July 15, 2019 | By Mason Roberts
The ups and downs of entrepreneurship can be quite a journey, but unlike most journeys or adventures that one may experience, there is usually an end or a point of arrival that announces its completion. As an entrepreneur or business owner, there really is no end. You may experience the joy of arrival when your business or idea becomes a success, but if you want to stay relevant in the market you must continue to learn and grow. Becoming comfortable or stagnant can be the death of your business or innovative idea.
The world as we know it is constantly advancing, as an entrepreneur, or just a human being living in our society, you should be advancing with it. Pushing yourself outside of your comfort zone is the only way you can continue to be a success. Seeking the knowledge that can help the growth of your business is an essential part of survival in the business world.
If you experience some setbacks along the way, don't worry, that is the only way we learn. While it is common for any failed attempt at accomplishing a goal is met with negative feelings and a sense of defeat, it can provide you with the strength needed to continue on until you get it right. Having success handed to you does not provide the thick skin you need as an entrepreneur. Will you be disappointed? Sure, it is only natural. But will you learn from it? Yes! Remember, every failure brings you one step closer to success.
Avoid Coping Mechanisms
Don't complicate your journey by picking up bad habits on the road to success. Your defeat is not personal, its business. Drinking more than normal, eating more than usual, skipping the gym, or binge-watching the latest Netflix series is not going to help you succeed. If anything, it will only derail the path you are on to accomplish your business goals. Forget the coping mechanisms and go full speed ahead to your next destination.
Acknowledge Your Obstacles
Acknowledging your failures, processing your thoughts, and then adjusting your plan is a great way to keep yourself going without any distractions. If you hold onto negative energy, your thought process will be negative. It is important to think positive so that positive thoughts and ideas can develop. It is like that saying, "you are what you eat", well you are what you think you are. If you think of yourself as a failure, then ultimately you will turn into a failure. Entering a dark place such as this can manifest into so many different areas of your life, avoiding it at all costs is key in making yourself a success.
Growing an idea into a profitable business is not an easy task. More things have the potential to go wrong than to not go wrong. There will always be things that are out of your control. The best way to overcome the problems that you will encounter is to stay focused and keep moving. Forging through the chaos is the only way you will have the opportunity to come out on top. If you quit, you are dead in the water before you even begin.
If you experience an obstacle that you are capable of fixing, such as a marketing plan that is off, readjust your plan to account for the mistake, or if a team member is not pulling their weight, let them go and hire new. There is room for adjustments in any business plan. It is not set in stone. If you see that something you thought would work, isn't, simply make a change. A or guide to follow on your journey, but if you see that you took a wrong turn, revise.
Identify A Problem
Identifying any problems that occur is your first task. If it an issue that you can fix, take the time to process before jumping right in. Look at the problem objectively. Do not take it personally. If you made an error, accept that you did, and move on. Do not let your ego get in the way. The faster you admit you are human and have the capacity to make mistakes, the quicker you can be back on the road to success.
If you hit an obstacle that presents a funding problem, take the time to consider your options. There are several business funding options available for entrepreneurs, such as yourself. Do the necessary research to see what funding option works best for you and your current situation. If you are over-extended yourself, not established the business credit you require, or if your credit is bad, look into some alternative funding solutions. It may be just what you need to get back up and running.
Don't Be Afraid to Ask for Help
Some obstacles can require more knowledge than you have in a particular area. Seeking help is never a bad idea. Asking for help from another entrepreneur, family, friend, or anyone else you may need to seek out, is not a sign of weakness. It takes more courage to ask for help than to suffer in silence. In business, suffering in silence can make the difference between failure and success. Speaking with someone that understands the situation you are in and can help you get out of it, is quite valuable. Some may say they are an asset.
Now that you have received the knowledge you needed to recover or readjust your business plan, take action. One of the best ways to overcome an obstacle is by taking action. Taking action or control over a situation means you are making progress.
Obstacles do not have to be deal-breakers. If you experience one, and you will, all entrepreneurs do, learn from it. Your response to a bad situation will only prove what you are made of. Show everyone what you are made of!