How to Overcome Setbacks in Business
Psalm 37:24 "Though he may stumble, he will not fall, for the Lord upholds him with his hand."
The path to business success is rarely smooth and encountering setbacks along the way is a common occurrence. However, overcoming setbacks and emerging stronger is possible when you face them with a resilient spirit and a strategic approach.
Anticipating setbacks, processing your emotions, taking responsibility, and analyzing what has happened so that you can improve your processes are key strategies to transform setbacks into stepping stones. Consulting experienced business leaders in your industry can also help you gain perspective about your mistakes and find a way forward.
1. Anticipate Career Setbacks
The first thing to recognize is that setbacks are a normal part of everyday life and one’s career. Knowing that setbacks are to be expected is reassuring as we can accept challenges as blips along the way rather than insurmountable problems.
Steel Yourself for Potential Setbacks on Your Business Journey
Acknowledging that you will probably face setbacks will help you face them when they come along. Knowing that setbacks are a natural part of any business journey will also give you the strength to pick yourself up after something goes wrong. Resilience is important in business both to face the initial problem and move on from it.
2. Acknowledge Setbacks As They Come
Ignoring setbacks or failing to fully acknowledge them is detrimental to your business and your leadership. Begin by admitting to yourself when things aren't going well. You can also confide in your business partner, a team member, or a superior.
Don't be afraid to admit mistakes and take the opportunity to gain invaluable insights from another person. Articulating what has happened will allow you to face the problem head-on and deal with the source of the problem honestly and productively.
Acknowledge Your Feelings
Part of acknowledging a setback is letting yourself process it emotionally and giving yourself permission to feel upset. Give yourself time to think about what has happened and admit your emotions. You can talk to a professional if necessary.
Processing your feelings can take several forms:
Explore unresolved issues that rear their head in times of stress or misfortune. Are you a victim of overwhelming self-doubt, or are you overly self-critical? Pinpoint harmful thinking patterns that trap you in a negative cycle and lead to misjudgements or wrong steps.
Seek support from other entrepreneurs. Seeking advice from others in your field gives you actionable insights from which to learn. Look to people with more experience in your industry or who are further along in their business journeys. Another perspective can help you see the situation in a whole new light.
Remember that feelings like disappointment, discouragement, guilt, or anger caused by a particular setback will eventually pass. Focus on parts of your business that motivate you with renewed vigor to channel your frustrations into aiding your professional growth and regaining your self-confidence.
Tip: Faith also plays a huge role in how we face setbacks. Sign up for faith-based business insights through our devotionals and podcast and request details about our membership options for tailor-made guidance to run your business effectively in good times and bad.
3. Avoid the Blame Game
When your company suffers a blow, it's essential to identify what went wrong to prevent the same happening again. This can be difficult, especially if the setback came about as a result of a number of mishaps or wrong turns taken over time.
When you pinpoint the source (or sources) of the problem, avoid pointing fingers or shifting blame. This won't go down well with employees and may diminish the hard-earned respect you have built with them.
Instead, establish a clear plan detailing how to proceed when things go wrong. Take the necessary steps to rectify the situation and prevent it from happening again.
4. Turn Stumbling Blocks into Growth
We have two choices when things go wrong: despair or turn it into a growth opportunity. By adopting a growth mindset, you can turn your stumbling blocks into stepping stones for growth.
For example, try reframing what’s happened. Oftentimes, how we're affected by something is a result of how we frame the situation. Shifting your perspective can be as simple as recognizing setbacks and seeing them as a possibility rather than an obstacle. Choose not to dwell on your mistakes and see what you can learn from the situation. In a few years, you may even look back at this setback as something that shaped you and your business and made you stronger.
Setbacks Better Equip You to Face Future Challenges
Research has shown that setbacks can trigger higher-order learning and self-reflection and that entrepreneurs’ attitudes toward failure caused by a setback can positively impact commitment to learning in a new venture. The setback also enables entrepreneurs to acquire the knowledge and experience required to face unexpected situations in the future.
5. Get Out of Your Comfort Zone
Starting anew after a setback may require you to do things differently than you did before. When you've determined the source of the problem, you must then decide which changes to make going forward. This could take several forms and may take you out of your comfort zone. Moving out of your comfort zone could involve:
Holding people accountable for their actions and being decisive about how to proceed.
Giving employees more or less control over important decisions.
Changing your management style.
Asking for help from somebody within or outside of the organization.
Delegating more or reassigning responsibility for certain aspects of your business.
Steer Your Way Back to Success
Overcoming setbacks is an inevitable part of the entrepreneurial journey. However, with faith and resilience, business leaders can navigate challenges with confidence. Psalm 37:24 reminds us that God upholds those who stumble, offering comfort and strength in times of adversity.
Entrepreneurs can emerge from challenges stronger and wiser by viewing setbacks as opportunities for growth and seeking divine guidance. With God's support and a growth-oriented mindset, business setbacks can be transformed into stepping stones to success.
Related verses:
Proverbs 24:16