Startup Success: How to Build Resilience?

Editor's Note: Take a look at our featured best practice, Five Stages of Business Growth (25-slide PowerPoint presentation). This presentation introduces a framework for entrepreneurs to use when building and navigating their business from a nascent, startup state to an enterprise with a global footprint. This framework, called the 5 Stages of Business Growth, is based on the fact that all businesses experience common [read more]

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One of the critical things for any startup business is to identify its strengths and weaknesses and forge ways to overcome the weaknesses. Inability to address shortcomings can easily lead to business failure. As an entrepreneur, you will likely face rejection and adversity, which can lead to low self-confidence.

How well you can handle these issues determines the life and success of your business. You must be resilient enough to counter internal challenges and external competition for your new business to survive in the industry.

When starting a business, check out these sure ways to build resilience.

1. Work with a Trustworthy Team

When reading startup stories, you realize that many fail due to working with the wrong people. While you need to work with professionals who can hold your hand to success, it will not harm you to build your team. Include people you can trust in your team and those with similar values. A genuine and trustworthy person will assist you in learning from your mistakes and help identify areas that need improvement. They will have the best interest of your business at heart.

2. Get Motivation from Competition

Many players in your industry will probably be working harder than you. Such businesses should be your excellent competition. Always focus on winning regardless of who is blocking your way. You might encounter many forms of resistance in your quest to win, but you must consider your accomplishments. When you look at your achievements, also look at what you have not done and see what you are not doing right. Identify the areas where you need improvements.

Instead of allowing competition to demotivate you, create a plan to implement improvements and measure your outcome. It would also help to revise your strategies and see what works for you and does not. When measuring results, avoid using your feelings and instead rely on accurate metrics. Setting qualified objectives and goals for you and your team and measuring results will lead to the realization of admirable results. You will always be sure of where you stand at every particular time, and the outcome of competitors will not surprise you.

3. Always Be Decisive

As a startup, you do not have the option of standing still. You must be bold and take responsibility for your company’s growth. You have to move from the first idea systematically, plan A, to one that works best for you without running out of resources. If you do not make sound decisions, you will continue searching for a plan that works and you will eventually exhaust your resources.

You can decide to be resilient in your unique ways. Many resilience methods work for other people, but they may not yield the results you want. Start by having your priorities in mind. If you are not confident about a specific task or feel somehow unqualified, consider consulting an expert. That way, you will get a perspective that will prepare you and increase your commitment to your goals.

4. Be Tenacious Always

Tenaciousness is about not giving up as opposed to stubbornness which means refusing to change. It would help if you were perseverant, especially when things are not working as you wish. But you must also be rational in making decisions concerning this. Do not be stubborn in the face of evidence; adapt, be flexible, and change where necessary. Please do not shy away from difficulties and problems; deal with them quickly. If you have challenging goals to achieve, persistence will always pay off.

5. Communicate and Avoid Procrastination

Avoid procrastinating meetings and phone calls. Constantly communicate with your team about your company goals and expectations. Focus not only on the failures but also on the company’s success. Share and celebrate at a personal, team, and organization level. It encourages your team to work towards realizing tremendous success for the company.

Proper communication can help you study your team better as a startup and know who to engage in the company’s decision-making process. As you remain optimistic about the future, do not hide areas that have gone wrong from your team. Please communicate with the necessary stakeholders, keep them informed, and involve them. Most importantly, listening to different opinions and accepting criticism helps your business grow.

6. Focus on the Customer

Consider the customer’s point of view when looking at your company’s product or service. Avoid driving your startup solely focusing on achieving your initial idea and objective. You must keep researching your target customers and their needs. The success of your startup business depends on discovering your customer demands and being flexible enough to meet them.

Conclusion

Building resilience in yourself and your team helps you respond positively to pressure and recover faster from mistakes and disappointments. The attitude you put onboard in leading your startup and managing your relationships and yourself will significantly determine your outcome. Celebrate when things go according to plan, but accept if they fail and consider replanning and hope for a better tomorrow.

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