Starting a Small Business? - Be Sure You Have Entrepreneurial Toughness

Statistics show that 80% of small businesses close within one year of operations. As I pondered this statistic, I wondered what separates businesses that survive from businesses that don't. Although there are many factors that determine whether a business survives, I contend that one of the main characteristics required for the long-term viability of a business is for the entrepreneur to have mental toughness.

Why is mental toughness so important?

Building a business is a series of complex trials and tribulations that cut to the core of a person's human spirit. To be successful, a person must have the mental toughness it takes to overcome a barrage of barriers that effect new businesses. Entrepreneurs must have the mentality that whatever obstacle comes between them and their goal; they will fight through it and succeed. In addition, entrepreneurs must have a problem solving mentality in order for their businesses to succeed.

What is a problem solving mentality?

After being in business for a short time, most entrepreneurs realize that running a business is mostly about problem solving. Regardless of the business, issues will come up everyday that have to be resolved. These problems must be addressed quickly and thoroughly to avoid the problem escalating to a more serious problem. Solving problems require mental toughness, good decision-making, and a long-term vision. Here are some practical steps to solving problems effectively.

1. Look at the problem and determine if there are underlying issues that are causing the problem.

2. Visualize what's good about the problem you are having. Every problem opens up potential opportunities that could be a great benefit to your business.

3. Take a little time alone to think about your problem.

4. Brainstorm your solutions with employees, family members, friends and associates.

5. Once you determine your course of action, take quick and aggressive steps to solve the problem.

Why sound decision-making is so important?