As an entrepreneur, one of the harsh realities is that there are going to be unplanned for “bumps” on the road to business success.
Setbacks are a reality; we share below a few pointers from successful businessmen and women on how to overcome them and move on.
1. Take a moment
A natural reaction when you encounter a setback is to shut down. Feelings of failure are overwhelming, so before you panic or do something drastic, take a moment to accept that failure happens to the best of people, and to process your emotions.
2. Go back to the beginning
Not knowing where you went wrong can be a source of intense frustration. Focus on going back to the beginning to understand your business processes, identify shortcomings and areas for improvement. Look at setbacks with the benefit of hindsight.
3. Ask for help
Don’t get caught up in the notion that you can only depend on yourself to solve problems, or even worse, lay the blame on someone else. Reach out to your teammates and/or mentors for advice; look to fellow entrepreneurs for encouragement ~ they may have overcome very similar trials without even appearing so!
4. Plan the way forward
The key to planning a way forward is understanding that you don’t always need to restart, but just re-map. Driving on an alternative road can still get you to the same destination.
5. Trust + execution
Mistakes happen, but it’s important to not lose faith in yourself. Once you have your plan in place, trust yourself in its execution.
Learning to overcome failure, without getting caught up in the blame game, chasing losses or spiralling in self-pity, gives you the one of the greatest entrepreneurial assets ~ practical knowledge on how to prevail. So, turn your stumbles in strengths and press on forward.
If you are looking for a nurturing and creative ‘Worq-environment’ where you can interact with and gain insight from like-minded entrepreneurs, then join our Worq family.
Worq is a unique co-working space that offers budding entrepreneurs affordable shared working spaces along with essential perks such as high-speed Wi-Fi connectivity, telephone services, Client Manager services and more, to help take your business to greater heights.
To become a member, contact Deron Howard at admin@worq.co.za
