Setbacks are bound to happen at one time or another, rendering our businesses vulnerable. While they can be challenging and disorienting, they also present a powerful opportunity to bounce back, with newfound perspective and wisdom.
Some of these setbacks are so common in an entrepreneur’s journey that they may as well be archetypes, but knowing how to handle them can prevent any sense of devastation. Resiliency is a key component of entrepreneurship, and how we show up to these setbacks shows a lot about our moxie as founders. Here are four of the most common setbacks and how to bounce back from them.
Common Setback #1: Loss of Reputation
A loss of reputation can happen for a number of reasons: bad reviews, accusations from a competitor or a public expose about you and your company, such as we recently saw with Away’s co-founder Steph Korey after an article in The Verge came out detailing problems within the company culture. Depending on the severity, a loss of reputation may feel like the end of the world, but there are ways to repair your reputation with time. Hire an SEO agency to help with the first page of the Google Search results tied to your name or your company’s name, and then be patient. When in the midst of a reputation storm, one day can seem like virtually forever, but any good publicist would tell you that time can heal plenty.
Instead, move your focus to how you can improve. Own up to a mistake that you’ve made, then seek to fix it. Think about how you can reposition your stance on certain issues or introduce new improvements to your service or product. That will certainly show the world that you can handle resiliency.