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See setbacks as opportunities

Entrepreneurs | 31 March 2020 | Written by Oliver Op de Beeck

As an entrepreneur, you sometimes find yourself facing unexpected situations. Take the coronavirus for example. The entire country has been brought to a standstill. Entrepreneurs usually face two situations: it’s either all hands on deck, or it’s deathly quiet. The latter is bad for your cashflow, but it does give you time to reflect.

See setbacks as opportunities
There are so many things that are important for your business, but you don’t usually have time for them. Use the time that’s been freed up for you to tackle these things. As an entrepreneur, it’s important to be flexible. Try to link the pleasant with the necessary.

1. Free time for your loved ones
One of the major pitfalls of entrepreneurship is not having time for your family and friends. As a self-employed entrepreneur, you have to deal with long working hours.

This may end up infringing on your social life. Since we’re being kept inside en masse, this is the opportunity to return balance to your work life and private life. This is the perfect opportunity for you to spend some quality time with your family. 

2. Invest in self-development
As an entrepreneur, you’re probably naturally curious and ready to learn, but unfortunately, it isn’t always possible to satisfy your needs. Important deadlines, meetings with clients and monitoring your business mean there is barely ever enough time left over to the things you’d like to do. 

Would you like to spend your time in a meaningful way? Invest in self-development. Expand your horizon by reading a book or sharpen your knowledge with an e-course. Plus, there are plenty of companies offering their courses and webinars for free, all thanks to the coronavirus. For example, the American software producer Adobe is offering all its tutorials on all Adobe programs with a 97% discount. 

3. Think about the future
When was the last time you took the opportunity to reflect on the work that you’ve done? Once every so often, it’s a good idea to plan in a moment of reflection. As an entrepreneur, you are usually extremely busy. Looking back often falls off the to-do list altogether. 

Now you have the perfect opportunity to do so. Look back on the way in which you’ve been working and at what it’s delivered. Think about the future of your company—where you want to go—and on this basis, set a few action points for yourself.  

Entrepreneurs are busy bees. If you don’t want to fall in the black hole, it’s important to stay busy. Use your time to think and to learn, but make sure you don’t forget to relax. Take your foot off the gas a little and recharge your batteries. You’ll come out of this setback stronger than ever.

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