How do you overcome your business setbacks and use them as opportunities for growth? You need two things: a positive attitude and action. If you want to turn your setbacks into stepping stones to higher levels of success in your business, you need to face your challenges with a positive attitude. Negativity will only make things worse. Stay optimistic that things will improve.
Here are my top 5 tips for turning business setbacks into steppingstones that will help you achieve your business goals.
Don’t let disappointment from business setbacks drag you down
Disappointment is a natural emotion that you may feel when things don’t go your way, especially in your business endeavors. You can allow yourself to feel any emotion you want, such as sadness, hurt, anger, or frustration. However, you should not let these emotions take over your life if they don’t encourage you to move forward. You need to set a time limit for how long you will dwell on your disappointment from business setbacks, and make it clear to yourself and out loud. For example, you can say, “I will feel this way for 10 minutes, and then I will get up and do something productive.” Make sure you follow your time limit and don’t let disappointment from business setbacks drag you down.
Focus on the facts of the business setbacks.
Your emotions can change quickly and they may not guide you to the best choices. Try to be rational about what led to the business setback. Ask yourself the tough questions and don’t lie to yourself. As you investigate, write down what you discover about the business setback. There’s something about putting things on paper that makes them more concrete and helps you move forward in your planning for a solution.
Recall Your Why
When you face a setback, it is crucial to take a break and spend some time recalling your “why.” Your “why” is your motivation and reason for embarking on the entrepreneurship journey in the first place. Letting your why influence your decisions should reassure you that you are on the right path. Evaluating your why and if the current situation aligns with your why can boost your confidence and certainty. A good exercise for recalling your why is to shut your eyes and imagine where you want to be in 5 years. Stay with the image, notice how it makes you feel, open your eyes, and GO!
Take action!
You may have learned Newtons First Law of Motion at some point in your lives. If not, let me refresh your memory. Newtons First Law of Motion says “If a body is at rest or moving at a constant speed in a straight line, it will remain at rest or keep moving in a straight line at constant speed unless it is acted upon by a force.” The longer you stay at rest, the harder it will be for you to recover from a setback. On the other hand, once you start with the motion of your plans, it creates a snowball effect and once that snowball grows bigger and bigger, nothing can stop it. A realistic way to take action is to create a list of possible options and assess each one rationally instead of emotionally. Once you decide on a plan of action, take action! The only thing holding you back is you.
Don’t let your business setbacks discourage you from pursuing your goals. You have to overcome them with a positive attitude and action. By following these tips, you can turn your challenges into opportunities and achieve higher heights in your entrepreneurship journey.
For Further Studies
How to turn setbacks into opportunities with three steps: accept, learn, and act. A TED talk by a young entrepreneur
A guide to pivoting your startup when facing setbacks. Tips on how to assess, adapt, and communicate your changes
Focus on small wins, celebrate achievements, and support others. A Harvard Business Review article Three Ways to Turn Setbacks into Progress by Teresa Amabile and Steve Kramer
