Embracing Setbacks as an Entrepreneurial Superpower
At PayFuture we have the privilege of working with both established and fledgling businesses. For those merchants at the start of their journey, the setbacks they face can be incredibly daunting. Starting a business is a learning curve; one I’m very familiar with.
My entrepreneurial journey hasn’t been an easy one. I come from a humble background, being brought up around a council estate, and educated at Cranford Community School. I certainly don’t think I was expected to become an entrepreneur.
I’ve learnt that by embracing setbacks as opportunities for growth and learning, you can develop the resilience and mindset needed to overcome achieve your entrepreneurial goals.
Not coming from a family of business professionals, I didn’t have a blueprint or any help setting up a company. All I really had was an entrepreneurial spirit to navigate the business landscape.
My first business saw me building computers from my bedroom before I could even afford even a computer, I just had a fax machine and phone. My CRM system was a Yellow Pages and a note pad! My sales training was teaching myself the art of the cold call as I contacted every IT company I could find to develop a customer base. But I learned as I went, and that business grew from building computers to providing IT services before the industry took a giant leap forward with the internet and the concept of networks.
It was a baptism of fire in terms of a business education, but it stood me in good stead.
Today there are multiple businesses with the PayFuture name, including the business based in Dubai of which I am the CTO/Co-founder and a shareholder. It was founded in 2021 with the sole purpose of helping online merchants expand into emerging markets by providing the means to accept the most popular payment methods in those markets.
Lessons learned
Building any business from scratch brings its fair share of difficulties, but you can navigate setbacks effectively and turn every negative into a positive.
Learning from failure is difficult because it means analysing what went wrong, without dwelling on it. But only when you’ve got to the root causes of any failure can you use setbacks as opportunities to reassess your approach and make necessary adjustments. This might involve pivoting your business model, refining your product or service offering, or changing your target market. It could also mean investing in additional training, hiring experts, or forging strategic partnerships.
It’s also important to cultivate resilience as a core trait. I know first-hand that resilient entrepreneurs bounce back from setbacks stronger and wiser than before. But don’t confuse resilience with the idea that you need to go it alone. Never be afraid to seek support from your team, mentors, or support networks during difficult times. Surrounding yourself with a strong support system can provide invaluable guidance and perspective. One final thing to note is that if your competitors or ex colleagues are doing their best to discredit you, attack you or ruin your personal or company reputation – it can be very disheartening, however remember that ironically this is when you know that you are doing something very well!
Finally, remember to celebrate victories and progress, no matter how small, along the way. Recognise that setbacks don’t mean failure; they are opportunities for growth and improvement. By maintaining a positive, can do attitude along with a growth mindset, entrepreneurs can use setbacks as motivation to create stepping stones to success.
I’ve certainly had my fair share of setbacks as an entrepreneur, but have come out the other side having learned valuable lessons. My main takeaway is this: setbacks can spark creativity and innovation, so use adversity as a catalyst to generate new ideas and solutions.
The business landscape is constantly evolving, but if you can keep your long-term vision in mind during challenging times, you’ll find that setbacks are simply temporary hurdles on the path to achieving your goals.
At PayFuture we’ve helped many businesses develop strategies that ensure our merchants, along with their customers, receive an amazing customer experience that maximises sales, profits and client retention. If you’d like to talk about how we can help your business, get in touch today.
If you’d like to know more about our bootstrapped journey to success and how we can help your business follow the same route, get in touch with us today.
