Facing disappointment is one of the most difficult emotions for many business people to understand in their working or personal lives. While disappointing events are commonplace in personal and home life matters, they are less well understood in business situations. Often, disappointing events lead otherwise astute entrepreneurs and managers to make some serious errors in judgement. Let's examine business disappointment and it's ramifications for your company.
An entrepreneur will meet many disappointments on the road to business success. The first major disappointment is often hearing rejection and criticism of a good business plan from family and friends. Very often, without even examining the details, the budding business person will hear of probable and inevitable failure and bankruptcy. Instead of being disappointed, this caution should be accepted as legitimate concern for your future. Take the opportunity to practice your 30 second elevator speech, and describe your business proposal succinctly to a sympathetic audience. If you can convince the doubting family members, the bankers and other financiers of your company will hear a much better presentation.
Of course, there are many disappointments in financing a business. Bankers often say no to startup ventures, and other lenders may be even less accomodating. Instead of sitting back feeling sorry about the sad state of your finances, seize the opportunity to be creative in gaining the needed cash and supplies. Very often, the resulting debt levels and overhead will be lower than with traditional financing. Instead of a bad outcome, the creative solution might be a far better one for the business.
Plans often go astray. A well thought out marketing plan can fail even if everything is done correctly. Sometimes, things just don't work out as they seem on the drawing board. Economic conditions can change, the right people are not always in place, and the timing can be wrong for an idea. Instead of breaking the furniture, take advantage of the situation as a learning experience. Treat it as a pilot project and and get your entire staff involved in creative solutions and ideas for the future. The chance for everyone in the organization to think of possible plans and to share in the company's direction can lead to unimagined future success.
People are often the source of the most painful disappointments. Staff problems can range from personality conflicts, to the person not being suited to the job, to unethical and illegal employment activity. Very often, the disappointment in a staff member is paralyzing to a superior. Instead of taking action, the situation is avoided. Treat this situation as an opportunity to help a troubled employee or to find someone more suited to the position. Adding a new staff member may be the best breath of fresh air for the organization.
Like all business problems, disappointments can be used as stepping stones to even greater future success for your business.
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