Overcoming setbacks on the path to becoming rich


Running a business is not easy. There are obstacles and failures along the way. Every entrepreneur has had his share of setbacks and disappointments. Sometimes these are big enough to cause monetary and financial loss, they can force you to shut down your business and whenever this happens you have the added mental stress and tension.

But in order to go ahead, you have to cope with such negative situations and get the better of them. There are many ways to counter these situations – in my experience, the following measures have helped me a lot in my hour of trouble. There is no mantra to cope with failure on one’s road to riches and success but a little discipline and a change in our thinking can work wonders.

  1. Don’t think of yourself as a victim: When you are down and out, the normal tendency is to feel sorry for yourself and try and blame somebody else for your problems. This is not a healthy way to manage obstacles. It makes you think of yourself as a victim and you find excuses for yourself and the performance for your business. Do not fall prey to this. See what you can do about the situation, figure out how to get out of the mess. All entrepreneurs go through difficult times – so find a solution to your problems instead of whining and complaining about how unlucky you are.
  2. Do not over-imagine your problems. And do not see everything in your life in negative terms. If your business is in the doldrums, do not take your anger and frustration out on your family and friends. They are the positives in your life. Concentrate on the good and you will find that you get the energy to deal with the bad. You do not have to pretend that everything is alright – it is okay to acknowledge your business problems and see how things can be managed. But use the good things in your life to make you feel better and to motivate you to deal with your problems in a rational manner.
  3. Do not allow work to take over your entire life. If you do then you will find that your work controls all your actions, instead of you controlling your life. It is true that you have to devote a lot of time to business when the going is tough but remember to keep aside some personal time – go on a holiday with your family, read a book see a movie, listen to music , do things that give you leisure and enjoyment.
  4. Do not ever give up. Stay motivated, stay inspired, stay involved. You are not the first entrepreneur to face problems. Others have been down this path before. Remember, read about them and see how they overcame the challenges they faced. Listen to stories about successful entrepreneurs and emulate them. And spend time doing exercises – it will fill you with adrenalin and build up your energy so that you are ready to take on the world.
  5. Finally learn from your own experiences – every failure is an opportunity to learn and do new things. Use this chance to grow and know more about your business, competition, markets etc. Use it to plan how to do things differently the next time you face a similar situation. Think how you responded to the problems and disappointments in your life and see how to handle it better. Use failures to learn good habits, to throw away bad ones and to turn it into a learning experience that will take you and your business further in life.