Tips for Bouncing Back

SCORE ExpertAnswers

What distinguishes a successful entrepreneur? What are some steps for getting focused with a plan that will help you bounce back?

 

Q: What distinguishes a successful entrepreneur?
 
  • Resiliency - The ability to weather the ups and downs of any business.
  • Focus - After setting a long-term vision, know how to focus on the very next step to get you closer to the ultimate goal.
  • Patience - Realizing that most “overnight” business successes take seven to 10 years.
  • People - Finding great people to leverage your business.
  • Sales - Being able to ask people to buy your product, and being able to move on to the next prospect when people say no.
Q: What are some steps for getting focused with a plan that will help you bounce back?
 
  • Sometimes, Failure Just Stinks! We can’t always learn from failure or build and duplicate our success. Holding on to the idea that we can keeps us stuck and prevents an action that can move us to a new place where success again is possible.
  • Face Your Fear. Forget about having “No Fear.” It is okay to be afraid.
  • Give Up Shame. Grieve failures and wallow in it for 24 hours if you need to, but then let go of the shame.
  • Failure Gives Us Choices. It provides a conclusion, so we can move on to something else that gives us another opportunity for a successful outcome.
  • Downsize Your Dreams. Decide what your definition of success is in addition to money. In other words, what are your “money-plus” goals? Come up with your own measurement system so you can celebrate when you get there.
  • Set Patient Interim Goals. Just get a toehold. Small success will give you the renewed confidence to achieve your long-term goals.
  • Value Action. Stop analyzing and waiting for the perfect moment where you have more information. Ask prospects if they will by your product or service. Experience builds confidence.

 


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About the Author

Barry Moltz headshot With decades of entrepreneurial experience in his own business ventures, Barry Moltz has discovered the formula to get stuck business owners out of their funk and marching forward. He has founded and run small businesses with a great deal of success and failure for more than 15 years. He is the author of three small business books.