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With an uncertain economy and various social and political changes, many businesses have been facing incredibly challenging times. While some have been forced to shut down, others have managed to survive by making difficult operational decisions or pivoting in a new direction.
But, even in the most ideal times, challenges are never too far away from an entrepreneur. Whether it’s trouble with financing, unmet audience expectations, managing employees who rely on you, or even just your own mental health as the leader who has to cope with these challenges, being a business leader means you’ll likely face some sort of obstacle during your career. The key is knowing how to overcome it.
As leaders themselves, the members of Rolling Stone Culture Council have faced their own trials and tribulations over the years and have learned lessons along the way that have helped them get back on their feet. Below, they share how they’ve navigated through tough times and failure in business, and what other struggling leaders can learn from their example.
Focus on Gratitude
During challenging times, maintaining a focus on gratitude is essential. A leader’s mindset plays a crucial role in the success of the business and the morale of the team. Concentrating on what is working and approaching obstacles one at a time with a positive outlook enhances your chances of discovering effective solutions. – Kelley Swing, Head Case Hair Studio
Put Your Energy Into What’s Next
Failure is a necessary part of growth! Our approach to tough times is to quickly learn from the moment and put all our energy into what’s next. How can we shape tomorrow, next week, next month or next year? Dwelling on the past can cripple an organization, so I urge all leaders to avoid it at all costs. Learning from your mistakes is far different from being paralyzed by them. – Anthony Moniello, Next Century Spirits
The Rolling Stone Culture Council is an invitation-only community for Influencers, Innovators and Creatives. Do I qualify?
Manage Your Inner Dialogue
During tough times, especially when my business was on the brink of collapse, I focused on managing my self-talk and avoiding a negative mindset. By staying positive, reframing challenges as opportunities and leaning on my support network, I was able to push through. Leaders should prioritize controlling their inner dialogue, as it shapes their resilience and ability to navigate crises. – Rhett Power, Accountability Inc.
Try Not to Take Yourself too Seriously
There are many lessons to be learned in life and business — too many to mention. But if there is one I can share that might be helpful, it is this: Do not take yourself too seriously, because you are not perfect. You will make mistakes, and so will others. Laugh when appropriate, but also know when to be serious. If you can balance these two extremes, you will go far in life and business. – Zain Jaffer, Zain Jaffer Foundation
Choose to Learn From Your Struggles
Every journey experiences rough patches (if not outright failures). Difficulty, then, is inevitable, but learning from the difficulty is always voluntary. Leaders know that failure is an opportunity. Understanding what led to the failure allows us to design a new approach that is more robust. This cycle of improvement is how we ultimately build success. – Jed Brewer, Good Loud Media
Stay Focused on Long-Term Goals
Tough times taught me resilience. During a major setback, I analyzed the failure, sought advice and adapted my strategy. Staying focused on long-term goals while embracing change helped me rebuild stronger. Leaders should face obstacles with a growth mindset — challenges are opportunities to learn, innovate and demonstrate grit, inspiring their teams to do the same. – Stephen Nalley, Black Briar Advisors
Seek Mentorship and Adapt
I’ve faced tough times and overcame them by staying focused on solutions, seeking mentorship and adapting quickly. I prioritized clear communication with my team and maintained a positive outlook to drive motivation. Other leaders should follow this example to build resilience, foster innovation and turn setbacks into stepping stones for success. – Matthew Miller, Orlando Informer
