Managing Major Business Setback, Adversity, Rejection: Survive and Thrive… Setback Is Setup For Bounce Back!

How a business bounces back from a setback– an unexpected defeat, rejection, adversity… is essential for its survival. It’s often said that a setback is only a bend or turn in the road and not necessarily the end of the road, unless you fail to make the turn.

A setup, on other hand, is preparation for what should be something positive and advantageous. If the enterprise loses out on major contract, business deal… suffers a setback, bear in mind that the setback is a setup for the ultimate comeback.

One of the toughest things about dealing with rejection and setback in business is the frustration, self-doubt, energy zap… Being able to pick oneself up, spring back and get proactive after a setback is often the missing piece that stops many good businesses… from achieving great results… In tough business times success often has a lot more to do with resilience and ‘bounce back ability’ than any other factor…

According to Andrew Griffiths; biggest threat to business adversity isn’t customer demise but self-indulgent wallowing… instead, leap into action, move forward and create a much better business… My advice is simple: Go ahead and wallow for a little while, lick wounds, be grumpy, experience the mixture of emotions associated with any setback, and then take serious action…

According to Patti Stafford; setbacks happen, but how you deal with them often determines if they are minor or major occurrences… According to Joshua D. Margolis and Paul G. Stoltz; resilience is capacity to respond quickly constructively to crises… managers that build resilience in themselves and their teams take charge of how they think about adversity… after onset of adversity, resilient managers shift from cause-oriented thinking to response-oriented thinking and focus is strictly forward…

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In the article Survive and Thrive Through Business Setback by Willie Jolley writes: Has your business ever had a setback? Of course it has… Those who realize that setbacks are simply part of the business process usually thrive, while those who dwell on the changes setbacks bring routinely falter. The fact is a setback is really a change that needs to occur in order to move forward. And no matter what industry you’re in there are bound to be setbacks. The key is to remember that these temporary setbacks can empower you to reach even greater levels of future business success.

No matter what obstacle has plagued the business the following four-step can help you survive and thrive: 1. Focus Your Vision: Where you focus your energy determines where you will go. If you focus on the setback and the challenges it brought you, the business can’t move forward. However, when you focus your vision on what you want the business to become– despite the setback– then you’re using the setback for what it really is; a transition period– look past the obstacle and plan your future strategies…

2. Make a Decision: Success and failure are decisions, so once your vision is in place you must decide you’re going to win despite the setback. The truth is successful business people choose to be successful and they understand that decision and choice are integral parts of the success formula…

3. Take Action: A decision without action is simply an illusion and an action without a vision is mere confusion. Yet a vision plus decisive action can change the world. Remember, you might not be responsible for getting knocked down but you are responsible for getting back up. Only those who act achieve their goals… 4. Keep the Desire: Desire is the degree of energy you’re willing to exert in order to reach your goal. Many business people who take action quickly give up because their desire falters… Decide how badly you want to achieve the goal and then keep going after it until you achieve it.

Remember, a business setback is not an ‘if’ proposition; it’s a ‘when’. And, when one occurs in the business, you need to make a conscious decision to view it not as problem but rather as learning opportunity…

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In the article Bounce Back From Business Failure by Catherine Lovering writes: Failure can be a step toward success and whether failure is unexpected delay in business growth or a complete collapse of the product line it’s possible to move on, dust off, and try again… Learn from your mistakes… Sometimes mistakes are unavoidable; its part of the learning curve. Here are several important keys for bouncing back after a setback: Acceptance; acknowledging failure is the first critical move towards bouncing back in business. This will require you to communicate the turn of events to all stakeholders, customers…

Be sincere… Analyze the Failure; analyze the problem at hand and seek the services of both internal and external experts, as appropriate… Once the problem has been recognized, share the findings with the rest of the team. At this stage, you can get feedback-critiques from the team as well and open a forum for them to express themselves. In addition, listen to their suggestions about what should be the way forward. Though you are ultimately the final decision maker, putting into consideration the opinions of others will assure them that their input is of value…

Take Action; lastly, come up with a formula or strategy that will help the business bounce back. The strategies must be clear, measurable, achievable so as to not stress the business more while you are re-building. Proper planning, organizing and time management are compulsory for any business that is faced with challenges…

In the article Bounce Back After Failure by Ralph Jean-Paul writes: Success is depended upon how well and quickly you can bounce back from failure. People bounce back from failure all the time but the difference between those who recover and manage, and those who recover and succeed, lies in the individual’s ability to recover quickly… Here are several ‘to dos’ that will help the process…

Change Failure to Setback: The first way to prepare to bounce back from a failure is to change your perception of that failure… change the word ‘failure’ to ‘setback’. Once you begin to look at your shortcoming as an event that knocked you back instead of one that knocked you down, you’ll begin to see that it’s very possible to recover from the letdown. This also helps to acknowledge that bumps in the road are common but they are also manageable…

Avoid Generalization: When we get frustrated we tend to generalize our situations and make broad statements that are not necessarily true… Instead of generalizing prepare for the future by making-saying specific statements about the objectives, goals…

Assess the Damage: Along with the change of perception should be clarity of the situation. Assessing the damage is looking at what you have lost in the setback and determining how far you have been setback. To most people the feeling of failure usually makes the situation appear worse than it really is. Begin to take a good look at what has been lost and what remains…

Collecting and Resetting: Once you’ve gotten a good idea of what has been lost it’s time to start picking up the pieces. Collecting and resetting is difficult if you have not yet prepared to move forward. The resetting is not necessarily taking a step back but it’s more like readjusting so that you are in a better position to succeed…

Lot of Business to Do: An overwhelming majority of business failures are not fatal for business survival. This means that business can go on even though you came up short. We sometimes over analyze our setbacks to the point of making them even worse. What you have to remember is that there is still a ‘lot of business to do’ and each ‘second’ we wish and wonder about things happening differently is wasted time…

Getting-up and getting back-out there is the only real way to grow the business. Some of the most successful people credit their success to a failure they’ve experienced…

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In the article How to Bounce Back by Jeff Herring writes: All of us have suffered rejection and defeat at some point in our lives: Loss of jobs, broken relationships, disappointments, or just the ups and downs of every day living. According to W. Mitchell; it’s not what happens to us that matters, it’s what we do about it that makes the difference. With that in mind, I’ve noticed that when presented with rejection and/or defeat, most people have one of two reactions.

They either let it beat them or they rise above it… I call these two responses; ‘dropping dead’ and ‘bouncing back’. Let’s take a closer look at each of these two choices.

How to Drop Dead: Lose perspective, focus only on what happened to you and nothing else… quit, give up, throw in the towel, or whatever losing metaphor you can find…

How to Bounce Back: Implement the principle of ‘next’… This one comes from the world of sales. The top sales people are trained to handle rejection by saying ‘next’, which means to move on into the future and not get stuck in the past… Become a bouncer! A bouncer is someone who has taken a huge leap past just merely surviving…

Nobody goes through business or life unscathed — no matter how rich, how smart, how talented, or how fortunate they may be… white-collar, blue-collar, or no collar, there is an undeniable commonality to the raw emotion that strikes people when they are knocked down. According to John Calipari; having the right attitude when dealing with  major impediments is critically important… with every hard knock comes an occasion to reevaluate and reinvent… it’s never a matter of how far you have fallen but instead it’s about how high you bounce back…

According to Paul J. H. Schoemaker; every business stumbles, so get over it. The key thing is to keep thinking like a winner… Some good lessons that illustrate common decision traps when comforted with failure, include: Lesson 1 is acting too timidly– thinking incrementally when bold action is needed… Lesson 2 is the well-known trap of loss aversion, which tempts you to double down on a commitment when it is better to pull the plug… Lesson 3 is overconfidence and illusion of control. When things go well, people tend to take credit themselves; when things go bad, people blame events…

According to Idris Myootee; the first thing a paramedic will do when arriving at the scene of an accident is stabilize the patient. In business, the idea is to prevent the situation from worsening, and management needs to swiftly take control and aggressively stabilize the situation before it worsens… Developing a bounce back plan must be sufficiently broad and deep to ensure that all the mission-critical strategic and tactical issues are addressed. An incremental approach to change will not work– it only diminishes the bounce back opportunity…