flevyblog

Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.
MANAGEMENT & LEADERSHIP STRATEGY, MARKETING, SALES OPERATIONS & SUPPLY CHAIN ORGANIZATION & CHANGE IT/MIS Other

Startup Success: How to Build Resilience?

Editor's Note: Take a look at our featured best practice, Startup Company Financial Model - 5 Year Financial Forecast (Excel workbook). New Version - Massive Update !! This updated version of the previous template is almost a completely new model including new assumptions, new Setup Reports and new and updated Output Reports. Creating a financial plan is the roadmap that lays out the path for your company's future financial [read more]

* * * *

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.

Excel workbook
A Generic Startup Financial Projection 3 Statement Excel Model with Scenario Analysis is invaluable for new businesses. It forecasts income, expenses, and cash flows, aiding strategic planning, funding decisions, and resource allocation. The addition of scenario analysis allows for a comprehensive [read more]

Do You Want to Implement Business Best Practices?

You can download in-depth presentations on Entrepreneurship and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.

For even more best practices available on Flevy, have a look at our top 100 lists:

These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.

Readers of This Article Are Interested in These Resources


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]


 
28-slide PowerPoint presentation
 
 
Excel workbook

About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.




Complimentary Business Training Guides


Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]

  This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]

We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]

  We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function

  

  

  

  

  


The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.


Connect with Flevy:

     
  


About Flevy.com   /   Terms   /   Privacy Policy
© . Flevy LLC. All Rights Reserved.