Handling Setbacks in Business

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Gaurav Tiwari

@wpgaurav

All successful business people experience failure at some time in their life and work.

How does the successful business person overcome the dark times of disappointment, frustration and failure in business?

The first thing to do is to remind yourself continually of your reason for being in business, for whom and to what end. This takes the form of rejuvenating and renewing our faith, commitment and dedication to our sense of Mission as a person and as a company.

In my web-based business, for instance, my Mission states, “The Essential Business Coach exists to help you gain insight and clarity about your business and delivers a coherent, holistic approach in developing yourself and your organization.”

By reflecting on this statement almost daily, and living it all the time, I experience a strong desire that rekindles my enthusiasm for what I do and for who I am.

The second critical element that I have found essential in handling setbacks is to refocus and get very clear about the big picture Vision that I hold for my business activities and enterprises.

For me, this is about my ongoing transformation as a business person and the development of the organizations that I am involved with. Getting in touch with my Vision enables me to see beyond the setbacks of the present to a quality world future.

The third element requires thinking strategically and cascading this into the detail of the business, so that actual progress is made toward the Vision that we hold in a planned manner. This requires honest, hard work.

By getting things done, one step at a time, we find ourselves moving forward again. By holding fast to our Vision, in keeping with the Values that we embody, we move through these low times in our work and come out the other side more resilient, determined and focused.