Advice For Entrepreneurs Who Face Setbacks

Today, I realized that I made an entrepreneurial mistake, one that created a setback (monetary, time, and some ego too). There’s no doubt about it: Being an entrepreneur has its ups and downs. Today, I experienced one of the entrepreneurial downs. When I realized the magnitude of my mistake, I ended up dwelling on the mistake way too long. When you’re an entrepreneur, your work has so much meaning, it’s so personal. This is a good thing, it’s that sense of pride and ownership that makes entrepreneurship so rewarding. That being said, mistakes can really hit home hard, as they challenge your life’s work.

A little more background: This is one of those mistakes that’s done. I Just have to sit back and let time pass, something that can be challenging for someone used to taking action.

While I do not consider myself an expert handling these types of setbacks (I’m still growing and learning as an entrepreneur and student of life), I have compiled some strategies over the years that help. I want to share some practical business advice today for entrepreneurs facing challenges. The next time you make an entrepreneurial, business, or life mistake, I hope you can refer to this list and speed up your time to productivity and happiness.

Today’s list is meant to help you move forward and leave your setback behind. Your most valuable asset as an entrepreneur is time, and the last thing we want to do is waste valuable time that could otherwise move one’s business forward. Let’s jump into my advice and tips!

Tip 1: Just Do Something, Anything

Once you’ve made that mistake (and/or faced a setback), it’s so easy to dwell and relive the situation over and over. I have to admit: I probably spent a few hours today analyzing my situation from every possible angle. Ultimately, one strategy that helped me move forward is finding small wins on other projects. I just started doing easy, small tasks such as approving invoices. Any activity can help one more forward. It’s all about creating momentum and moving on to productive work that can move your business forward.

Tip 2: Listen To Music

There’s a reason that I donate so much money to The Fender Music Foundation and Musicians On Call via Lopuch.org: I love music, I find motivation in music, and I want a bright future for music. Put your headphones on, find some motivating and inspiring tunes, and start listening. The music can get your mind off the challenge at hand. More than that, music brings us all together. When I’m facing a challenge, I love music that addresses challenges in a positive light!

Tip 3: Go For A Walk

Just sitting at my desk, I was getting nowhere. I felt unproductive. So, I went outside for a walk. While the walk did not completely change things, it was a start. The fresh air helped clear my mind.

Tip 4: None of Us Are In Control, Trust In God

Of course I’m going to make mistakes and face setbacks! After all, I’m not in charge here. After my mistake, I ultimately ended up praying and placing my worry on God. He’s got it from here! If you’re a spiritual person, mistakes can be a really wonderful time to embrace your spirituality.

Tip 5: Talk To Someone Knowledgeable and Experienced at Business

Just talking about your setback can help. Upon discovering my setback, I immediately called my wife. And, then I called her again later in the day. And, I called her a third time even later. I am so thankful and lucky to have such an amazing wife that will listen, share logic and reason, and support me through a rough day. (Bonus Tip: Know someone else who is facing a setback? Has someone come to you to chat? Make sure to help them in their time of need. As entrepreneurs, we’re all in this together and need to help one another.)

Tip 6: Let Time Do It’s Thing

Time is an amazing force. In the moment, setbacks can sometimes take over. They seem like the only thing that matters. However, with each passing day, your setback shrinks and fades. A year from now, your setback will seem small. Five years from now, you may not even remember what you were worrying about! Time can be your greatest ally.

Conclusion: Nobody Is Immune From Mistakes, We’re Human

At the end of the day, none of us are immune from mistakes and setbacks. Being an entrepreneur sets you up for more challenges than the average person, because you are pushing the limits, multitasking, wearing many hats, and starting something new from the ground floor – all incredibly hard (yet rewarding) work!

The reason I’m sharing my story and advice today is to show everyone that I am human (just like you), despite my great success. We are all in this together! If one does not make mistakes, they are not pushing themselves hard enough. If one does not make mistakes, how can they possibly learn? The silver lining from my experience today: I’m learning and improving, in real time. The next time you make a mistake, remember these tips and remember that you’re in great company! It’s all part of being an entrepreneur, and comes with the territory. Keep learning and moving forward!

Stay on Your Grind Quote © PPCIan.com

Over the years, on and off, I have been selling items on eBay (and occasionally buying too). Recently, I started selling a few items again and have been having a blast. If you’re a digital marketer and/or entrepreneur, I want to encourage you to start selling on eBay. It’s not about the profits you will earn, it’s about the education you will receive in what I like to call, “The school of eBay.” eBay is a microcosm of the entrepreneur’s journey. Let’s explore some of my personal eBay insights…

Entrepreneurial Insight 1: You are a salesperson and marketer

I’m a big fan of digital marketing as a career path because the best digital marketers are set up to do anything, including staring their own business or even running a huge business. Why? Sales and marketing skills are absolutely foundational. If you do not know how to sell/market, how are you going to convince people to buy your product, get investors to invest in your company, and influence employees to join your team?

Want to test a new sales strategy? Want to test new marketing ad copy? eBay provides the most amazing platform to test anything. I have experienced first hand that great sales and marketing drives more bids and a higher sales price on eBay. While I want to stay humble and keep challenging myself, I feel like I’m an eBay copy master. These same transferrable skills impact everything you do as an entrepreneur. Never stop selling!

Entrepreneurial Insight 2: You better understand your market

Certain categories on eBay are hot and others are not. You can’t sell just anything. You need to enter the right market with the right strategy. The same goes for starting a company. You can have an amazing idea, but it’s not going to thrive if the market is just not there. Let eBay teach you market research skills. Research all kinds of crazy markets that you never knew existed. Maybe it will come full circle and eBay will inspire you to start a business in a category you have never knew existed.

Entrepreneurial Insight 3: Higher risk often equals higher reward

Are you a risk taker? Do you like to start your eBay auctions at $1 with no reserve, auctioning off items of high value? Or, do you prefer high opening bids with reserves and high buy it now prices? Different strategies work for different situations. Try them all!

In my experience, especially if you researched your market well and developed an incredible sales strategy, it’s best to just start with a very low opening bid and no reserve. By taking on risk as a seller you create a ton of bidding and interest in your auction. You likely achieve a higher selling price as bidders fight to win. The same is true for great entrepreneurs. Entrepreneurs need to be comfortable with risk and know when a calculated risk is warranted.

Entrepreneurial Insight 4: Patience is everything

When you’ve been selling on eBay for a while, you will have some buyers fall through. You will have an incredible auction that received tons of bids. You will be so happy with your sold price, and ready for your top bidder to pay. Then, the top bidder will go silent and refuse to pay. You may even need to open a "resolution" request with eBay to get things cleared up. That payment may never come through and you may need to run another auction for the same product or offer the product to your next highest bidder via a second chance offer.

Selling on eBay is not easy work. You need to be patient. You can never count your money until it’s in your PayPal account. The same is true of any entrepreneur. Start a company today and your payoff may be in ten years. And, while you’re waiting for your payoff, you may face a ton of challenges. Be ready and embrace the challenges!

Entrepreneurial Insight 5: Be comfortable wearing all hats

If you’re a one person operation like me you’ll be researching markets, finding the right products to sell, writing ad copy, building your reputation as a reliable and trustworthy seller, creating auctions, communicating with buyers, packing and shipping items, managing your ratings and reviews, and so much more. Entrepreneurs wear so many hats, many more than the eBay seller. However, eBay certainly gives a flavor of what it’s like to wear a ton of hats. Be comfortable wearing lots of hats, this skill will take you far in life and business.

Entrepreneurial Insight 6: The customer journey is never over

You sell your product, receive payment, and ship it to the customer. You’re done, right? No way! It’s all about customer service. In fact, Your Customer Care Is Your Brand, in my opinion. Don’t just ship your item, go above and beyond. Did the buyer pay only for regular mail? Happy with your sales price? Why not invest a few extra dollars (out of your margin) and ship via Priority Mail? Will that impact the buyer? Absolutely! I’m sure they’ll write a glowing review and visit your store often. It’s all about the details and delighting your customer.

Entrepreneurial Insight 7: Do you have "street smarts"?

I went to Stanford. I know a lot of people that have amazing book smarts. However, do they have street smarts? And, what does this really mean?

I think of street smarts as intuition and judgment. When you deal with customers in business, you will hear the most wild stories. Which stories do you trust, and how do you react in the moment?

An example: While eBay policy is to pay within 48 hours of an auction closing, buyers will come up with stories on why they can’t pay until later. Do you trust them or not? If you have good street smarts, you’ll know when to trust them. Entrepreneurs need to have book smarts and street smarts.

Summary

As someone who’s always looking to sharpen my skills, I truly value the testing and innovation done on nights and weekends, after work. If you’re looking to raise your game in business, consider selling on eBay. The insights you learn will make you a better entrepreneur!