As an entrepreneur, I know that a business isn’t easy to establish and run. Each day presents different challenges. Very often, I face a situation where I’m working on resolving a crisis and a new emergency comes up. The euphoria of landing a big client is often forgotten as I rush to handle the next issue that needs my attention.
I’ve realized that I have been able to build my company to its current size because of certain rules that I have followed in my day-to-day activities. I think these are universal principles. Any entrepreneur can use them and benefit from their application.
Giving up in the face of adversity is simply not an option. I have faced numerous situations where every door seems to be closed. Cash shortages, talent shortages, project delays – I have faced these and similar challenges dozens of times.
But, on each occasion, no matter how hopeless it initially looked, I’ve found a way out. How did I do that? For the most part, it is good, old-fashioned persistence and a refusal to admit defeat.
Handling failure well
When a big project fails, it is easy to get dejected. I remember the time when I worked for weeks to acquire a new customer. If I had succeeded, it would have resulted in a 50 percent increase in my yearly business volume. At the last moment, the client backed out.
At times like these, I like to think about Thomas Edison’s reaction to his factory burning down. He was 67 years old when this happened. His insurance covered only about a third of the damage. Additionally, he lost most of his research reports and prototypes.
Did he rave and rant and curse his luck? As a matter of fact, he didn’t. Not only did he take this loss in his stride, he told Read More Here