Dealing With Business Set Backs
December 7th, 2007 Filed under: Uncategorized — Small Home Business AuthorI can think of few other human endeavors where the highs are higher and the lows are lower than in entrepreneurship. For those of us who have invested our time, money, energy, and soul into a business venture, the line between business and self can become indistinguishable. When the business is successful, this isn’t much of a problem as the business owner basks in the glory of his or her success. However, when things go wrong, an entrepreneur can find themselves in a cycle of self-doubt, second-guessing, frustration, and depression that follows them home after the close of business hours.
While the techniques for dealing with setback are simple, their application sometimes is not, especially when someone is in the middle of the storm. In his book Money, Success & You, John Kehoe describes seven tips for bouncing back amidst adversity.
1. Don’t panic – the cardinal rule in a crisis. Dealing with a situation with a calm head is critical. Sometimes that may mean that you have to postpone a decision until a later time. The more pressure you feel to make a decision right away, the more likely it is that you’ll benefit from getting a night’s sleep behind you before making the decision.
2. Stay with the boat – even a severely damaged boat will float. Stay with it long enough to be able to make a rational decision about the situation. Only after you’re 100% sure that the boat is sinking should you abandon ship.
3. Damage control – sometimes you need to stabilize the situation before you can improve it. Approach your response to the setback with two steps in mind. This will prevent you from getting overwhelmed.
4. Don’t beat up on yourself – even though you’re probably better at it than anyone else. When things go wrong it is very easy to start asking the “what if…?” questions. Try to catch yourself and stop before you get started.
5. Stay positive – remember, you aren’t your job. Also, there are no solutions that ever come from worrying or negativity.
6. Hold council – try to talk with someone who has been in your situation before. You may not choose to do exactly what they did, or follow all of their advice, but simply knowing that you’re not alone in your situation can be a very powerful stabilizing force.
7. Recognize that time is on your side – imagine yourself 5, 10, or even 20 years from now. What will your life look like? Will this situation still be looming large, or just a blip on the radar? Taking the long-view can help put events in perspective allow you to realize that there will be life after this setback.
Shane Turner is currently Professor of Entrepreneurship at Arizona Western College. His interests include nursing education, welding, and helping individuals with their new venture.
