Setbacks are a part and parcel of life. Everyone has to encounter them at one point or another. But breakdowns have the potential to become breakthroughs. If something is broken down, it can also be built up from scratch. Every individual has their own unique way to overcome problems and setbacks.
Some setbacks are small, like a public criticism from the boss, while some can bring entire companies to its knees, like Snapdeal’s decline in the industry. But all setbacks, big or small, can be used as a stepping stone to get on to the next phase of life. The process might be a climb, but the view from the top will be just as great.
Regardless of the setback, a few techniques can help you shed the disappointment, prop yourself up and move forward with renewed vigor.
1. Be optimistic and not in denial.
The first step on the road to recovery is acceptance. Accept that something has happened because of which your plans were put on pause. Pretending you aren’t disappointed, frustrated or angry won’t make the problem go away. It’s easy to forget that setbacks are not permanent, but it is important to compartmentalize the bad events and understand that they are temporary in nature and to externalize the events. Optimism will help you look at the bigger picture than just the problem you currently face. Don’t act in haste, instead, take your time to process what has happened, acknowledge how you feel and then make an informed decision.
2. Be open to change
Setbacks can also be blessings in disguise. They can also be taken as feedback, letting you know that some things are not working out. Growth is directly connected with the most challenging experiences which forced you to change. Even Steve Jobs was fired from the company he founded, as was Elon Musk who was ousted from the role of CEO from two of his companies. But they persevered to become the champions of their respective industries!
Don’t let one setback hold you down. Assess the situation, strategize what your next move is going to be and continue working. Devise a plan to overcome the setback and minimize the impact of the setback. Gather first hand information, recognize why the setback took place and then come up with a plan. Only after you have covered all of the essential areas, move forward with your plan. Nokia was one such brand which people thought would not be able to recover after tech giants like Samsung and Apple took over the smartphone industry. But the company bid its time, strategized, teamed up with Microsoft for its grand return and arrived in style in the smartphone market with their latest releases.
Important lessons can be learned in life through setbacks. Instead of blaming someone else for the setback, learn how it can be prevented, how both the organization and yourself can do better and what you have gained from the ordeal. It also helps to boost self confidence and to remind yourself that you have the ability to push through them. Reflect on what you have learned and how this knowledge can help you advance your career, rather than fixating on the perceived failure.
A few simple steps can help maximize the returns on failure. Every entrepreneur will face some form of a setback but it is how he handles those challenges that will determine his success.