Sometimes things fall into place, our wishes come true and the seeds we plant bear fruit. Yet inevitably, we're bound to be stung by a territorial hornet. Neither our best-laid plans nor well-founded intuition bring about the expected results. From time to time adversity will strike and your garden will be overrun by predators.
A wily or better-connected competitor lures away an important client. Demand for your services suddenly diminishes. You are devastated and depressed. Your self-esteem is battered and bruised. You may be frightened as you wonder how things could go so terribly wrong and what you can do to salvage your life's work.
Many business leaders know this crushing experience intimately. They are founders and / or leaders of organizations large and small and sometimes they are at the helm of organizations that generate seven or eight figure annual sales and achieve national recognition .
Failure to capitalize on new opportunities or protect the venture from threats have the potential to seriously impact revenues. Entities that are owned by a partnership are vulnerable to power struggles surrounding business strategy, new product development or allocation of financial resources. Disagreements can boil over into a hostile takeover that could be precipitated by the partner (s) who controls the largest percentage of the enterprise.
Company founders who initially welcome outside financing that allows their operation to expand and thrive are occasionally horrified to learn that they've lost control of the business that they've created and nurtured.
It is a shattering experience yet with determination, it is sometimes possible to re-group and bounce back from overwhelming adversity. Part of the restructuring may entail accepting responsibility for not taking responsibility and acknowledging that one has been complicit in the demise.
Neglecting to monitor key performance indicators that are readily available in the monthly financial statements and failure to remain aware of market forces and the business environment have been the downfall of countless organizations. Glossing over basic due diligence that should be applied to the evaluation of a proposed partnership agreement, rather than directing the business attorney and accountant to peruse those documents and interpret the full impact of bringing on investors, has led to the demise of numerous company founders. Successful entrepreneurs are those who are able to learn from their mistakes and use savvy and resilience to bounce back from adversity.
1. Accept that by definition, entrepreneurship involves risk.
2. Opportunities for growth are often disguised as failures.
3. Intuition is a gift. Do not ignore it.
4. Learn from your mistakes and do not repeat them.
5. When criticized hear it with a “grain of salt”, but do ask yourself what truth or opportunity for growth might be embedded within.
6. Work not only hard, but also smart.
7. Allow yourself time to rest and recharge your batteries.
8. Have faith in yourself and your vision.
Thanks for reading,