Just as easily as startups appear they tend to disappear. Generally speaking, startups have a high failure rate. It is estimated that 30% of new businesses fail within the first year and approximately 50% fail within the first five years. One of the primary reasons for the early demise of small businesses could lie in a close examination of the traits and personality types required of business owners.
Anyone who has ever tried can tell you that being a small business owner is not for the faint of heart; it takes a lot of moxie to say the least. Starting a business requires a certain set of skills, talent, knowledge, and business acumen. But beyond the necessary skill sets, small business owners will also need to develop other traits — and quickly.
Small business owners have to have nerves of steel to deal with everything owning a business throws at them. They must be willing to take risks and learn to adapt to changing priorities quickly. Sometimes that means taking three steps forward and two steps back. Because just as much as owning a small business can be rewarding it also comes with its own unique challenges. Not everything is going to be a win because setbacks and curveballs are all par for the course.
Resilience And The Small Business Owner
Business owners obviously experience higher stress levels, accompanied by feelings of isolation and overwhelm. This is the part of owning a business where talent and knowledge cannot help. However, this is where resilience plays an important part in the success of your business.
Truth be told resilience can be the make or break when it comes to being a small business owner.
Making mistakes is inevitable. But the wisdom of some of the greatest entrepreneurs has shown that mistakes are just as important the things you get right. Moreover, mistakes can actually present some of the best opportunities for growth. And here is where resilience comes in.
Resilience is the ability to learn from your setbacks and mistakes. A resilient small business owner learns how to turn mistakes into opportunities. They learn to look past the immediate setbacks and keep their eyes firmly on the long-term goal.
Essentially, small business owners must learn to see the forest for the trees and not get hung up on the minutiae. The details of the setback or the finer points of the mistake are not what matters. What matters is how the business owner deals with those setbacks and keeps moving forward.
In the end, a successful small business owner understands the true meaning of resilience. They work hard every day to keep the forward momentum going, all the while keeping their eyes firmly on the prize.
We’ve put together a list of the best resilience quotes for those moments where you need a pick me up and a little encouragement.
“If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.” – Martin Luther King, Jr.
“I have not failed. I’ve just found 10,000 ways that won’t work.” – Thomas Edison
“It doesn’t matter how many times you fail. It doesn’t matter how many times you almost get it right. No one is going to know or care about your failures, and neither should you. All you have to do is learn from them and those around you because all that matters in business is that you get it right once. Then everyone can tell you how lucky you are.” – Mark Cuban
“No matter how you define success, you will need to be resilient, empowered, authentic, and limber to get there.” – Joanie Connell
“Change what you can, manage what you can’t.” – Raymond McCauley
“On the other side of a storm is the strength that comes from having navigated through it. Raise your sail and begin.” – Gregory S. Williams
“Life throws challenges but with patience and resilience, you can convert every challenge into a new opportunity to grow.” – Amit Ray
“A Knock Down Does Not Have To Be A KnockOut.” – Kyle Vidrine
“When one door of happiness closes, another opens; but often we look so long at the closed door that we do not see the one which has been opened for us.” – Sheryl Sandberg
“Nana korobi ya oki “七転び八起き
“Fall seven times, rise eight.” – Japanese Proverb
“Resilience isn’t a single skill. It’s a variety of skills and coping mechanisms. To bounce back from bumps in the road as well as failures, you should focus on emphasizing the positive.” – Jean Chatzky
“Success is walking from failure to failure with no loss of enthusiasm.” – Winston Churchill
“No matter what your current condition, how or where you grew up, or what education or training you feel you lack, you can be successful in your chosen endeavor. It is spirit, fortitude, and hardiness that matter more than where you start.” -Jack Ma
“I can be changed by what happens to me. But I refuse to be reduced by it.” Maya Angelou
“Most people give up just when they’re about to achieve success. They quit on the one-yard line. They give up at the last minute of the game, one foot from a winning touchdown.” -H. Ross Perot
“The cave you fear to enter holds the treasure you seek.” Joseph Campbell
“Remember no one can make you feel inferior without your consent.” –Eleanor Roosevelt
“Everyone experiences tough times; it is a measure of your determination and dedication how you deal with them and how you can come through them.” -Lakshmi Mittal
“The entrepreneur builds an enterprise; the technician builds a job.” -Michael Gerber
“You can’t lose confidence in yourself, or you’ve lost already. When you get knocked down, you’ve got to keep getting back up.” -Tim Tebow
“Keep on going, and the chances are that you will stumble on something, perhaps when you are least expecting it. I never heard of anyone ever stumbling on something sitting down.” -Charles F. Kettering
These quotes are a compilation of the wisdom that came from experience. And truth be told that is exactly where wisdom comes from. Whether you’re talking about life or business, wisdom comes from experience. The common denominator for all successful business owners big or small is resilience.
At the end of the day, the number or the size of the mistakes you make do not matter. What determines your success is your ability to pick yourself up, dust yourself off, learn from your mistakes and keep moving forward. Quitters never win and winners never quit.
If you need support for your small business around how to pick yourself back up after a setback or to create a more resilient mindset, we have the tools to help you. Send us an email so we can talk about how to reduce the stress of running your small business and get back to the work you love.