Whether it’s your first entrepreneurial venture or your fiftieth, it’s never going to be smooth sailing from the outset. Setbacks can happen at any time. No matter how long you’ve been trading or the experience that you have in terms of running a business, a setback can halt growth and cause risks. While being an entrepreneur can be rewarding, it is also fraught with potential dangers. Knowing how to respond to those setbacks so that they are limited in their negative impact is critical. If you want to be more prepared for setback response and ongoing growth, then here are some key methods for turning your setbacks into opportunities for success.
Expect Setbacks
One of the best ways to cope with setbacks is to be ready for them. While the unexpected can happen at any time in the business world, your response will be much more practical if you already have response strategies in place. If you have an optimistic mindset that dismisses the potential for setbacks, then you will be more likely to react negatively when they occur. Have a Plan B in place that can be launched at any time, and plan for your setbacks with the same enthusiasm that you plan for success.
Remove Emotional Response
You will have probably invested a lot of time, energy and even finances in your business. When a setback happens, it can feel very personal. The problem with that is that it can lead to a response that is more emotional than practical. If a setback that you hadn’t considered arises, it’s vital that you do not respond immediately. Take the time to review your response. Look for advice from other business professionals who may have suffered and then benefitted from the same setback facing you. Remove emotion from the response, or your solutions will be too loaded with unproductive actions.
Always Learn
Entrepreneurs who think they know it all are all too common. Smart entrepreneurs are those that are fully aware that they don’t know everything. As a result, they spend time developing their skills. Setbacks are easier to tackle if you have the skills needed to identify the causes and find the best solutions. One of the best options for entrepreneurial development is the Six Sigma Root Cause Analysis Training. This can help you to tackle issues even before they harm your business. It’s easy to wallow in self-pity during a business setback, but choose to grow better rather than bitter, and your business will only grow stronger.
Hire to Grow
One of the best ways to tackle setbacks is to have a strong team behind you. A big mistake that inexperienced entrepreneurs make is hiring the people that bring similar skill sets and contact lists with them. Rather than hiring people with the same skills as you, look instead at the skills that you lack. No entrepreneur knows every area of business management, so you give your business a winning edge if you tailor your hiring to fill out those skills gaps. If you are a sales wizard but know nothing about marketing, hire an experienced marketer. If your customer service skills are lacking, hire those with proven experience in customer-facing roles. Complete your brand with the skills that make you more rounded, and setbacks will not only be less likely but easier to respond to in the right way.
By preparing for and anticipating setbacks, you give yourself the toolkit needed to survive them. The less time you spend considering your exposure to setbacks, the more likely that they will cause long-term damage. Strengthen your business model by knowing that setbacks will happen, but that the right response can turn them into an opportunity, especially when you have the skills, mindset and team to help you take advantage.
