Any small business owner will tell you small setbacks can have profound implications. Often events beyond their control can impact a business in unforeseeable ways. When this happens the business owner is faced with two options: 1. Throw in the towel and move on to something else. 2. Find a way to get their business off the mat and back into the fight.

Those who have chosen the second option roundly agree the difference the second time around was in how they used the time prior to beginning (again).

This interregnum is a time when entrepreneurs are forced to work on, rather than at, their businesses. It’s a time where they are open to opportunities, new technologies, and gaps in the market.

It starts by recognizing an opportunity, then identifying ways to capitalise on it, finally they figure out a strategy to make it happen.

 We at Finance Friend have sifted through a number of Phoenixes who have risen from the ashes. Below is a collection of ingredients we have found to be common to their successes:

  1. Luck. Successful business owners would rather attribute their stellar resurrection to hard work and genius. But catch one in a self-reflective moment and they will all admit luck plays an important role. That being said – luck didn’t come to them. They put themselves in an environment to benefit from it when it did appear.
  2. Self-belief. Does coming back from the business grave improve one’s self-belief? Or is it only those with imperturbable self-belief who can come back from the grave? Whichever it is entrepreneurs who succeed have conviction, guts, and almost maniacal self-belief.
  3. Arrogance. Perhaps arrogance is too strong a word? Like Lazarus they have seen the worst. Yet they’re still here. Loss of a business, trashed credit rating, social opprobrium … the failure of a business seems to affect others more than it does them. Successful entrepreneurs are looking forwards rather than backwards.
  4. Drive. For the successful small business owner there often is no off-button. And they wouldn’t have it any other way. Business is the great game, the great challenge. Everyone is on their side, everyone is their competitor. And there is no time-off.
  5. A short memory. Once the lessons from a previous failure are learned the memories of it are of no further use. Bitter rivals, integral to the first disaster, may become necessary partners in the next incarnation. Don’t limit yourself by living in the past.

In the end these things come down to wanting it. Successful entrepreneurs just want to make it in the business world – and they will find a way.

This article has been brought to you by Nexia – Solutions focused accountancy and consultancy.

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