Musk famously described entrepreneurship as “staring into the abyss while chewing on glass.” As such, adversity and entrepreneurship go hand in hand. If you’re going to play that game, expect problems to emerge. There’s no other way around it.
The question is, how are you going to deal with it?
Fortunately, this post is here to help. We take a look at some of the top ways leading business figures deal with adversity and turn it into a source of opportunity to fund their ventures.
So, what should you be doing?
Pivot When Things Don’t Work Out
When things don’t work out for entrepreneurs, they pivot. Instead of smashing their head against the wall trying to make something that refuses to work successful, they move on to another project.
This willingness to let go of past efforts is a hallmark of successful entrepreneurs. Many run through multiple businesses and strategies before finally finding something that works.
For instance, many social media moguls started as content writers or programmers. These individuals tried to make it in their respective industries, but couldn’t. It was only when they changed what they did and branched out that the success came. What’s more, once they had a certain level of exposure, they no longer needed to focus exclusively on a particular area. Instead, they could talk more about their passions and follow similar projects.
Learn To Be Mentally Tough
Another way top entrepreneurs turn adversity into opportunity is by learning to be mentally tough. Accepting the punches as they come and rolling with them is the key to success in the business arena.
Critically, mental toughness doesn’t come from dissociation. You don’t want to feel detached from your business. Instead, it comes from a place of radical acceptance. You know things will inevitably go wrong and that’s just the way the business world is. It’s your job to ensure that that doesn’t happen.
In some cases, you might also be able to turn adversity into opportunity by leveraging setbacks. According to the site https://www.rginjurylaw.com/, those affected by injury can make substantial claims to repair their finances.
Setbacks come in various forms in business. There are those that occur to you personally, such as something going wrong in your life, like a relationship breakdown. And there are those that happen to your company and the wider economy.
While these might seem problematic, they almost always contain the seeds of new opportunities. The failure of one firm, for instance, opens the door to the success of another.
Adapt To New Technologies
Top entrepreneurs also transform adversity into opportunity by adapting to new technologies. Instead of resisting what’s happening in the market, these individuals look at the new business models innovations make possible.
Digital social media networks were impossible in the 1980s, so the big firms at the time like IBM and AT&T didn’t bother investing in them. However, even when they did emerge, these large firms were too slow to react and didn’t see it as an opportunity.
Don’t be like that. If you want to become a top entrepreneur, you need to understand the value of moving with the times innovatively.
At the same time, stay abreast of market trends. While technology can change, so too can consumer sentiments and tastes. Complementing these gives your enterprise a higher chance of success.
Responsible leadership is another tactic top leaders use to turn adversity into opportunity. Instead of flailing around without strategy, these individuals focus on the problem and deal with it systematically, taking multiple factors into consideration.
Responsible leadership isn’t just about steadying the ship. It’s also essential for opening doors to new opportunities. If observers can see a struggling firms are being managed well, they are more likely to provide opportunities and support.
Adopt Customer-Focused Approaches
Top entrepreneurs also turn adversity into opportunity by adopting customer-focused approaches. Listening to the customer and providing what they need is the best way to improve a brand’s reputation and protect it from potentially hostile actors, like the government. When customers love firms, any action taken against them is unpopular.
Learn From Failure
You’ll also notice that top entrepreneurs find opportunities by learning from failure. Instead of chalking up non-success to generic factors, like insufficient money, it is often helpful to go deeper and look at what went wrong specifically.
Take a look at the factors that might have led to the failure and what allowed it to happen in the first place. Ask how you can prevent the same thing from recurring.