Four strategies to get you through entrepreneurial setbacks

If you have been an entrepreneur long enough, you have been knocked down. It's inevitable, whether your obstacle is a business setback or a health problem.

I have had many setbacks in my life, too numerous to itemize. When that happens, there are steps you can take to get back up.

In all cases, like every other entrepreneur, I was knocked to the mat. How did I respond? These steps brought me upright, and stronger than ever.

Attitude

If you have built a successful business before, you can definitely do it again. Instinctively, you will follow the right steps and find success. Even if you have always struggled, understand that you will have learned from those mistakes.

Network

I have curated a network of tens of thousands of entrepreneurs, partners and subject matter experts that I can call upon in response to a setback. For example, comb through the messaging section of your LinkedIn account and reach out to those who have been most inspirational to you through the years. Ask them how they are doing. Inevitably, the conversation will turn back to you. Be upbeat with your network and trust that there will be some direction that emerges from the conversation.

Take your time

Have you ever watched a boxer get knocked down and get back up? The smart ones, who aren't dazed, will take a knee and scan their surroundings. They know that they could pop right back up. But they may face the same danger again. Instead, the smart ones pause to think about strategy and what tactics they want to employ. Perhaps they missed something the first time. They know the setback was really an opportunity, waiting to be capitalized.

Be willing to bet on yourself

A lot of entrepreneurs who are recovering from a setback or facing bills from a medical problem may decide it is time to hunker down, and maybe go get a job. They lean towards putting the dream on the backburner.

Do your due diligence and come up with a good idea. Vet it with your network. Then, bet on yourself. You'll probably need funding. Get the capital your need, whether it comes from friends and family, banks or alternative resources. The funds you need are there, even if you have to select the last option.

Source: Entrepreneur