Business
Why entrepreneurs need to be comfortable with being uncomfortable
Global Banking and Finance Review
Company
By Oliver Jacobs, Co-Founder of UniTaskr
We are naturally hard-wired to avoid risks wherever possible for our own survival, and while this is great from an evolutionary standpoint, when it comes to business, the reality is quite different.
Building a successful enterprise and developing the mindset that comes with being an entrepreneur, is inextricably linked to a willingness to take the plunge and embrace risks as a part of doing business.
Whether it is Bill Gates, who dropped out of college to create Microsoft, or Richard Branson, whose entire career can be characterised as a series of bold risks, the most successful entrepreneurs do not shy away from risk or the possibility of failure.
With so many start-ups failing, and failing quickly, it is important for any aspiring entrepreneur to get comfortable with the reality that risk-taking is inherent in any form of successful business.
Being bold
Choosing to forge your own path by launching a business takes a daring personality, and a willingness to step outside of your comfort zone. Similarly, to continue driving the growth of your business and remain relevant, you must be prepared to make the daring decisions that might feel uncomfortable at the time, but will enable you to build upon and accelerate your success.
Fear of risk, and the potential failure that comes with it, is a powerful barrier to achieving greater things in business and is the reason why so many entrepreneurs simply do not reach their potential. Overcoming that fear is what will give you the confidence to make the decisions that have the potential to propel you forward and keep your business from simply stagnating.
Embracing adversity
It is all but inevitable that you will face adversity and setbacks in business. What separates the most successful entrepreneurs from those who fold under the pressure of hardships is their ability to lean into them, reframing them as challenges to overcome rather than unsurmountable problems.
Developing the mindset of an entrepreneur means honing key skills in business such as emotional fortitude and sound judgement, and this is only possible when there are challenges to face. Tackling adversity head on and coming through the other side enables you to emerge stronger, savvier, and more resilient, while developing that business instinct that will allow you take strategic and calculated risks in the future.
Driving progression
During times of increased difficulty, the first instinct for many entrepreneurs may be to simply play it safe. However, challenging times offer some of the greatest opportunities and can act as a catalyst for creativity, progress and business-model innovation.
Far from spelling the end of a business, adversity is a powerful motivator that can spur on huge leaps in innovation and problem-solving. It is impossible to ignore the events of the pandemic and the effect this had on so many companies, who were suddenly faced with extremely hard challenges to their established ways of doing business. Far from folding under the pressure, this period was characterised by remarkable resilience, with businesses quickly adapting and pivoting their approaches to these rapidly changing circumstances, and in turn, driving new innovations within their sectors.
Refuse to be defeated
Being an entrepreneur, and leading a successful business requires the boldness to spot an opportunity and the willingness to take the plunge and move outside of your comfort zone to pursue it.
Not all risks will pay off but being able to take responsibility for where your business is heading and seeing it through the tough times is vital for building a truly entrepreneurial mindset. Keep your vision and purpose in mind and embrace the challenges and adversity along the way. As Thomas Edison famously said, “I have not failed, I have just found 10,000 ways that won’t work.”
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