A few years ago an article entitled “SME’s were the light in the recession storm” was published by the Canadian Federation of Independent Business.
In spite of providing interesting insight on the position of small businesses during tough economic times, one term in particular stood out to me when reading the article: “Entrepreneurial Resilience”.
Anyone that has completed research on small business start-up will come across questions such as:
- Are you adaptable?
- Do you like to make your own decisions and try your own ideas?
- Do you make sound judgments?
Having resiliency from the moment of becoming an entrepreneur is key; as you cannot predict what will come your way, whether in the economy or specific to industry.
As a small business owner, you are the manager of every department. As difficult as it may be to separate personal life and business life (which can be a fine line for an entrepreneur, and even employees) tough decisions need to be made with careful consideration.
But according to this article, entrepreneurs have succeeded in making strategic decisions to preserve their goals and mission statements, although noting that some small businesses “did not come out unscathed”.
In the early stages of business start-up you must be sure to control what you can to optimize resiliency:
- Stress relief (sleep and eat well, exercise)
- Make personal time ( for hobbies or spending time with friends and family)
- Set your core goals (your business plan will help you define this)
When doing additional research on entrepreneurial resilience, I came across an interview with Sara Blakely, owner of Spanx. Her personal testimony of resilience discusses how to rise up from challenges, especially in the beginning stages of business start up.
Blakely’s story emphasizes how staying grounded, being persistent and receiving motivation from those around you will allow you to achieve your dreams.
To read both articles, please visit: