The path from a dream to the successful fulfillment of that dream is never straightforward. Instead, the road to success is marked by repeated failure. Entrepreneurs who learn how to bounce back from defeat do not let financial constraints or limited opportunities discourage them from holding their course and generally maintain confidence and positivity — those who have learned resilience and are successful in the end.
Put simply: the resilient entrepreneur is the one who will succeed.
Research has demonstrated that some people have more inherent resilience than others due to their particular neurochemistry. Nevertheless, resilience is a characteristic that can be acquired by nurturing the right mindset and habits. The first step for entrepreneurs wishing to become more resilient is to commit to performing these practices to increase their resilience.
Adverse events are a certainty in this world. A large payment might be overdue, causing cash-flow problems for a startup. An unforeseen circumstance may have ruined an event. Hostile intruders may result in a data breach. Adversity is a fact of this world, and denial doesn’t help.
However, recognizing that adverse events are not meaningless, but are a source of knowledge and courage, means that people who accept such occurrences can grow in strength and wisdom from them.
Similarly, by the very nature of their businesses, entrepreneurs are pushing the boundaries of what is possible. As a result, they often attempt new approaches to solving problems and may fail multiple times. While this could cause entrepreneurs to give up, an alternative way of looking at things is that these pioneering attempts gather data on approaches that do not work, enabling them to zero in on the best solutions.
Entrepreneurs can even learn from the mistakes of others – a shortcut means of developing resilience.
Entrepreneurs are people pursuing a dream of changing the world with their product in one way or another, meaning they need a bold vision to begin. But holding onto that vision is even more critical if they are to stay on course amid adversity and the temptation to compromise their ethics. In this regard, sticking to one’s guns is essential.
On the other hand, the initial plan will have missed many factors that should have been considered. Entrepreneurs must be humble enough to adjust these aspects of their business while staying on track toward the big picture. Acknowledging personal blindspots helps; even better, anyone starting a business can align themselves with a mentor or a mastermind group.
Entrepreneurs should learn to shrug off rejection or lack of interest, be ready to accept feedback, tweak the plan, and move forward.
Resilient individuals tend to feel a broader range of positive emotions, and researchers believe this is no coincidence. The main one a business owner can cultivate to enhance their resilience is gratitude. Expressing gratitude opens the mind to a greater range of possibilities and allows people to think of new ways out of their problems.
The customary practice of gratitude results in compounding effects, greatly enhancing an individual’s resilience, reducing anxiety, and enhancing their connections with others. It has mental health benefits but could also lead to an unexpected solution to the problem at hand.
Cultivating relationships with positive employees, mentors, and investors helps aspiring businesspeople stay on track and provides them with a safety net. It is equally essential to avoid gossips, cynics, and misanthropes.
Resilience is one of the core skills an entrepreneur must have. Without it, they will not succeed. With it, they will overcome many obstacles.