Ask any entrepreneur who has achieved any measure of success if they have had to overcome adversity during their business journey, and the answer will always be yes.
There is no success without encountering hardship. Every business has its ups and downs, and as entrepreneurs, we need to realize that it’s normal for businesses to run hot and cold.
So how can we prepare ourselves for the adversity that we will encounter when starting a new business? Perhaps even more important, how do we build up our resilience so that we can bounce back from setbacks?
Here, I will share a story from a friend.
When I started my custom label printing company, which also offers custom decals, T-shirt printing, custom signs, and other branding and marketing solutions to businesses nationwide, my main focus was getting out of my day job.
I couldn’t take working another day for a boss looking over my shoulder. Unfortunately, though, I wasn’t fully prepared for the grind that it would take to build my business into a successful one.
Having experienced that grind now, I’m happy to share what I’ve learned so that it might be a bit easier for you.
Table of Contents
How To Beat Adversity While Preparing To Launch A New Business
The first suggestion I would make is that doing research is imperative to overcome business-related adversity. The reason for this is that you need to make sure that your business fills a niche. Is there a demand for the product or service that you will be offering?
There are many ways to do this type of research, but it’s easier now that we have the Internet. When I started my business, the Internet was in its infancy, so it didn’t help me much.
But now, so much can be done online. Research competitors and see what they are offering and at what prices. The goal is to find something that no one else is doing well or offer something at an affordable, reasonable rate.
What you are looking for is a hole that your new business can fill.
If you’ve done your research properly, you’ll find that niche that you feel comfortable working in. It will be a niche that is underserved. If you can fill that niche with professionalism, you will succeed. But that’s not all you’ll need.
Prepare Funding to Get Through the First Year in Business
My suggestion is to keep overhead low. Try to work from home at first if possible. By keeping your expenses low, the risk is smaller, and you can start bringing profits in relatively quickly.
Regardless, I always suggest that new entrepreneurs have enough savings to get them through the first year of their new business regardless of whether they are bringing in profit or not. This will save your sanity.
Why? Because Murphy’s Law will set in with any new business. Whatever can go wrong will go wrong. This brings us to our next topic…
Planning The Business Helps Overcome Business Adversity
Planning ahead of time is extremely important. Not only do you need to find the correct niche, but you need to plan everything from where you are going to work to the hours you are going to work, to the customers you’re going to serve.
Basically, anything you can think of that you might experience in your new business must be planned ahead of time. If you want to succeed with your business, you can’t fly by the seat of your pants.
Testing A New Business
Commonly, entrepreneurs with a new business idea are extremely optimistic and believe it will be a hit regardless of what the rest of the world thinks.
It’s better to be realistic and test your idea first before diving into a pool if you don’t know how to swim. Talk to people about your business idea.
Listen to suggestions as you formulate your plan. If you can, ask prospective customers what they think of your ideas, and listen to their suggestions.
Prepare For The Worst To Overcome Business Adversity
As I’ve said before, whatever can go wrong will go wrong so realizing that before you start can be a tremendous asset.
Surround yourself with people who can advise you. Do this even if that means hiring someone and paying them for their advice.
People who have been through what you are about to go through are invaluable. This is because it will save you a tremendous amount of time by following their advice, and a tremendous amount of stress.
Avoid Stress
The reason to avoid stress is that if you get sick, you can’t work. Simple enough don’t you think? But you’d be surprised how many people think they can do it all themselves, take it on their shoulders and let it overwhelm them. Don’t be afraid to outsource some tasks!
That’s what happened to me when I created my music and film multimedia project, X : The Human Condition. I wanted to inspire people worldwide with the message, “you are not alone”.
I self-funded the project after everyone I approached in the entertainment industry told me it was impossible. 12 years later, it was completed.
But during that time, I nearly went bankrupt, became seriously ill, and almost lost my vision permanently.
Needless to say, I couldn’t work for a while, which set me back. I was able to build up the business again, and now am much more successful than before the project was launched.
X : The Human Condition is now featured on Amazon prime video worldwide. I’m also healthier because I was able to overcome my health issues, and now instead of eating junk food, I pay attention to my diet and nutrition every single day.
I’ve become a fanatical health nut, because of the adversity I experience.
Building Resilience By Doing
I’m sharing my story with you because I want to hammer home the point that things will go wrong, and you will have to carry that burden while carrying on.
It’s not easy, but each setback will strengthen you. Every time you fail, you will learn, and if you’re smart, you won’t repeat the same mistakes. So if your current business fails, try something else.
You can only build resilience by experiencing adversity and overcoming it, time and time again.
My motto is “Never think of adversity as your enemy, think of it as your ally.”
Other People Who Have Overcome Adversity
After I recovered from near bankruptcy and nearly lost my vision permanently, I founded the nonprofit website, RiseUpEight.org to not only share my story of overcoming adversity but to share other peoples’ stories.
These stories not only include celebrities but normal everyday people from all over the world who are overcoming challenges in life.
This website came about organically because I wanted to inspire people to never give up.
So I speak from experience. I can honestly say that I wouldn’t be the person I am today if I didn’t go through all the adversity that I did, and everyone that has shared their story on our website agrees with that thought.
Indeed, adversity strengthens you and with each challenge conquered, your resilience grows. The skill of bouncing back from setbacks becomes stronger.
One should never run away from adversity but face it head-on. Otherwise, you won’t get the benefit of overcoming it and becoming stronger.
Running away from it is not the way to succeed. That’s the way to fail.
Words Of Wisdom
The best hockey player ever, Wayne Gretzky said, “You miss 100% of the shots you never take.” The great Winston Churchill said, “If you’re going through hell, keep going.”
These are words of wisdom to learn from. There will always be a higher mountain to climb. As entrepreneurs, once we climb one mountain, there is always another one to climb but is more difficult.
In Conclusion of How To Overcome Adversity In Business and In Life
But you can always look back at the mountain that you have already conquered with the confidence that you can do so again. I hope this story inspires you. Next, you can read Lisa’s story about her first full year in business!
What are you doing to overcome business-related adversity? I’d love to know more in the comments below!
Overcome Adversity: How To Build Resilience In Your Business Share on X
She has 30+ years of experience in marketing/advertising with 12 years of experience in content marketing, social media, blogging, and SEO.
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Hello Lisa,
Today, if you want to be successful, you need to take steps to plan and execute a well-timed, memorable launch that will bring your product to the attention of more people in more locations.
When launching your business or products, it’s important to understand if your potential customers have been groomed enough to understand and accept the launch.
Eventually, thanks for sharing your amazing facts with us.
With best wishes,
Amar Kumar
Hi Amar, oh planning and key and being able to change quickly with it is as well. I’ve changed a lot in over the year I’ve been at this full time. It’s amazing to see the transitions. You are most welcome and have a great day there Amar.
Hi Lisa,
Ahh yes, adversity. It’s never pleasant, but I’ve learned over the years it can be a friend.
For me, it became an exercise in admitting it’s OK to not know something…and to be a willing student.
Thanks for putting this one together. Shared.
Hi Dana, you are most welcome. Yes, it can really make us grow and learn along the way! Excellent point about being a student too. Thanks for sharing Dana and have a great day!
Hi Lisa,
Running our own business is like marriage. There will be ups and downs and that is a fact. We have to prepare ourselves for those times of adversity. If we do that emotionally, we can overcome it quickly.
I like the way you explained research by seeing who the competition is out there and doing it a little cheaper and a whole lot better. It is a win-win when we plan it that way.
-Donna
Hi Donna, good analogy! Yes, I think preparation is the key as well as willingness to make changes quickly if need be as today things change so rapidly that can effect our businesses. Thanks for coming by Donna and enjoy your Sunday!
Inspiring article thanks Lisa,
I didn’t realise how unprepared I was starting an online business and had to overcome all my shortcomings. But it’s prepared be better for life and I’ve learned a lot on the journey!
Hi Tim, How long have you been in business? Preparation is key and being able to make changes quickly through decision making. Thanks for coming by and have a wonderful day Tim.
Hi Lisa,
There is always a time when we all (business owners) go through adversity, which is why your article is timely and super helpful. But during such times, it’s vital not to throw in the towel. Thus, before taking that business route, make plans for the inevitable, strategize your goals and objectives and stick to it. There maybe a plan b on the schedule. But what’s essential is “not to give. I love the quote at the conclusion of your post, which points to taking action.
Hi Moss, oh yes, it will happen at some point. Not everything can be easy! Yes, taking action is a must, indecisiveness is always a problem for many. You must be decisive in business to succeed! Thanks for your input Moss and have a great rest of the day!
Great post Lisa,
being reliant in face of adversity is a guaranteed way to success. Because when you keep going and keep going, and not stop, eventually you find that your “big” problems are long left behind and you’re surrounded with far pleasanter scenery now.
And deserved too:)
Hi Nikola, Yes, and sometimes it is NOT easy. It’s the hard choices you make to get there. Thanks for your input on this one and enjoy your day Nikola.
Hi Lisa,
Thanks for giving a great piece of information. I would like to say that starting a business is easy but maintaining your level of business is really tough. So before entering into these fields just plan properly and work accordingly.
Hi Rahul, you are welcome. Oh yes, maintaining and growing are 2 other things indeed. You must plan properly ahead to make it all happen. Thanks for coming by and have a great day!