Entrepreneurial resilience is the ability to overcome huge entrepreneurial challenges and continue as an entrepreneur in the face of adversity. The concept of entrepreneurial resilience accounts for why some entrepreneurs quit when faced with challenges while others press on.
Becoming an entrepreneur is a journey rife with numerous challenges.
In short, entrepreneurial resilience is the ability to overcome huge entrepreneurial challenges and continue as an entrepreneur in the face of adversity. The concept of entrepreneurial resilience accounts for why some entrepreneurs quit when faced with challenges while others press on.
Resilience is essential when starting and scaling a business. If you'd like to hear from founders who have successfully scaled and demonstrated resilience throughout their entrepreneurial journey, join our 'The Formula To Scale Your Business' event taking place in Tramshed Tech on 28th April 6pm-8pm.
Why Is Resilience Important For An Entrepreneur?
Resilience is important for people in all roles and walks of life, but for an entrepreneur, it’s crucial.
Startups and scaleups today face all sorts of challenges. But it’s the way these challenging times are dealt with that ultimately determines the success of the business.
The best way for entrepreneurs to bounce back from these challenging times is to build resilience, which will allow them to look past short-term setbacks and focus on long-term missions.
Resilience is one of the most essential entrepreneurial traits for a number of reasons:
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Entrepreneurial resilience is the ability to overcome huge entrepreneurial challenges and continue as an entrepreneur in the face of adversity.
Resilience Stops You Giving Up
Entrepreneurs who are starting their second business after an initial, failed attempt are significantly more likely to find success in their second company. This is because of resilience.
If you're resilient, the odds are stacked in your favour. You are learning as you go and getting closer and closer to success.
Resilience Helps Improve Your Health
A healthy mind equals a healthy business. Having a strong resistance is considered to be good for your overall health, as well as your business.
Negative mental emotions such as panic, stress and despair decrease your ability to deal with problems and physically drag you down, weakening your immune system, leaving you open to further lows in a vicious circle.
It is unlikely that stress is ever going to be removed from the workplace, so the best option is to take it in your stride.
Having a strong resistance is considered to be good for your overall health, as well as your business.
If You Believe In Yourself, Others Will Believe In You
If you're an entrepreneur, you know how important it is to have people who believe in you, as being one can be a lonely job.
Whether it's a client you or a potential investor you need to win - people want to see what you're about and invest in the start-up they can see going the distance.
If you don’t believe in yourself or your business, neither will anyone else.
How To Build Entrepreneurial Resilience
Entrepreneurial resilience is crucial, but it doesn't always come naturally. Here are 4 ways you can build resilience and become stronger in the face of difficulty:
1. Prepare for adversity
2. Focus on the present
3. Don't let failure define you
4. Remember your mission
1. Prepare For Adversity
To build a thicker skin as an entrepreneur, you have to be willing to accept failure and mentally prepare for the adversity you may face.
It sounds strange, but it's important not to see failure as a negative thing.
It’s not what you wanted to happen, but that doesn't mean you won't eventually reach success.
2. Focus On The Present
As an entrepreneur, you also have to focus on the present.
Focusing on the present isn't a skill we're all born with, and you'll have to work hard at it to get through the challenging times.
However, practicing being present and greeting challenges with an attitude of acceptance rather than resistance is essential to maintaining forward momentum.
You never know what's around the corner, so enjoy the moment and the journey.
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If you don’t believe in yourself or your business, neither will anyone else.
3. Don’t Let Failure Define You
Failure is a part of life's rich pattern, no matter who you are or what you do.
This is emphasised by the fact that '90% of start-ups fail', highlighting how common it actually is for entrepreneurs to fail.
While it can be difficult, remember that most things in business aren’t personal, so don't let failure or rejection define you.
4. Remember Your Mission
Focusing on your purpose is an effective way to deal with the challenging times in life and maintain perspective.
From meditation to journalling, there are numerous things you can do to improve your focus and attention to remind yourself of what really matters.
If resilience is about constantly adapting to change, then it helps to know that one thing will stay constant: your mission and goals.
Wherever you are on your entrepreneurial journey, Tramshed Tech can support you with your business growth, including skills training and specialist partnership programmes. It is the best place to grow your business because we understand the challenges entrepreneurs face. We build beautiful workspaces with business support and skills programmes to help businesses thrive.
Our new ‘roaming membership’ also gives you the choice to work across a number of locations, including Cardiff, Newport, Vale and Swansea.
For more helpful tips from our experts, check out our news page or get in touch to find out more about our spaces.
Written by Kate, for Tramshed Tech.
