Opinions expressed by Entrepreneur contributors are their own.
Entrepreneurs are risk-takers by nature. They are problem-solvers that find solutions where others see problems. Entrepreneurs understand that the most brilliant ideas are often born out of struggle. They are resilient and persistent.
If you want to become a more effective entrepreneur, here are four strategies for building a successful business using personal setbacks.
Michael Jordan once said, “Obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it.”
1. Channel your inner resilience
If you have looked defeat in the eye and prevailed, you will find your next challenge easier to manage because you know your capabilities. You will likely take gambles that don’t pay off as an entrepreneur. Perhaps the first product you designed failed, or maybe a promising business partner let you down. Financial hardships and lost relationships can be challenging to bounce back from, but the perseverance to start up again builds inner resilience.
Remember that most entrepreneurs have experienced failure, but the best of them have returned stronger. Whether you have dealt with a health setback, been burned by a colleague, or been distracted by outside family issues, each hurdle has strengthened your tenacity and allowed you to grow as a business leader.
The skills learned in managing personal problems will teach you to have backup plans for your backup plans. This could be emergency funds or a list of go-to people that will lift you when needed. The next time you face an impenetrable barrier, remind yourself that success could come on your later attempt. Stay determined — that is how you will triumph.
Related: How to Overcome Obstacles
2. Be patient
As an entrepreneur, you know that success does not arrive with a snap of the fingers. Instead, it is a long journey over rocky roads. You might have tested many different products that failed or invested in a project that didn’t go as intended. These obstacles have taught you to remain patient and trust the process.
You can now use what you’ve learned to your advantage. For example, instead of feeling rushed to put together a team during a hiring process, take time to keep interviewing people until you find the perfect fit.
Rather than agreeing to work with the first fulfillment company that reaches out to you, do more extensive research to compare which business has the best ratings or price.
If you plan to start a new investment or partnership, don’t leap into it without first asking questions and understanding who you are working with. It might be tempting to go with the more straightforward or faster route, but your hardships have taught you that patience pays off in the long run and that efforts now can ease your struggles later. Just as it takes time for a stone to turn into a diamond, it requires persistence to cash in on your winning idea.
Related: Entrepreneurship Is All About Overcoming Obstacles
3. Lead with conviction
Think back to why you initially became an entrepreneur. It is probably because you had a fire for creating something out of necessity. Your natural vigor and excitement allowed you to keep your head up and your eyes forward after each obstacle or stumble.
Maybe you have partnered with various investors, each with different opinions on what direction you should take your business. Not all of these partners will benefit your vision, but after you figure out what pieces of the puzzle fit together, you can make more decisions with assurance. This skill can help you stand your ground when negotiating in the future.
If you lead with conviction, people will not easily sway or try to take advantage of you. Any setback is a disappointment, but it is an opportunity to evaluate your progress and intentions. When you lead confidently and stand behind your choices, you become a force to be reckoned with. Leverage your convictions and make sure you are marching to your own drum and taking leaps of faith with the certainty that you can handle anything that comes your way.
Related: How to Overcome Obstacles and Achieve Peak Performance
4. Notice and reward true loyalty
During times of personal struggle, you realize where your loyal support lies. People always want to be around you when times are plentiful, but who stays by your side during the hard times? This is how adversity becomes a blessing in disguise.
For example, if you face a health issue and need time off, notice which team members are empathetic about jumping in to help and putting more on their plate. These will be the people who genuinely want to see your vision come to life and will support you even when the going gets tough. When you know who has your best interest in mind or who you can trust, you will feel comfortable bouncing ideas off them or asking them for more assistance.
Having trusted supporters makes handling setbacks a lot less stressful. The right people will show up in your life when you need them most. It could be friends who always cheer you on or family members who never judge you. When you let go of fake acquaintances, you will become wealthy with loyal team members.
A hitch in your plans is always discouraging, but it is a chance to reveal fresh inspiration. You can develop efficient ways to manage your time and money by channeling your inner resilience. When you remind yourself to be patient, you will value the journey to success. Leading with conviction allows you to build a fruitful business aligned with your passion and rewarding loyalty will make you rich with supportive people. When you can turn pain into a reward, you will reap the benefits of being a prosperous entrepreneur.
