How to Overcome Business Setbacks by Developing a Positive Mindset - Deepstash
How to Overcome Business Setbacks by Developing a Positive Mindset

How to Overcome Business Setbacks by Developing a Positive Mindset

Curated from: inc.com

Ideas, facts & insights covering these topics:

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Success requires the right mindset

Success requires the right mindset

Every business owner and entrepreneur have more setbacks than they want to admit. Some can overcome all challenges and rise to the top, while others get discouraged and don't recover, leading to business failure.

Success has everything to do with your mindset and the habits you build for dealing with challenges.

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Avoid a victim mentality

Don't become the victim with no control. Accept that change is normal and possibly the reason you saw an opportunity to start your business. Look for new opportunities.

For example, many restaurants closed during the pandemic but some quickly refocused on home delivery and found a way to weather the storm.

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Stay calm and manage objective facts

As you search for alternatives, don't let your emotions overrule your logical decision process.

Instead, use your initial process for evaluating markets, customer needs, and financial implications. Then, allow the challenge to broaden your thinking.

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Seek input for the team and mentors

Don't try to carry the weight on your shoulders only. Team members are often closer to the customer and have some valuable insights.  

Ask advice from peers, your advisory board, outside experts and mentors. Keep an active mentor relationship with a few peers to discuss your business challenges and strategy.

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Revisit your goals and business purpose

Don't allow a setback to sidetrack you from your vision. There is seldom one path to a goal, so take the time to re-focus on your vision and find alternate routes to reach it, perhaps using a much better idea than the first.

Ensure to learn from your progress and challenges. A business challenge can remind you that your interests have changed or that you did not use the best path.

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Capitalise on your strengths

Do not play to your weaknesses when analysing the situation.

See every challenge as an opportunity to learn and provide leadership to your team. They need to view you as a role model for their success.

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Refuse to give in to defeat

One of the leading causes of business failure is giving up too soon. Building a business is a journey, not a sprint.

You can overcome almost any disappointment if you are fully determined, motivated, and committed.

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