Turn a setback into an opportunity

Women entrepreneurs are great planners - but there are times when even the most detailed and well-thought out plans can encounter a hurdle that seems just too big to overcome. That’s life, as well as business. Setbacks like these happen, you only have to look at the impact of the current Covid-19 pandemic to appreciate that some things are out of our control and just have to be responded to differently. The result is that, at times like these, it may require a rethink or an adjustment to your original business strategy or business model. But remember, setbacks can also present opportunities. During times of adversity, women entrepreneurs find new sources of strength and resilience, and importantly, they get creative. Setbacks can provide a unique chance to do things differently, to try new approaches, to experiment with new products and services to take to market. They can also allow you to consider a more radical pivot in the business to take advantage of an identified need. A setback can encourage you to develop new ideas and tactics for how you want to run your business in the future, helping you to prepare for and withstand setbacks in the future. So don’t be afraid to change direction if you need to, and view every setback as a potential opportunity instead of a threat.