By Abhi Golhar, host of Real Estate Deal Talk and managing partner of Summit & Crowne.
Building a strong backbone is crucial for entrepreneurial success. You can aspire to be a famous founder or long for the glamor of mainstream media mentions, but if you're not prepared for the lows as well as the highs, your journey is going to be short.
I started my entrepreneurial journey while in high school. The summer of 1999 was a great learning experience for me when my friend and I started a small computer hardware and software repair business. We identified a strong need of repairing computers within our neighborhood, but the management side of the business -- handling phone calls, meeting with customers and ordering supplies -- became a logistical nightmare.
Though we did well, an overwhelming feeling left both of us deflated. We focused more on why the business wasn't working the way we wanted it to and, most importantly, we got upset when there was another competitor in town. Over time, we recovered and moved on. I quickly realized the best entrepreneurs make a concerted effort to grow their internal strengths in the same way they grow their business. If you hope to have a lifelong career as an entrepreneur, the following five tips will help you become more resilient:
Talk less and act more.
Realize that just talking about a problem doesn't change anything at all. The most successful entrepreneurs aren't afraid to make mistakes. Golden nuggets of knowledge and growth opportunities await when you're willing to learn from your missteps and readjust your thinking based on new insights.
Realize the importance of your peer circle.
This is crucial. If you want to become a better entrepreneur or accelerate your company's growth, take a long, hard look at who you socialize with. Surround yourself with strong role models who emulate the characteristics you aspire to. From the people you follow on social media to the individuals you connect with at conferences, always be cognizant of their influence on your character.
Focus on the positive.
Make a consistent effort to focus on your business' positives instead of giving in to the naysayers. If you let the negative energy of others influence your decisions, your career as an entrepreneur is going to be short-lived. Challenge traditionally held assumptions and make it your mission to offer insights on why your company is on the right track.
Understand that change is constant.
Never assume your entrepreneurial path is going to be free of roadblocks. If you anticipate business challenges, you're often in a better position to deal with them. While you don't want to plan for failure, you also don't want to count on smooth sailing either.
Know that competition is good.
Learn from your competitors. Rather than focusing on their encroachment on your business' growth, study their moves and hunt for operational tactics you can use in your own company. From their social media efforts to the customers they court, look for business intelligence clues you can use to your advantage.
If you're willing to adopt a "never say die" attitude and bet on your own ability to rise to challenges, you're in a much better position than an entrepreneur who gives up at the slightest setback. Are you prepared to adjust your attitude as you attempt to become a more resilient entrepreneur?
Abhi Golhar is the host of Real Estate Deal Talk and managing partner of Summit & Crowne, a real estate investment firm in Atlanta.