Successful business owners have a high degree of personal resilience, and they need it!
Thinking about, and improving your personal resilience is important. So much so that it should be a part of the preparation you undertake before starting a business.
Running a business is not easy. Even if it looks like it is!
I. How is strong is your resilience?
II. Business owner resilience
III. It’s a conspiracy theory.
IV. Be sure to look after your relationships.
V. Sleepless nights and long hours are common.
VI. Preparation and your personal resilience plan
When things don’t go to plan, some individuals can find the inner strength and self-motivation to keep going. They have a high degree of resilience to setbacks.
As a Business owner you need to work hard at maintaining your wellbeing. Resilience plays a big role in wellbeing.
How is strong is your resilience?
Unfortunately, there are lots of things that can go wrong in business. Some are fairly easy to predict. Problems with customers, suppliers and employees are examples of issues that are likely to regularly interrupt your daily routine. As you know you will come up against them, they are relatively easy to plan for. If you know what you are doing of course!
However, it is some of the challenges that are more difficult to spot that can really test you. If you’re not careful, they can seriously knock you around.
These might be factors outside your business that have a significant impact on you.
For example, things like sickness, bereavement or relationship issues are outside your business. Inevitably, however, they have an impact on your business. And it wont necessarily be big things that get you. It can also be the sum of many small factors that accumulate over time. These can contribute to the feeling of having a never ending “to do” list.
If you’re not careful, you can become susceptible to burnout.
Owning and managing a small business can become integrated with the rest of your life. It is not always easy to switch between business and private mode. You may start to question if owning a business is wrong, especially, if your business purpose seems like it’s disappearing.
Business owner resilience
It almost goes without saying that a degree of personal resilience is important simply in everyday life. Stuff happens all the time and you’ve got to get on with things. When you run a small business, its’ importance is magnified.
As the owner, you need to be “up” pretty much all of the time. If you are not well and can’t attend to the needs of your customers or your business, who will? Chances are that, in a relatively short period of time, the business will suffer.
It is not just being a matter of showing up. You need to be functioning at a high level so you make the right decisions and keep everything moving ahead. If things aren’t going well or you are stressed, this can get exceptionally tough. And, the less well developed your team is, if you have one, the higher their reliance on you is. They are looking to you for leadership, guidance and to make the right decisions.
This podcast interview reveals how young entrepreneur Phillip Kuoch’s resilience was tested when he took over a family business and then had to deal with pandemic lockdowns.
Clearly, a well developed sense of personal resilience is vital.
It’s a conspiracy theory.
Strangely, you will find that when things start to go wrong in your business, 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. I think it must have been written by a small business owner!
The conspiracy also seems to attack when you can least afford it!
Be sure to look after your relationships.
Another less overt challenge to your resilience can come from your personal relationships. Your business can be very needy at times. It can soak up vast amounts of your time, not to mention your money.
Your business will demand your attention at times. Often when you have competing priorities or other things going on in your life. Sadly, it doesn’t care about those things.
Such neediness can put your personal relationships under pressure, as your nearest and dearest also needs and deserves your time.
When you consistently work long hours, weekends, holidays, birthdays, and anniversaries, your relationships can become strained. This will add to the stresses present in your business.
Without a large dose of resilience, it is easy to see how and all of that can affect your wellbeing.
Sleepless nights and long hours are common.
We all have different pain thresholds. Owning a business can be an excellent way to find out what they are!
An employee can walk away from issues in their workplace, but the business owner can’t. They have to live with them 24×7 until they are resolved.
Expect some sleepless nights and a degree of anxiety and stress when you commence your business journey. Don’t run from it though. Prepare for it. Be ready. Learn how to deal with things before they happen.
That statement leads us nicely into talking about your personal resilience planning.
Preparation and your personal resilience plan
Spend some time assessing your resilience and how robust your life is should things not go to plan. Think about how tolerant are you to working really long hours. How will you handle multiple demands on your time? How will you deal with the inevitable stress and, at times, anxiety? In essence, get to know your self through a bit of self reflection.
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.
Take time to consider how you can improve your resilience and how you might make your support mechanisms more robust.
Personal resilience is an integral part of the business success equation and it is a characteristic of successful business owners. Before you start a business find ways to build your resilience as it’s inevitable you will need it someday.
Our Entrepreneur Personality Quiz highlights areas where budding business owners can get challenged.