Why do business owners need resilience?
Successful business owners have a high degree of personal resilience, and they need it!
Building your personal resilience should be a crucial part of your preparation for owning a business.
When things don’t go to plan, some individuals are always able to find the inner strength and self-motivation to keep going.
They have a high degree of resilience to setbacks.
Owning a business is not easy, even if it looks like it is and maintaining your wellbeing is essential.
How is strong is your resilience?
When considering the question of “Should I Own A Business?” an important aspect is your resilience.
There are lots of things that can go wrong, and some are relatively obvious to predict.
However, it is some of the ones that are less easy to spot that can test how robust you are.
These could be factors outside your business that have a significant impact on you.
It can also be the sum of many small factors that accumulate and get on top of you.
Resilience and business ownership
Firstly, personal resilience is crucial for you to function day in and day out.
You must be capable of a very high “up-time.” If you are not well and can’t attend to your customers or the needs of the business, then things will suffer.
It is not just being a matter of showing up; you need to be fully functioning to make the right decisions and keep everything moving ahead. If things aren’t going well or you are stressed, this can get exceptionally tough. The less well developed your team is, the higher their reliance on you is.
Apart from needing you to make decisions, your team is also looking to you for leadership and guidance.
So, resilience in your physical, mental, and emotional self is needed.
It’s a conspiracy
Strangely, you will find that when things start to go wrong, they have a habit of conspiring and multiplying until it seems like nothing is right! Everything needs fixing at once and quickly. You know the saying –when it rains, it pours.
Another, less overt challenge to your resilience can be personal relationships. Your business can be very needy at times. Owning a business will soak up vast amounts of your time and cash.
Often this happens when you least need it to, but it doesn’t care.
Such neediness can put personal relationships under pressure, as your nearest and dearest, also need some of your time and cash.
When you are working long hours, weekends, during holidays, birthdays, and anniversaries, your relationships can become strained.
Having personal relationship problems can also add to stress in business and affect your wellbeing.
We all have different pain thresholds, and owning a business is an excellent way to find out what they are. As an employee, you can always walk away from severe pain in the workplace, but as the business owner, it’s with you 24×7.
Expect some sleepless nights and a degree of anxiety. Stress is also never far away.
How tolerant are you to long hours, multiple demands on your time, stress, and anxiety?
If your business isn’t going well, despite your colossal effort, the stigma of a business failure can become very real for some people. They can’t just shrug off a business failure as experience and bounce back. Business failure can be deeply unpleasant in many ways and damaging to your wellbeing, relationships, and financial situation, to name a few.
Preparation -your resilience plan
Before leaping into business ownership, spend some time understanding your resilience and how robust your life is, in case things don’t go to plan.
The reality is that at some time, things definitely will not go to plan, no matter how hard you work or how well you prepare.
Have a listen to Episode 5 How To Use Your Excitement, where talk about resilience and how your comfort zones get challenged.
We also give some tips on how to improve your resilience.
Take time to consider how you can improve your resilience and how you might make your support mechanisms more robust.
Understanding Business Ownership
Personal resilience is an integral part of the business success equation.
Resilience is a characteristic of successful owners.
Brendan Barrow Co-Host
The Should I Own A Business Podcast
Listen Before You Leap!