Resilience and Entrepreneurship

The ability to cope with unexpected challenges and changes in life is referred to as resilience. Stress and disappointment are inevitable and is not always possible to prevent adverse situations. Health issues, financial stress, bereavement and relationship problems – it could be one of the many traumas in life. The only thing which can prevent us from such situations is resilience.

As in life, in business mistakes are bound to happen and you will likely fail more times than you will succeed. The key to dealing with all these is building resilience as you are doing your start-up. Look at failures and setbacks as an opportunity to learn and grow, both on a personal level and as a start-up and try to bounce back while gaining a competitive edge.

Here are some of the ways you can build resilience as you are pursuing entrepreneurship

1. Have a Mission in Mind

Having a mission and ultimately legacy in mind provides you and your team with a purpose, focus, and vision that everyone in the start-up can believe in. Learn from previous downfalls and utilize the knowledge for future work. Maintain focus on your mission as it will help you and your team to strengthen your overall value proposition.

2. Have a Decisive Mindset

Be bold and take responsibility for all the decisions that you have made for the start-up. When you make a choice, accept what is and whatever comes with it. Action will always beat inaction when it comes to start-ups; it is better to try then not to try. Keep moving steadily from plan A to plan B, but make sure you do not run out of resources. Keep making decisions and keep moving towards your mission. Making decisions is far better than not making at all.

3. Be Determined

It is important to be rational in your decision making. Don't be stubborn to the core and always be open to ideas and suggestions from others. Learn to adjust and be fluid in your business. Rather than being stubborn, be open to receiving constructive criticism and help. Be tenacious and dig in whenever you have. A persistent mindset and actions toward your end goal will certainly pay off.

4. Accept Support from Peers

Working hard is important. But looking after yourself physically, mentally and emotionally is equally important. No one can do everything alone. It is okay to ask for help. It is crucial to be in the mix with good people. Give them some of your responsibilities and take strength from them. Learn to delegate where possible. And continuously look for constructive feedbacks and gracefully take help from your team when in need.

5. Always Look Ahead

In order to gain a competitive advantage, it is important to be able to foresee the future of your business and the industry it is operating in. Make sure you stay on top of various opportunities, challenges, and threats which may lie ahead for you. Yes, knowing the future is not possible, but keeping yourself informed by doing good research about it will at least make your start-up well prepared for the days to come.

6. Be Customer Focused

As a start-up, always try to think about your service, product or company from a customer's point of view. Discover what customer needs are and what you can do as a business to fulfill these requirements. The best way to adjust and move forward is to listen to your customers and their needs and requirements.