Uncertainty is the constant companion of entrepreneurs. Today, one of the most important abilities that is required is not bouncing back, but bouncing forward, due to changes in markets and supply chains, digital transformation, geopolitical tension and evolving customer expectations.
They require entrepreneurial agility.
Resilience is typically defined as ‘bouncing back’ from a setback. But for the entrepreneur, resilience must go beyond just holding up. It is the capacity to control emotions, make choices when stressed, be versatile, learn continuously and change the business when required.
Grounded in our research, we believe entrepreneurial resilience should be viewed as a capacity that can be cultivated, utilised, evaluated and reinforced over time. It is not one of the permanent characteristics of a person.
The pandemic made this apparent. Those who survived did not sit on their hands waiting for circumstances to improve. Many adapted their products and services, channels of distribution, work methods, marketing and business models. Digital technologies became vital not just to continue business as usual, but to identify new markets, express value in a new way and open new opportunities.
However, technology is not resilience.
The entrepreneur must also have emotional intelligence skills: managing stress, staying positive in difficult situations, listening and maintaining the trust of employees, customers and partners. They also need cultural intelligence — the capacity to function effectively across diverse markets, communities, expectations and values.
In an increasingly connected and sometimes polarised global environment, these skills matter whether a business is international or local. Those who can grasp these differences are more likely to foster relationships, spot opportunities and react to change.
There are four continuous steps that can help make entrepreneurs resilient:
01
Drive
Be motivated, learn, and be willing to see the negative as information rather than failure.
02
Knowledge
Be aware of the environment and emerging challenges, and identify opportunities early.
03
Strategy
Review resources, capabilities, partners and business priorities before deciding what to change.
04
Action
Act, experiment with solutions, seek input and make prompt changes.
Then repeat. The crucial thing is that resilience is not a single-event reaction to a crisis. It is an ongoing process of reflection, learning, adaptation and action.
Entrepreneurial resilience is not about returning to where you started. It is about building the ability to move forward — with strength, intelligence and preparedness.
Written by
Carmen Reaiche & Stephen Boyle
