SURVIVING THE ROLLER COASTER (Part 1)

This is a guest post by Leila Klein, Program Coordinator at NXTP Labs.

In the entrepreneurial journey, we go through different emotional stages that affect us in different ways: there are times that we feel euphoric because we get a new client and other times we get depressed after the rejection of an investor. We should pay special attention to our emotional state in order to experience the entrepreneurial roller coaster in the most successful way.

The foundation of everything: the team

In every project, the most important factor is the establishment of a good team. When we speak of a good entrepreneurial team, we refer to a group of people who have the skills and determination to bring a project into fruition and who have the tools to carry out (backwards or sideways) what was previously defined in the business plan.

In the early stages of the project, the team is such a strong asset, that it will be what an investment partner will pay most attention to. When investing, investors assess the capacity of the team, the quality of people, talents, and finally the business plan. All investors know that the business plan may change, but they also know that a B team is not able to produce an A quality product, and that an A team can turn a B product into an A product. A good team has the ability to execute their ideas, and that is where shareholder value is generated.

Often times we are asked what NXTP Labs looks for in a team, for us, a good team should have the following characteristics: its members should possess talent, diverse skill set and profiles and competence. I strongly urge the inclusion of women on any founding team for the diversity in approach and skill set that can be generated. It is important that team members complement each other and promote the entrepreneurial spirit among their groups (family, future employees), who they can count on to have the capacity to pivot, tolerate frustration and who are resilient. Every entrepreneur should implement these skills into practice with every step taken throughout the journey.

Resilience vs. Frustration  

Frustration is a state of disappointment and distress that occurs when a desired outcome is not achieved. In the entrepreneurial life, this happens to us many times. According to our personal characteristics, we react in different ways when it comes to this situation. Everyone has a different threshold of tolerance. Generally, entrepreneurs do not get frustrated easily. We understand that frustration is a part of life and immediately develop tools that allow us to be proactive. Tolerating frustration means addressing the problems in our life, despite the suffering they cause.

So, we take the concept of resilience. According to Edith Grotberg (1998), resilience is «the capacity of human beings to cope with life’s adversities, to overcome them and to be positively transformed by them.» If we develop this ability, not only will we confront difficult situations, but we will also benefit and grow personally and professionally.

Pillars of resilience include an adequate level of self-esteem and a high capacity for introspection; independence, the ability to know how to place boundaries between oneself and what surrounds us, the ability to relate, initiative, being tested in progressively more demanding tasks, creativity and critical thinking skills.

Resilient people are characterized by being realistic, accurate and flexible. They commit fewer errors of thought (exaggerating or hastily drawing conclusions without corroborating evidence) and interpret reality more accurately than those who are less resilient.

Resilience, in the entrepreneurial ecosystem, is the ability of the entrepreneur to confront complicated situations and develop one’s business, generating teamwork with one’s partners or collaborators to go out and be determined; based on the risk forecast.

Tips to develop resilience

It must be recognized that there are people who are more or less resilient, but this ability can be developed by incorporating certain habits.

• Use constructive thoughts

When faced with a conflict, it is important to consider concrete, achievable actions for the medium and short term, and start these actions!

• Think realistically

Try to have a broad perspective and think that these problems will not last forever, but eventually will pass. Remember that you have the capacity to address and find solutions.

• Set optimistic goals

Get help to start changing things you want to change in a positive spirit while remaining realistic. Imagine the best scenario and recreate it in your mind.

• Act

The time is NOW, as the famous saying.- «Don’t leave it for tomorrow ….» Do it, do not hesitate. Therefore, action is the first step in designing your reality.

• Learn to grow with your problems

Problems or crises are challenges that you encounter in life and that push you and take the best of you: be strong, think and find solutions, act. Sometimes these challenges push you to change your perspective to something broader and more flexible. They make you mature and see the world in a more accurate and realistic way.

And remember…if you are afraid, take your fear and continue forward, with fear and everything in tow.

If you are interested in following this theme, stay tuned for my upcoming articles on the subject.

Biography of the author: Leila Klein is a Psychologist and specialist in Psychodrama. She works in skill and technical development and for team structure and consolidation.

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