How Can Entrepreneurs Deal With Setbacks ?
Having setbacks in business provide lessons to be learnt which could enhance a long term reward in future.
Setbacks happen to everyone at some point in life. Facing setbacks is also a part of the path to success, so dealing with it in a healthy manner is really important for entrepreneurs. Always remember, it’s possible to bounce back from failure and get back on the track in no time. An entrepreneur is not defined by the number of times he failed in his career, but what he learnt from those failures.
Given below are few tips for dealing with setbacks :
Start Learning from Your Mistakes :
According to Ashish Bahukhandi, founder& CEO Apps Discover Technologies, dealing with the setbacks simply involves few steps like discussing the failure, asking for feedbacks, taking responsibility and at last learning from the mistakes you have committed.
"Whenever you are trying to crack huge business deal and it does not turn out the way you expected. At the very moment, you feel hopeless but instead of feeling disheartened accept it and take it as a learning.This might sound like an easy not so effective trick but in life, it works like a rocket science," he said.
Bahukhandi added any mistake is not as big as the efforts we put into anything and to make those efforts pay well. Entrepreneurs need to follow these basic steps to prevent themselves from committing the same slip up in future.
Being a successful entrepreneur is difficult. It brings expectations, competitions, risk factors and rewards.
For Anuja Kapur, Criminal Psychologist, having setbacks in business provide lessons to be learnt which could enhance a long-term reward in future.
"Depending on the risk involved in the business rewards are earned. Being focused and setting up small goals will benefit an entrepreneur to scale through their difficult times," stressed Kapur
Identify the Core Reason:
We all have to deal with setbacks at work. What differentiates us is how we deal with them. Amit Munjal, Founder and CEO, Doctor Insta believes the key to recognizing setbacks by their nature can be vanquished.
" The first step to counter the setback is to realize the core reason behind the same. More than 50 percent of the problem is sorted once the root cause is tracked properly and worked upon. Following this, it is inevitable to study the target audience to understand what is not attracting them and change the approach accordingly. This will gradually help to fill the gap in the customers’ needs and the services," said Munjal.
Focus on High-Value Customers:
Setbacks can happen to any business irrespective of a large company or a startup. Be it any business, setbacks actually help to refine the way business is done.
Virendra Joshi, Founder and MD, Quasar Enviro emphasized as an entrepreneur while going through an adverse scenario in business, it is inevitable to strictly manage cash flows on a regular basis. Also one should keep a focus on high-value customers where there seems to be a large potential.
"A pause in sales figures doesn’t mean there should be a break in the company’s operations. Rather, it is high time, costs across segments should be categorically analyzed and there should be cut down in extra expenditures. It is extremely important at this point the sales pipeline is maximised, fully expecting that the conversion ratios will drop and there should be more focus in a targeted manner where the conversion can happen quickly," shared Joshi
Every Challenge is an Opportunity:
Parveen Kharb, Co-Founder, Twenty Two Motors said to become a great leader, one must find an opportunity in a challenge.
"As Napoleon once said- "A leader is a dealer in hope". So, when you are dealing with challenges, take one challenge at a time and analyze the best possible option to overcome the same. Our brains are hardwired to make much of modern life difficult. This is especially true when it comes to dealing with uncertainty. On the bright side, if you know the right wiles, you can override your brain's irrational tendencies and handle uncertainty effectively," said Kharb.