Getting Past Setbacks, Disappointment & the Unexpected in Entrepreneurship

It is inevitable. As a business owner, there will be times when problems arise. The market stops supporting your product, there is a loss in your family, or a pandemic comes along, and your product or service isn't viable. What the heck do you do?

Here are some basic ideas to get you moving again against the odds.

The Market

Remember, "My Pet Rock?" I don't, but I remember how dumb it sounded. I could play with all the rocks I wanted in my back yard for free. I was certain one rock had dinosaur bones in it, and I was about to make a major discovery. It was just a piece of weird graveled concrete, but whatever, I was 5. This pet rock thing went crazy. Parents didn't want to buy a real pet, so in working off of the wild imaginings of a child, this idea worked. After the imagination wore off the pet rock industry, kids went back to asking for live pets.

How it Evolved

Full disclosure, I know nothing about the pet rock industry. But I'm excellent at seeing patterns and trends. I noticed that little stuffed animals or plastic baby dolls and key chains that would cry or get our attention when we would need to feed them or take care of them. Thus, the pet rock suddenly came to life. Today we even have a planter that will cry if it hasn't been watered or cared for. I know, weird but true! The human wanted a deeper connection, and the industry supported that.

What We Learned

Humanity will drive the market. Their fear, concerns, desires, and bucket lists will always be a priority. As human needs and wants change, so will the market, and whoever is there to offer something innovative will be the temporary winner of the day, but only for a certain number of days until the needs shift.

How to Stay Relevant In a Changing Market

Staying relevant is easy, study human behavior. Learn about Meyers-Briggs Typology. We love www.personalityhacker.com. Joel and Antonia are fantastic teachers. You can take the test for free, and Todd and I both feel this is the best free assessment you will find on the Internet. Todd and I are obsessed with understanding how people work mentally and emotionally. (Want a sneak peek into Todd and Kyra? We are INFJs, Look it up on Personality Hacker.)

Toilet Paper Caper

Take the great toilet paper caper of 2020. Who knew toilet paper would make people feel the safest? Once it started happening and the shelves were emptying, I took a step back and considered the future. Every entrepreneur needs to have a mental crystal ball, where you can get a sense of all the possible outcomes and scenarios—not worrying, not fearing, just considering what can happen as a result of any challenge.

For example, I knew once everyone felt safe, they would stop buying TP. Once everyone had more than enough, they would stop buying TP. And once everyone realized they couldn't price gouge an innocent person by buying an abundance of hand sanitizer and TP, it would even out. And it did. My only hope is that the TP industry also realized it. Now, most people have more TP than they can use in 6 months. Which means, people will not buy as much TP. Also, they started looking for alternatives like a bidet; I couldn't scroll one inch on Facebook without seeing an ad for a bidet attachment. In case you don't know, a bidet washes away, well, shoots water, um you know where, after using the restroom. They saw a need and gave a new option for the buyer, which could be potentially better for the environment—double bonus.