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Managing Adversity- Real Solutions for Small Businesses

Small business enterpriseYour best customer just left you. The venture capitalist who was to sign the deal tomorrow morning is not returning your phone calls. Your head of production has just left and you have no replacement. Your banker is refusing you additional loan for expansion and you’ve just signed that prestigious export order. Your partner wants to leave. Now, none of these is fictional stuff. These are among the many personal adversities you face while coping with task of running small business enterprises in the first five years.

Life is difficult

Well said by an author. But once you accept that, everything begins to make sense and some of it becomes bearable. It is a fact that long distance runners learn to bear a certain amount of segmented pain. Building a successful small business enterprise is certainly similar. Its about running the long distance and coping with different levels of mental and physical stress.

Build a support group

The most important ally that you could build to cope with adversity is a support group within the system of your small business enterprise. When senior team members can speak to each other, share their concerns, their ups and downs, they begin to pull each other up. The power of working in teams against adversity, is a well proven winning strategy that often helps overcome problems with ease.

Worrying Does not Help- Know as you go

In adversity the first thing is to make sense of what is going on and assess the damage. The truth is in the median. Beyond a point no one knows the full story, no one has the full data. After all who would have predicted the adversity or disaster. So we have to concentrate our efforts on the job at hand and move on to dealing with it. We have to make changes as events unfold and the most important thing is to cultivate the ability to do so.

You do need a business plan after all

There are people who feel that writing a business plan is outdated and if you have to write one you are no good. But remember you cannot build and grow your small business enterprise in the air. You need a foundation to hold on to in times of distress. You need to ask questions and find answers and find solutions for them, most of which will be based on your Business Plan. In adversity, it is your anchor.

Plan Ahead- Always be ready to face adversity

Since adversity is part of life it must be given the due attention as a rite of passage. The worst thing one can do is tire out early in the game, such that when adversity arrives at the door, you challenge it with a haggard face and wobbly legs. Share the load of building the organization of your small business enterprise. Rotate key people in tough important functions. When different people do different things at different times you create organizational ability to fend off the downs of life.

Entrepreneurial Learning

Entrepreneurship is not a quick sprint. Rather, it is a long haul. Trying to solve every problem could drain your energy. So see if you can change the rules of the game instead. Build a support group, have a business plan, and learn as you go to tackle the problem. Training your senior staff to handle multiple areas will help you cope and overcome, when adversity strikes.

Image courtesy of [Gualberto107] / FreeDigitalPhotos.net

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