This post is about the most critical characteristic an entrepreneur needs to have :
resilience.
noun
1.the power or ability to return to the original form, position, etc., after being bent, compressed, or stretched; elasticity.
2. ability to recover readily from illness, depression, adversity, or the like; buoyancy.
Buoyancy. Like the Weebles that wobbled but didn't fall down, the combination of resilience, creative thinking and eternal optimism will serve the business owner well in a time of turmoil, when the need for re-invention is required. I have yet to meet an entrepreneur that didn't have these qualities.
I look at some of my favourite customers from when I had a wholesale company, supplying decor and giftware to small retailers. There was a downturn in the economy in the mid 2000's that, combined with the relentless growth of big-box stores, saw lots of small shops go out of business. So which ones hung around? The ones that shifted the focus on their sales from merchandise to service. Or some that took on partnerships with other retailers. And they always stayed light on merchandise so they could do this with little loss. Some changed to internet businesses and some only did selling shows.
I look at some of my favourite customers from when I had a wholesale company, supplying decor and giftware to small retailers. There was a downturn in the economy in the mid 2000's that, combined with the relentless growth of big-box stores, saw lots of small shops go out of business. So which ones hung around? The ones that shifted the focus on their sales from merchandise to service. Or some that took on partnerships with other retailers. And they always stayed light on merchandise so they could do this with little loss. Some changed to internet businesses and some only did selling shows.
A couple of business models for small retailers still work and haven't been taken over by the big guys: salons and florists. How can these businesses still hang around when big corporations are getting in on these services? They adapt. From the beginning, people who operate these businesses have had to create something new with the same materials, and survive purely based on their talents in customer service, creativity and ability to spot trends. Plus, last I checked, hairstylists report the highest levels of job satisfaction. I have spoken to many hairdressers who confirm this for the most part - they get to see the result of their work immediately, plus the benefits of working with one's hands and interacting socially is good for the soul.
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