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Two decades ago, Omair Tariq survived a nightmarish ordeal that left him with deep trauma. But it also gave him something exceptional. And he used it to funnel his ambitions into cofounding Cart.com.
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Liz Brody
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Two decades ago, Omair Tariq survived a nightmarish ordeal that left him with deep trauma. But it also gave him something exceptional. And he used it to funnel his ambitions into cofounding Cart.com.
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Liz Brody
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Opinions expressed by Entrepreneur contributors are their own.
Life would be a pretty simple ride if we never hit a simple bump in the road, a pothole that shot us off course or even a strike of lightning that left us dazed and bewildered searching for a way forward. In the moment, these incidents can seem monumental, overwhelming, perhaps even more than you can handle. But the truth is, you will almost always handle them, and you can come out the other side better for it. That is, if you view them for what they are, which are temporary setbacks that can actually make you a better, more motivated person.
Let’s look at some professional examples. Imagine you’ve spent ten years building your resume as a software engineer. You have honed your chops and become extremely proficient in several programming languages while also learning to successfully manage people. You work for a small startup that has seen some success, but now you’re looking to move to a large, high-growth tech company that sets the bar for equity and cash compensation. You get in the door, interview repeatedly and are finally offered the job as an engineering manager. You love your new position and your team, but four months in, without warning, your company downsizes the engineering team by 50%. You haven’t done anything wrong, but you’re a part of the reduction in force. You’re confused, scared and don’t know quite what to do.
In the current economic climate, this scenario isn’t only possible, it seems downright common. As a matter of fact, while writing this, I received a Google Alert about a large technology company reducing its workforce. But while this seems like a catastrophic blow to your career at the time, the truth is, it’s not a moratorium on you, your skills or your personality. It’s simply a result of circumstance. The key is to use it as motivation to propel you forward and not question your own self-worth.
Related: Why True Entrepreneurs View Setbacks As Opportunities
I’m not a software engineer, so the hypothetical above is not about me (for those of you asking the question). But my career has not been immune to similar situations. I’ll give you an example from my days applying to law school. For some perspective, I was not an all-star undergraduate student. Let’s just say I enjoyed the distractions of college life and just did “ok.” So, when it came time to apply to law school, my decent GPA combined with a pretty good LSAT score made me very cautiously optimistic that I would get into a law school, but I wasn’t at all certain which law school. And I was even less certain about the caliber of the law school that might admit me. But as the admissions process started, I actually got into some really good law schools. My confidence grew, and I started to expect admissions rather than rejections.
The only problem was, I was dead set on going to one particular law school. Regardless of the fact that it wasn’t the best law school I applied to, it was simply where I wanted to spend the next three years of my life. When the letter arrived, I was not only excited, I was overconfident. Based on my track record of admissions, I figured this one was a proverbial lay-up. The letter I opened, however, was not an acceptance. Quite the contrary. I was floored.
I really didn’t know what to do, but after a brief period of professional mourning, I developed a plan. I hopped on a plane, flew down to the school, made an appointment with an admissions counselor and asked “What do I need to do to get into this school?” His curt and unemotional response was “There is nothing you can do to get into this school…” Yes, he literally said there was nothing, not a thing, I could do that would gain me admission.
But after getting knocked down again, I flew home and developed a second plan. First, I called two of the schools that admitted me and asked if I could defer my admission for a year. They both graciously agreed. Then I inundated my dream school with correspondence. I wrote a letter a week for almost a full year explaining how badly I wanted to attend. I included pictures of me rock climbing, skiing and hiking with the name of the school emblazoned on my gear. I told them I wouldn’t take “no” for an answer. On the first day of admissions for the next year, I received a call. A different admissions counselor simply said, “You’re in … please stop writing us.”
Incidentally, when I graduated and walked to receive my diploma, the same admissions counselor who told me that I would never get admitted actually congratulated me, told me he “knew I could do it” and offered a handshake. I less than politely declined. Looking back, that probably wasn’t the right response. Being gracious even in the face of indignity is always laudable. But hey, it is what it is.
Related: 10 Ways to Move Forward After Suffering a Big Setback
The point being, when I was knocked down by the unexpected, I didn’t allow myself to stay down. I used the rejection as motivation to push harder for what I wanted. At the end of the day, I’m sure I would’ve worked hard enough to be successful at any of the law schools that admitted me, but I also know I would have constantly wondered what would’ve or could’ve been. I didn’t want that regret. And more importantly, I didn’t want rejection to be the lasting emotion from my application process.
It’s hard when someone tells you you’re not good enough, that you don’t matter or that you can’t be successful when you feel like you can. The key is to turn that rejection into motivation. Don’t sulk, don’t get depressed, and don’t put yourself into a shell. Instead, get angry. Not revenge type of anger, but motivational anger. Anger can be a positive force when it’s driving you to prove people wrong. Setbacks are going to happen. But when they’re the catalyst for taking big steps forward, they aren’t really setbacks at all.
Related: 4 Strategies That Will Get You Through Your Entrepreneurial Setbacks
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Collin Williams
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The path to success as an entrepreneur can take many different forms, and no matter what path you choose, difficulties will always exist. It’s easy to become a bit of a skeptic when it comes to doing business. The truth is, it’s not easy — and it’s not for everyone. It takes hard work and determination to succeed, no matter how cliché it sounds.
You also have to recognize challenges as bottlenecks — not as signs of failure, but as obstacles to be overcome. To prepare yourself for any difficulties you might encounter along your entrepreneurial journey, here are some of the most common challenges you should expect to face, along with tips on how to overcome them:
Related: Entrepreneurship Is All About Overcoming Obstacles
Cash is one of the most challenging elements of running a business. You have to ensure enough cash is coming in to keep everything and everyone up and running. Companies often go through periods of low cash flow, during which they may have to delay or cancel projects, hire less staff or even shut down entirely.
Why do entrepreneurs end up low on cash? Well, most of the time, it is a result of a slowing economy, but it can also occur due to a client going bankrupt or because marketing efforts aren’t working as well as initially anticipated. It could also be that they might not have predicted the amount of money they would need for various aspects of their business.
When you find yourself in any of these scenarios, managing your cash flow should be your top priority. You can always get a line of credit from another bank or finance company that charges very low-interest rates. Managing your credit, however, is a different topic we’ll get into later.
Try to be on the right side of your own decisions. If you are doing something that you’re passionate about, then it’s easy to convince yourself that people will want what you have to offer. You need to make sure that every decision you make is made with confidence and conviction.
It’s also important to understand that it’s normal for people to be indifferent toward a certain idea or person. Perhaps they have a preexisting opinion about you or your business that prevents them from considering it fully.
Besides preconceived notions, consider that naysayers’ lack of interest might also be caused by familiarity, ignorance and fear. You must uncover what causes them and provide a solution.
Having doubters doesn’t mean your idea or business isn’t good — it could mean that it just needs more work! DOUBTS ARE GOOD! They mean that something is missing from what would be perfect.
Related: How to Maintain Motivation When Surrounded by Naysayers
In the world of entrepreneurship, there are many ways clients can influence your business. They can be a great source of knowledge, especially if they’re interested in what you’re doing and how you do it. In this way, clients can be valuable resources for your company.
However, it’s important to remember that they are also customers who will want things from you. So, while they may share information and provide valuable feedback, they may also expect different things from you than they did before.
The difficulty here is that it’s up to you as an entrepreneur to make sure that their expectations are met and that they feel satisfied with their experience with your business. As an entrepreneur, having strong relationships with your clients is the key to remaining competitive while growing your business.
Entrepreneurship is a risky endeavor, and credit can be a big problem. But it won’t be a big problem if you know what you’re doing.
The credit system is a lot like a double-edged sword. On one side, it can help entrepreneurs get the resources they need to start and grow their businesses. On the other side, it can be a hindrance when it comes to keeping your business afloat.
For example, if you have a loan or line of credit with a bank, your business will have to pay interest on that loan every month. This means that if you don’t pay your bills on time, the bank will take more money out of your account than they’re supposed to — and then charge you more in interest for the money they took out of your account. This can lead to serious financial problems for you and your business.
To overcome problems with credit and keep your business running smoothly, you’ll need to have an understanding of all the options available to you and then make sure you take advantage of them.
Related: 3 Tips for Young Entrepreneurs on the Power of Credit
Having a lot of cash on hand might seem like a good sign, but you must also strike a balance between having an excessive amount out of precaution and not having enough. When you have too much cash, you may be missing out on investment opportunities that could increase your profits.
Instead of letting naysayers scare you away from making progress, focus on finding out where the holes are and filling them in before moving forward.
Give your clients a sense of ownership, and acknowledge the importance of the role they play in your company’s success.
Be smart when it comes to credit, and be aware of all the options available to you.
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Roy Dekel
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