Author Topic: Resilience and Entrepreneurship  (Read 520 times)

swick

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Resilience and Entrepreneurship
« on: March 06, 2017, 10:43:54 AM »
I found this article in the New Yorker very interesting (both from an educator's and entrepreneurial background)
http://www.newyorker.com/science/maria-konnikova/the-secret-formula-for-resilience

I think resilience is one of the main things that separates a successful entrepreneur from those that aren't. The stick with it attitude and having the ability to bounce back (even if it means pivoting or failing faster)

So if it can be a learned skill, how do you practice and build your resiliency? What mind hacks do you use? Do you have a situation that stretched you and you overcame and turned out stronger having gone through it? Any times you felt like throwing in the towel but you managed to hang on, how?

SeattleCPA

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Re: Resilience and Entrepreneurship
« Reply #1 on: March 07, 2017, 07:21:07 PM »
Swick,

So I read this post and looked at the article you provided a link to... thought about it for a day or so... and I think I maybe see things differently when it comes to small business.

Mostly I think small business entrepreneurship works like a job. But a job where we get paid what we're really worth, so things like our knowledge and our effort really matter. A lot.

Two examples of above...

1. Tacit knowledge (as in "tacit knowledge" vs "explicit knowledge") makes a big difference. Mostly that's industry and situational stuff I think. But we need to know stuff most people don't know and stuff that isn't necessarily available in books or a college class. (BTW I think we need to know explicit stuff too--the type that is in a book or a class. But that's a "necessary but not sufficient" deal...)

2. Effort matters massively because success so often takes on a power law dynamic... E.g., look at the traffic that flows to rankings on a search engine results page... as a generality, every spot you or I rise doubles traffic and every spot you or I fall halves traffic (roughly)... so a little extra effort can produce a big change in results. That same thing seems to happen with entrepreneurial ventures...

bigfoot11

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Re: Resilience and Entrepreneurship
« Reply #2 on: March 07, 2017, 08:44:36 PM »
I think to be resilient one needs to incorporate a lot of different practices in their life. A few that would come to the top of my head are:

1.) You have a positive belief in what you are doing.
2.) You are optimistic
3.) Establish goals and complete them (No matter how big or small)
4.) Trying to put yourself in situations you are not in control of
5.) Embracing change

Again, these are just some quick thoughts in my head as to what resilience means. Either way, resilience comes down to sticking to your guns even if you (and everyone else) think you are down and out. 

bigfoot11

Axecleaver

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Re: Resilience and Entrepreneurship
« Reply #3 on: March 08, 2017, 05:51:41 AM »
Great article. I think the central question is, do stressors early in life function as a crucible, to build more resilient people who are more likely to succeed later in life? Or is it simply a predictor? The concept around "whatever doesn't kill me makes me stronger" would point toward the crucible theory.

I had a pretty challenging childhood. Don't talk about it much, but it's safe to say I'd be one of those kids in the article identified as doing well, despite being at risk. If my childhood had been nurturing and perfect, would I be as successful today? I doubt it, but we'll never know. My sister is also very successful, despite those same challenges.

The mindset component of that article is useful. If you're someone who believes they control their own fate, you're more likely to be resilient and thus successful. If you believe bad things just happen to you and there's nothing you can do about it, you're less likely to be resilient. I did find one thing a bit jarring - that people who recognize some things are external (there's stuff you can't control) are more resilient. That's counterintuitive. I would have thought people who accept responsibility for failure, even when some parts of that failure were outside their control, would have been better off.

SeattleCPA

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Re: Resilience and Entrepreneurship
« Reply #4 on: March 08, 2017, 07:53:47 AM »
Just to say this, I agree that resilience is a virtue...

I just don't think shows a tight connection to entrepreneurial success.

Er, it probably does show a connection to good mental health.

swick

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Re: Resilience and Entrepreneurship
« Reply #5 on: March 08, 2017, 11:16:02 AM »
Just to say this, I agree that resilience is a virtue...

I just don't think shows a tight connection to entrepreneurial success.

Er, it probably does show a connection to good mental health.

I know most of my conclusions about connecting resiliency to success in entrepreneurship are from witnessing it with my clients over and over, and I have seen that it can be learned.

While not targeting Entrepreneurs specifically, there are companies who make resilience training their entire business: https://www.mequilibrium.com/

If we were to make a character traits or virtues list of what kind of behaviours would be worth developing to increase the chance of entrepreneurial success, I definitely would have resilience on there, and I see the value of starting young and incorporating it into the classroom.

I did find one thing a bit jarring - that people who recognize some things are external (there's stuff you can't control) are more resilient. That's counterintuitive. I would have thought people who accept responsibility for failure, even when some parts of that failure were outside their control, would have been better off.

Thank you for sharing, Axecleaver. I think, where the above comes into play is the idea that you can identify and take action on things that are in your sphere of influence and control. There is ALWAYS something that is within your power to change, even if it is your own mindset/reactions/etc. And your actions tend to ripple out and have a wider effect. This is much more effective and powerful than worrying about or trying to change things that are outside of your sphere of influence.

It is something my husband has been experimenting with a lot, trying to make his shitty job situation better - instead of being angry and pissed off at what he can't change, he has identified and is working on changing what he can and it is starting to make a huge difference.

SeattleCPA

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Re: Resilience and Entrepreneurship
« Reply #6 on: March 08, 2017, 01:56:14 PM »
Good points Swick. Thank you for sharing.