once said: "A leader is a dealer in hope.” So when you are dealing with challenges, take one challenge at a time and analyse the best possible option to overcome it. Our brains are hardwired to make much of modern life difficult, and this is especially true when it comes to dealing with uncertainty. But look on the bright side; if you know the right wiles, you can override your brain's irrational tendencies and handle uncertainty effectively.
Being a successful entrepreneur is difficult. However, it brings expectations, competitions, risk factors and rewards. Setbacks in business provide lessons to be learnt for the future.
High value customers
Setbacks can happen to any business irrespective of whether they are large or a start-up. They actually help refine the way business is done. As an entrepreneur, when going through an adverse business scenario, it is inevitable that you strictly manage cash flows on a regular basis. Keep a focus on high-value customers. A pause in sales figures does not mean there should be a break in the company’s operations. Rather, it is high time that costs be evaluated and categorically analysed. There should be a cut back in expenditure, and it is extremely important that the sales pipeline is maximised.
Hard times stimulate growth in a way that good times will not. Facing challenges in business, and navigating your way through, builds resilience. When you begin to recognize that you can overcome obstacles, learn from struggles and benefit from mistakes, it lays a solid foundation for success later on in life. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.
NB: Columnist welcomes feedback at deedee21bastian@gmail. com
ABOUT COLUMNIST: Deidre M. Bastian is a professionally-trained graphic designer/brand marketing analyst, author and certified life coach with qualifications of A.Sc. B.Sc. M.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.