Understand how resilience works and how it impacts entrepreneurial ability
Succeeding as an entrepreneur is a tricky task. Statistics show that about half of small businesses fail within the first few years, showing that not everyone is able to succeed. Being entrepreneurially successful is partially skill and knowledge, much of which can be learned in business school. The other part has to do with personality, mindset, and perspective.
Part of how one’s mindset impacts their entrepreneurial ability has to do with resilience. Resilience is a critical personal resource that either enables or blocks us from responding to business challenges in a successful way. Aspiring entrepreneurs should be aware of how this characteristic works, and how they can build on it. Read on for more information.
Resilience refers to how a person adapts to situations in which they face stress, challenges, or adversity. A person’s level of resilience defines how well they can bounce back from difficult experiences and use hardships as a source of personal growth.
As humans, we all experience periods of change or stress in our lives. But emotionally and mentally, these experiences will impact people differently. A person with a low level of resilience may be easily overwhelmed by stress, pessimistic in outlook, and unconfident in their ability to tackle the situation. Whereas a person with a high level of resilience will take negative experiences in stride and use failures as opportunities to better themself.
The concept of resilience is relevant to entrepreneurial ability. Entrepreneurs can experience high levels of stress, especially when just starting a business. The fluctuations of the economy, consumer demand, and competition can make every day feel like an obstacle course. Resilience impacts whether an entrepreneur will see the obstacle course as a puzzle to solve or a barrier to stay stuck behind.
Being a resilient entrepreneur is not about having an excess of confidence in your ability to succeed. It involves having the emotional and mental control necessary to remain calm when experiencing stress, and to adapt when necessary for the business. Resilient professionals with an MBA in entrepreneurship will interpret the inevitable setbacks of the day as challenges to solve. This lends them a proactive, solutions-oriented outlook that can translate into business success.
Luckily for those interested in pursuing a career in entrepreneurship after business school, resilience is not a stable, unchanging trait. Though it can be influenced by your environment, upbringing, and genetics, it is possible to change your level of resilience. Entrepreneurs can learn resilience the same way they learn other concepts and skills related to running a successful business.
One of the central factors to remain attentive to while building your resilience is to take care of your body and mind. It is impossible to tackle challenges while your body isn’t receiving the energy and care it requires. Entrepreneurial professionals can take care of their mind and train it to be more resilient by practicing activities such as meditation and mindfulness. The rest of resilience is an issue of perspective. Entrepreneurs should remember to remain proactive and curious in everything they do, and to centre their motivations and values when conducting themselves professionally.
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