As we’ve been learning many strategies in class for creating and sustaining businesses, including brand positioning, financing, and constructing business plans, the Globe and Mail article ‘The True Secret to Business Success’ by Lisa Bell caught my eye.

The article states that an important trait in a successful entrepreneur is resilience: “an ability to recover from or adjust easily to misfortune or change” (Bell). This statement makes excellent sense. From class, we know that there are numerous aspects to consider when running a company. Management must always be considering threats, opportunities, and must be constantly working on improving. Most industries are extremely competitive, and mistakes can have huge consequences. Mistakes may cause misfortunes such as missed opportunities, higher expenses, or reduced revenues, and entrepreneurs must be able to quickly bounce back from such setbacks.

Bell goes on to describe five tips she believes will help to develop entrepreneurial
resilience, including refining decision making abilities, using the ’10-10-10 test’ to determine the short-term and long-term consequences of decisions, as well as staying positive and being grateful for the good parts of the business.

I encourage you to check out her article and read more about Bell’s observations. There are lots of helpful pointers for the future entrepreneurs out there!

Many are keen to discover the key to entrepreneurial success…