What are the best practices for building resiliency in a startup?

I'm a serial entrepreneur with several succes and failures. From my point of view resilience is not a mindset of growth but a mindset of learning. Every achievement every mistake every failure every hurdle is an opportunity to learn. As a leader this is the culture i'm spreading in every organization I manage: learn, document, improve. This trio is the foundation of resilience. No more. No less Side benefit: when you successfully implement this culture you erase at the same time fear of mistake and failure hence you open doors to proactivity, I itiatives and serendipity.

Persistence is the mother of all skills. Some days you just have to find the strength to put one foot in front of the other to keep going. I find the biggest obstacle to most entrepreneurs success is there own mental fortitude. Life and business are filled with setbacks and difficult situations. It is how we choose to respond to them that makes the difference. Remember that in times of great crisis it's a cool head that will prevail. Focus on the one thing you can control and that is your reaction to a particular situation. Recognize the things you can influence and push for change to happen within that. Understand what you can't control and surrender to that reality so that it doesn't burden you.

Amelia, a marketing professional, faced a career setback. Instead of dwelling on the setback, she embraced a growth mindset. She sought feedback, identified learning opportunities, and honed new skills. Amelia immersed herself in industry trends, attending workshops and networking events. Despite initial challenges, she transformed setbacks into stepping stones for success. Her resilience and commitment not only led to professional growth but also earned her a leadership role. Amelia's journey reflects the power of a growth mindset, proving that challenges can be catalysts for development. Her story serves as a reminder that embracing change and continuous learning fuels personal and professional evolution.

Sometimes I feel like there are these fleeting moments when a decision or situation arises, and we need to collectively as a team be all part of it, or that moment is gone. To stop the train for a moment if you will and think about what just happened and why we made that decision and what we all just saw. Do we all see the same thing? Do those we just brought into it see what we saw? are we seeing a new trend or model? is it repeatable? do we understand what just happened? What the heck have a learned here?!

If you want to build resilience in your business, have a GPS Plan. Every startup should know that they need a strategic goal for "where" they want to be at the end of the year. But most don't have a specific plan on "how" they will get from where they are today to where they want to be at the end of the year. A good GPS plan will keep your business from going too far off course, which is very easy to do for startups. It will also show you where the forks in the road are and the obstacles. Owners become more resilient when they successfully navigate the tough times and downturns. A GPS plan keeps them from giving up when, with more discipline, they will get past the obstacles in front of them.

You can build your network by reaching out to top people and asking. Steve Jobs called the head of Hewlett Packard to ask for equipment and got his first job. John Rothschild who owned Milestones, tells the story of the very beginning of his restaurant business, when he called the head of Coke, Canada, and invited him to be on his board. John was surprised when he agreed. John says his leadership skills were elevated by having such a senior director for the Milestones board. John went on to grow Milestones and eventually buy Cara Foods. His belief in networking actively and creating a valuable board director role gave him resilience and also the long term financial results.

Important parts of being a member of a supportive network are finding a way to provide value to others - not forcing the mechanism and going above and beyond when its not needed but fitting in where it is needed and wanted. Additionally providing some feedback to your helpers when you have heard their advice and taken it. Its nice to know when and where you were actually able to help.

Resilience is probably initself the greatest differentiator between startups that succeed and fail. To build it one needs patience and most of all a very very strong team which strongly believes in the vision you have. Also, the ability to take on failure, learn quickly to adapt and start again...not once but over and over again.... those who can stick around are the ones who are resilient and those are the ones who manage to reach somewhere.

Building a supportive network involves cultivating genuine relationships. Actively listen and show interest in others, fostering trust. Attend networking events, join professional groups, and leverage social media to connect. Offer help without expecting immediate returns, creating reciprocity. Be reliable and contribute positively, earning respect. Maintain regular communication, celebrating others' successes. Building a supportive network is a continual process of building trust, offering assistance, and fostering meaningful connections.

Find out about the public resources and startup development agencies in your locality. They are good starting points to be connected to the local startup ecosystem where you can build a strong network by participating in startup events, programs and initiatives. In Brunei, Darussalam Enterprise (DARe) is the national agency to promote and support MSMEs. There are many programs you can join in to meet fellow founders, mentors, investors within their network.

Emma, a single mother and freelance writer, faced the dual challenge of managing time and finances. Determined to pursue her passion while providing for her family, she meticulously planned her days. Emma prioritized high-paying projects and invested in time-saving tools. With discipline, she created a budget, distinguishing needs from wants. Balancing work and personal life, Emma optimized her efforts. The result: financial stability and quality time with her children. Emma's story exemplifies the art of resource management. Through strategic planning and conscious choices, she demonstrated that even with limited resources, one can thrive by aligning priorities and making judicious decisions.

When running a startup, one of the most important resources to manage are human resources. Be careful during growth or busy periods not to get ahead of yourself with hiring; these periods could be non recurring or so cyclical that when the next season comes around, you won’t need the extra hands. Instead, see if you can put a bit more on existing employees’ plates for an interim test period (making sure to properly incentivize and reward those folks).

Because you are a startup you are an entrepreneur. And because you are an entrepreneur, you are a risk-taker. Thus if you are putting your resources for use into tasks that can be considered as calculated risks, then you are certainly managing your resources wisely. That way you are bound to create a successful business.

I agree. Managing startup resources wisely is the key to the long-term success of your business! Essentially the assets and inputs you need to keep things running smoothly – like money, time, energy, talent, and technology- must be thoughtfully planned ahead of time. Particularly for small businesses who run the risk of financial ruin in the event of a supply chain break, or other unexpected catastrophe. The best solution is to have a back up plan, that anticipates the unexpected. By doing this, you can avoid wasting them or running out, which could really put your startup at risk. A few examples: go to trade, shows to make relationships with back up suppliers. Second, build a relationship with a temp agency in case employees quit.

Managing resources wisely is crucial for efficiency and success. Here are key principles to consider: Set Clear Goals: Define specific, measurable, and achievable goals. This clarity helps in allocating resources effectively toward strategic objectives. Prioritize Tasks: Identify and prioritize tasks based on their importance and urgency. This ensures that resources are directed towards high-impact activities. Regularly Assess Needs: Periodically assess your resource requirements. This includes personnel, finances, and time. Adjust allocations based on changing priorities and demands. Budget Strategically: Develop a realistic budget that aligns with your goals.

I have never seen a successful company that did not fail at the very beginning. The most important thing when you fail y to recognize it as soon as possible and have the ability to change your strategy. Always search for advice when perusing this, but also stick to your believes towards the core of your idea. You will never get different results if you keep on doing the same things every day. Success is a matter of trial and error!

Failure is learning. I constantly challenge my teams to experiment and learn quick through failure. If you are not prepared to push the envelope you will always know what you know today. Do the math and take empirical lead decisions on experiments or different ways of doing things. If you are always successful and never make a mistake, ask yourself 'why' - be comfortable with being uncomfortable, its liberating.

My first failure was when I decided to launch my business out of college. Unlike most 'normal' students, my first internship was me running a team of 10+ folks (developers, freelancers, interns, etc) and trying to launch my first business. Unfortunately, after 1.5 years, I ultimately came to the realization that this business may have been more challenging than I anticipated. I'd say one of the largest assets from those years of trying to build something... was actually the relationships I built. Because when I launched my next business, VisualFizz, which I see as a fairly successful organization, I was able to call upon my contacts from years before - at my last major endeavor. This was incredibly helpful in our journey.

REMEMBER… FAILURE IS NOT THE OPPOSITE OF SUCCESS, IT'S PART OF SUCCESS! Here are a few quotes to ponder: “Many of life’s failures are people who did not realize how close they were to success when they gave up.” ~ Thomas Edison “We need to accept that we won’t always make the right decisions, that we’ll screw up royally sometimes–understanding that failure is not the opposite of success, it’s part of success.” ~ Arianna Huffington “A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.” ~ John C. Maxwell “It’s failure that gives you the proper perspective on success.” —Ellen DeGeneres

Mark, a software developer, faced a major project failure that jeopardized his team's efforts. Rather than succumbing to disappointment, Mark embraced the opportunity to learn. He conducted a thorough post-mortem analysis, identifying weaknesses and learning valuable lessons. Mark shared these insights transparently with his team, fostering a culture of continuous improvement. Armed with newfound knowledge, they reapproached the project, implementing innovative solutions. The revised endeavor not only succeeded but became a model for efficiency. Mark's story illustrates that failures, when viewed as stepping stones, can lead to growth. Learning from setbacks fuels resilience and paves the way for future success.

The resilience of the founding team is crucial in setting the tone for the entire startup. The attitudes, behaviors, and ability to cope with challenges demonstrated by the founders influence the overall culture of the company. A culture led by a team who embraces change and growth encourages continuous learning. And it is the startups that prioritize learning and growth that are better positioned to innovate. Ultimately, there is no resilience without learning.

In my experience as a business owner and a widow, uncertainty, whether in business or in life, can induce stress and anxiety. Embracing change in uncertain situations means being open to new possibilities, approaches, and perspectives. It means taking time every day to quiet your mind, accept your situation, and let go of people and ideas that no longer contribute positively to your life.

In the realm of startups, change and uncertainty are constant companions, offering both challenges and opportunities. While they can be disruptive, embracing them fosters innovation and growth. To succeed, a proactive, creative, and courageous mindset is essential. However, having a clear roadmap is equally crucial. It provides a structured plan that adapts to change and helps navigate uncertainty. A defined end goal serves as a beacon, even if the path to it alters; the destination remains constant. This combination of adaptability and a focused goal ensures resilience and progress amid the ever-evolving startup landscape.

This is both the hardest to do, AND the most important. We've all heard of The Pivot. The reality is that most startups pivot to one degree or another. An Angel investor I knew refused to invest in startups run by MBAs or PhDs because both tended to be too set in their ways to pivot as aggressively as is necessary for early stage startups to succeed. so there needs to be a drive to succeed and a willingness to abandon the initial ideas to drive for success even if its different from the initial vision

Create a culture of psychological safety, so your team can also embrace change and uncertainty. Also, find ways to continuously upskill / "scale" your people, since their roles evolve very fast (recommended reading: "Scaling people" by Claire Hughes Johnson and "The team that managed itself" by Christina Wodtke)

In my experience, it is so easy to let yourself completely absorbed by your startup. After all, you hear about all the successful entrepreneurs who didn’t pay themself for years, worked 18 hours a day until they made it. This is clearly the 0.1%. I do believe it is a marathon and not a sprint. Only if we take good care of our physical and mental health (including not overwork) then we can maintain the critical balance needed to be successful. Otherwise we just burn out.

Clear mind, full heart. There are many methods for achieving this but it's the journey that is the true success. You will have trouble pursuing your business goals and objectives if you're not addressing the "whole" you.

Learn how to move on and "mentally flush" rejection or failure as quickly as possible. Learn to forgive yourself and others. Recognize that is not about you and will never be about you as a leader. Get good sleep. Laugh a little every day. Find a mentor to guide your journey and help to remind you to take care of yourself.

Resiliency is built, first and foremost, from within. One tool to build emotional resiliency, is to ground into your vision daily. Light a candle before starting work everyday, and breathe and envision your ideal customers, and feel how much they love your product and benefit from your work in the world. Take that energy everywhere you go.

Health and fitness is critical. Good health creates a shape mind. The amount of, and the quality of, the decisions you need to make on a daily basis can be overwhelming. Good health will aid in making better decisions.

Revenue is vanity, profit is sanity, cash is reality. Any startup that isn’t focused on cash has a limited lifetime. Applies equally to bootstrapped as well as funded ventures. Also, having co-founders that share your vision, mission, and journey I’ve found, can significantly alter the prospects of a venture. If you want to go fast, then go alone. If you want to go far, take others along. Very useful mantra to live-by. Finally, optimism and hope are the intangibles that keep you going through the rumble-tumble of entrepreneurship and company-building. The universe is mysterious in its ways, and it’s only our belief that makes it conspire for our success. So keeping hope and maintaining an optimistic outlook in the darkest hours matters!

Building resilience in a startup is crucial for navigating the uncertainties and challenges of the business world. Here are some best practices: 1. Strong Financial Management 2. Diversify Revenue Streams 3. Adaptability and Flexibility 4. Robust Contingency Planning 5. Invest in Your Team 6. Maintain a Strong Network 7. Customer Focus 8. Embrace Innovation 9. Effective Leadership 10. Prioritise Wellness and Work-Life Balance 11. Build Brand Loyalty 12. Learn from Failures 13. Stay Informed By implementing these practices, a startup can not only survive but thrive in the face of adversity. Resilience is about preparation, adaptability, and the ability to recover from setbacks.

I believe that "Cash flow" and "Team building" are the two most important parameters to create a resilient start up. Any innovative idea can be accepted in the market but cannot be sustained without these two parameters.

If the enterprise doesn't go as planned, the Founder has to roll up her sleeves and demonstrate she's willing to do what it takes to keep the business moving forward. Your team will follow you to remarkable places if you lead with integrity and "walk the talk", no matter the obstacles.

Consistently test and vet your product and promotion ideas with your ideal buyers. Keep relevant. Fill that unfulfilled market need, and you will bring in more revenue faster than with a diverse product portfolio and revenue stream. When you first start, embrace the idea that you will put on blinders to focus on one buyer, one gap that needs filling, and one concrete, very specific message that resonates deeply with ideal buyers. Once you land proven demand, expand with a services value ladder to increase the lifetime value of your clients.