Why Resilience is a Key Ingredient for Entrepreneurial Success
My favourite definition of resilience is the ability to get up one more time than you are knocked down. It’s one of the first lessons we are taught as kids when learning how to ride a bike, or deal with schoolyard bullies. But resilience is inherent to the success of entrepreneurs—it’s the drive that keeps you going when things don’t go according to plan (and trust me, they almost never go according to plan). Running a small business is an education. You must develop the persistence to tackle the challenges that come your way, absorbing the blow of a risk or obstacle and overcoming it. Your resilience is what measures your success, because in finding a solution that betters your company, you better your understanding of the risks facing your business.
Here are a few reasons why resilience is key to entrepreneurial success…
A 2014 study published in the Journal of Economic Psychology examined the resiliency of entrepreneurs and how it impacts the success of their business. When looking at the three key factors of resilience—identified as hardiness, resourcefulness and optimism—researchers found resourcefulness to be a key factor in entrepreneurial success.
You Don’t Have All of the Answers
Entrepreneurs are self-starters—it can be hard for us to admit we don’t have all of the answers. In order to thrive you must accept that you may be ill prepared to address some of the challenges your business will face. The first few years of starting a business is all about taking punches. But if you open your perspective and think of your business as a work in progress—something that is malleable—then you will survive those obstacles and grow to become a better entrepreneur.
Money is Hard to Earn and Easy to Lose
You want to make the best investment decisions for your business, whether it comes to capital or the solutions you invest in to drive your business. Part of resiliency in business is learning how to sort through the weeds. Everyone will claim they have the best solution for your business—I’ve invested thousands of dollars into marketing campaigns that didn’t work, only to realize I know my clients better than a third party.
Many Success Stories are Built on Resilience
Some of the world’s most successful and well-known entrepreneurs have unwavering persistence to thank for their accomplishments. Just look at vacuum tycoon James Dyson—it took five years and over 5,000 prototypes to bring his bagless vacuum cleaner to market.
Every entrepreneur is different—it’s the combination of our strengths and weaknesses that make us unique as fingerprints. We work with small business owners to help them figure out what makes their business tick and foster that resilience that will make their business thrive.
We’re here to help you navigate obstacles and become a better business owner. Call us today: 289-466-5210 to find out how. We never charge just to chat.