Why challenging times create great entrepreneurs

Why challenging times create great entrepreneurs

It’s no secret that starting a business requires hard work and determination. The journey is usually nothing like the overnight success stories we see on social media. However, one great trait entrepreneurs often share is their ability to thrive in the face of adversity and overcome challenges. The ability to pivot and persevere during the tough times is usually what separates the greats from the rest.

In fact, some of the greatest businesses we know today were created during times of uncertainty, recession or crisis. The likes of Netflix, Groupon, Microsoft, Disney and Airbnb were launched during particularly risky times but they managed to use this to their favour. Here’s how such times can help businesses thrive:

Challenging times allow us to re-assess and re-think

Tough times often award us with the opportunity to take stock and re-assess what is working and what can be improved. Take Covid-19 for example, it allowed entrepreneurs to re-think their business model, offering and future plans and in many cases, this encouraged and empowered them to improve and future-proof their business.

Challenging times drive innovation

Times of uncertainty encourage us to think out of the box, which has been known to be a great foundation for innovation. From new products, to new concepts or solutions to age old problems, using these times to our advantage can make great things happen.   

Challenging times push us to be more creative

Turbulent times also push us to be more creative. For example, lack of resources can force to be more imaginative with what we have and think of new ideas on how to use them. This can often be how great business ideas are formed.

To conclude, challenging times are common in entrepreneurship. The idea is to not only preserve during these tough times but to also allow them to push us to think differently, to pivot and to innovate, in order to grow and reach our goals.

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