Well-being and Entrepreneurship: A Holistic Approach

Empowering Youth with Resilience, Balance, and Emotional Intelligence

This unit provides young entrepreneurs with essential strategies for sustainable successes by emphasizing the crucial balance between developing business skills and knowledge and supporting personal growth, emotional intelligence, resilience, and overall well-being.

Introduction

Young entrepreneurs face unique challenges in today’s fast-paced business environment. The pressure to succeed quickly, coupled with the glorification of “hustle culture,” can lead to burnout, poor decision-making and, ultimately business failure. Here, we hope to equip you with tools to recognize and manage these pressures, build healthy habits, and develop the emotional intelligence needed to thrive both personally and professionally.

Goals: At the end of this unit, you will be able to better:

  • Define emotional intelligence, resilience, and burnout in the context of entrepreneurship
  • Identify personal signs of stress and burnout and list strategies to maintain work-life balance
  • Apply emotional intelligence tools to resolve stressful situations in a business context
  • Create a personalized self-care and resilience plan for sustainable entrepreneurship
  • Use AI tools to generate prompts or stress management tips tailored to your needs
  • Evaluate your entrepreneurial mindset and set goals for emotional and business growth

Lesson 1: Understanding emotional intelligence

What is emotional intelligence? Maybe you’ve heard it called EQ (playing off the concept of IQ/intelligence quotient). According to the world’s beloved dictionary, Merriam-Webster, emotional intelligence is “the ability to recognize, understand, and deal skillfully with one’s own emotions and the emotions of others (by regulating one’s emotions or by showing empathy and good judgment in social interactions.)” I’m sure you can see why having more emotional intelligence is helpful in being a successful human being and can contribute notably to the success of your business. Business ownership involves a series of successful relationships, with partners, clients and customers, and your community, overall. The challenge then becomes, how to grow our emotional intelligence?

Let’s start with a written reflection activity to get a better idea of what areas you can focus on in this unit. There’s a reason we write things down when we’re reflecting – it often helps most brains remember and use the information better.

Put your learning into practice:

Explore Reflection Activity #1 in the workbook. 

Now that you have some practice identifying emotions and making connections to outcomes, let’s focus specifically on feelings related to burnout. Burnout is exhaustion of physical or emotional strength or motivation usually because of prolonged stress or frustration. How can you tell if burnout is keeping you down? Here’s a quick activity that you can use as a regular self-check-up on burnout. If you’re noticing signs of burnout we can use our EQ to stay ahead of it and respond appropriately when it catches up with us.

Put your learning into practice:

Explore the Burnout-at-Work self-assessment in the workbook. 

You might consider utilizing an AI Tool, like ChatGPT or CoPilot, to generate weekly self-check questions for burnout and self-care responses that are personalized to you. Remember, AI tools are never a replacement for therapy with a licensed professional, especially if you have other mental health issues you are navigating.  AI tools are not always accurate and not always offering what YOU may need. Whenever you’re using AI tools for mental health and wellbeing support consider the following for every response the tool offers you:

  • How does this response line up with my own feelings, values, and thoughts on this issue? Or not line up?
  • Given the responses to the first question – how useful or not useful is this information? Does it make sense for me? Right now? Should I ask someone else in my life about this?

If you’re open to trying AI tools and understand the importance of questioning the responses, here are some suggestions for getting started:

  • AI burnout self-check: “Help me come up with three questions I can ask myself each week to check if I’m getting burned out as a young entrepreneur.” Then, ask yourself “do these suggestions make sense with what I already know about myself and my needs?”
  • AI self-care prompt suggestions: “Suggest three self-care activities that are quick and effective for a busy young entrepreneur that doesn’t require having a lot of money to spend on these activities.” Ask yourself, do these make sense for me? Which one am I most excited to try? Use that information to generate future prompt suggestions, like “I most enjoyed progressive muscle relaxation techniques. Suggest other self-care activities like this that I can use in the next week that take less than 20 minutes.”

Put your learning into practice:

Explore Reflection Activity #2 in the workbook. 

Lesson 2: Understanding the realities of failure in entrepreneurship

Entrepreneurship, especially for young adults, is often romanticized in popular culture and on social media. Stories of overnight successes and young billionaires create unrealistic expectations about the entrepreneurial journey. This section aims to bring us back to reality by acknowledging that failure is not only common but often a necessary part of the entrepreneurial process that are likely to experience time and again.

Research shows that approximately 90% of startups fail, with 20% failing within the first year. Rather than viewing these statistics as discouraging, young entrepreneurs should recognize this information as evidence of the inherent challenges and learning opportunities required in building a business. By understanding and accepting the likelihood of encountering failures along the way, entrepreneurs can prepare mentally and emotionally for these experiences.

Failures will come from several directions:

  • Product failures: These occur when products or services fail to meet market needs or solve customer problems effectively. Examples include products that lack essential features, don’t address a real pain point, or are outperformed by competitors. Case in point: Google Glass, which failed to find a market despite the company’s resources and expertise.
  • Marketing failures: These involve ineffective promotion strategies, misidentified target markets, or poor communication of value propositions. For instance, a brilliantly designed product may fail if potential customers don’t understand its benefits or how it meets their needs.
  • Financial failures: These happen when businesses run out of funding, mismanage cash flow, or fail to achieve profitability within a sustainable timeframe. Common examples include startups that burn through start-up capital without establishing a viable revenue model or businesses that expand too quickly without adequate financial planning.
  • Operational failures: These stem from inefficient processes, supply chain issues, quality control problems, or inadequate infrastructure.
  • Team-Related failures: These occur when there are conflicts among founders, inability to attract or retain talent, or misalignment between team skills and business needs. Many promising startups have collapsed due to interpersonal conflicts among founding members.

Entrepreneurial failure can trigger a range of emotional responses. You might experience:

  • Disappointment and grief: The loss of a dream or vision for which the entrepreneur has invested significant time, energy, and resources.
  • Self-doubt and shame: Questioning one’s abilities, judgment, and worthiness, often accompanied by concerns about how others perceive the failure.
  • Stress and anxiety: Worry about financial implications, future prospects, and how to move forward after a setback.
  • Relief: Sometimes, especially after prolonged struggles, entrepreneurs may actually feel relief when a failing venture finally ends.

It’s essential for entrepreneurs to recognize these emotions as normal responses rather than indicators of personal inadequacy or failure. Processing these emotions in healthy ways might include:

  • Practicing self-compassion and avoiding harsh self-criticism
  • Sharing experiences with supportive peers or mentors
  • Taking time to reflect and recover before jumping into the next venture
  • Seeking professional support when needed (therapist, coach, counselor)

Successful entrepreneurs differentiate themselves not by avoiding failure but by how they respond to it. Key reframing strategies include:

  • Separating personal identity from business outcomes: Understanding that a business failure does not make someone a failure as a person.
  • Adopting a scientific mindset: Viewing entrepreneurship as a series of experiments where both positive and negative results provide valuable data.
  • Extracting actionable insights: Analyzing what went wrong, what went right, and what could be done differently next time.
  • Building failure resilience: Recognizing that each failure builds capacity to handle future challenges and setbacks.
  • Creating failure narratives: Developing a constructive story about the failure experience that emphasizes growth and learning rather than defeat.

So, what to do about failure? How do we turn failure into something we learn and grow from and build resilience?  First, we must understand why failure occurred. The “Five Whys” technique, originally developed by Sakichi Toyoda for Toyota, provides a simple but powerful method for identifying the root causes of a failure:

Put your learning into practice:

Explore Reflection Activity #3 in the workbook.

Identify the specific problem or failure — an example

Step 1:  Ask “Why did this happen?” and document the answer

Step 2: Pretend you’re a three-year old for a moment. For each answer listed in step one, ask “Why?” again until you’ve asked “Why?” five times

Step 3: The fifth and final answer typically reveals the root cause of the problem.

Example:

Problem: Our product launch failed

  1. Why? Few customers purchased the product
  2. Why? The product didn’t effectively address customer needs
  3. Why? We didn’t gather enough customer feedback during development
  4. Why? We rushed the development process to meet an arbitrary deadline
  5. Why? We didn’t have a clear product development process with inclusion of market analysis or customer feedback

Root Cause: Lack of a structured product development process with customer validation checkpoints. Said differently, we didn’t hear from customers in advance of the launch that they had interest or desire to purchase our product, and we didn’t have much of a plan in place for getting that feedback to shape our product.

Failure is not your enemy! Some of our biggest and brightest minds have faced failure along the way to success, including:

Steve Jobs: Fired from Apple, the company he co-founded, in 1985. This experience led him to reflect on his leadership style and ultimately return to revitalize Apple into one of the world’s most valuable companies.

Arianna Huffington: Before founding the successful Huffington Post, she faced rejection from 36 publishers for her second book. She has spoken openly about how these rejections strengthened her resilience.

Reid Hoffman: Before LinkedIn, Hoffman created SocialNet, an early social network that failed to gain traction. He has said, “If you’re not embarrassed by your first product release, you’ve released too late.”

Oprah Winfrey: Fired from her job as a television reporter because she was “unfit for TV.” Winfrey went on to build a media empire.

Sara Blakely: The founder of Spanx attributes much of her success to her father’s dinner table question: “What did you fail at today?” This helped her reframe failure as a sign of effort rather than inadequacy.

Lesson 3: A fixed vs. growth mindset. Shaping success through beliefs.

Our beliefs about ability and intelligence profoundly impact how we approach challenges, respond to setbacks, and ultimately achieve success. Stanford psychologist Carol Dweck’s research on mindset reveals that individuals generally fall into one of two categories: those with a fixed mindset and those with a growth mindset. Understanding these mindsets is crucial for entrepreneurs, as they significantly influence persistence, learning, and resilience in the face of challenges.

Key concepts

A fixed mindset is characterized by the belief that intelligence, talent, and abilities are innate, fixed traits that cannot be significantly developed. People with a fixed mindset tend to:

  • Avoid challenges: They shy away from difficult tasks for fear of failing and appearing incompetent.
  • Give up easily: When obstacles arise, they quickly become discouraged and abandon their efforts.
  • See effort as fruitless: They believe that if they’re truly talented, things should come easily without significant effort.
  • Ignore feedback: They often take criticism personally and become defensive rather than using feedback to improve.
  • Feel threatened by others’ success: They view others’ achievements as highlighting their own inadequacies.

For entrepreneurs with a fixed mindset, business setbacks are often interpreted as evidence of personal inadequacy rather than as normal parts of the entrepreneurial process. (Remember when we mentioned it is very helpful to not identify as your work. You are so much more!) This can lead to premature abandonment of potentially successful business ventures or an unwillingness to pivot and change plans when necessary.

A growth mindset is characterized by the belief that intelligence, talent, and abilities can be developed through dedication, hard work, and learning. People with a growth mindset tend to:

  • Embrace challenges: They view challenges as opportunities to grow and develop their abilities.
  • Persist despite obstacles: They demonstrate resilience in the face of setbacks, seeing them as temporary and surmountable.
  • Value effort: They understand that meaningful achievement requires sustained effort and practice.
  • Learn constructive criticism: They actively seek feedback and use it to improve their approach.
  • Find Inspiration in Others’ Success: They study successful people for insights and strategies they can apply to their own journey.

For entrepreneurs with a growth mindset, business challenges are viewed as learning opportunities that contribute to their development as business leaders. This perspective fosters innovation, persistence, and adaptability—all essential qualities for entrepreneurial success. There are a few ways that mindset shows up in specific entrepreneurial behaviors. Pay attention to how you find yourself responding to these circumstances and consider ways that you might lean into growth mindset.

Reaction to failure

  • Fixed mindset: Experiences shame, tries to hide failures, and may give up entirely. Takes it as a personal failure, rather than something outside of oneself.
  • Growth mindset: Analyzes failures, extracts lessons, and applies those lessons to future attempts. Feels curious, humble, and grateful for the lesson.

Learning Orientation:

  • Fixed mindset: Focuses on appearing capable and competent rather than developing new, needed skills. Feels like bragging, over-confident, actually feels more like an imposter/ pretending to know what you’re doing.
  • Growth mindset: Continuously seeks new knowledge and skills that will aid business growth. Feels curious, interested, proactively asking for feedback and new information.

Problem-solving approach:

  • Fixed mindset: Gets stuck on initial solutions and struggles to adapt when they don’t work. Feels defeated, incapable.
  • Growth mindset: Generates multiple solutions and pivots readily when circumstances change. Feels willing to try! Feels like if there’s a way, I’ll find it!

Approach to risk and uncertainty:

  • Fixed mindset: Avoids risks and sticks to familiar territory where success is likely. Feels scared, uncertain, hopeless.
  • Growth mindset: Takes calculated risks and views uncertainty as an opportunity to learn. Feels challenged, focused, willing.

Response to criticism:

  • Fixed mindset: Becomes defensive, dismisses feedback, or takes it as a personal attack. Begin justifying your decisions. Feel angry, shameful, embarrassed.
  • Growth mindset: Carefully considers feedback, asks clarifying questions, and incorporates useful suggestions. Feels thankful, optimistic, humble.

Put your learning into practice:

Explore Reflection Activity #4 in the workbook. 

Shaping our thinking and heart towards a growth mindset

You might find yourself in a fixed mindset sometimes and not others. Just because we know with science that mindsets are actually not fixed, doesn’t mean it comes easily to you to reshape your thinking. The cool thing is that you can change your mindset with practice!

  • One way to do this is through reframing: We’ve offered some examples of things you might be thinking or telling others about yourself. If you find yourself with a fixed thought – it is not the end of the world. It’s an opportunity to practice reframing.

Instead of: “I’m not a natural at marketing.”

Try: “I haven’t mastered marketing yet, but with practice and learning, I can and will improve.”

  • You can also focus on process rather than outcomes. It’s a journey!

Instead of: “I need to make this business successful.”

Try: “I need to consistently apply and refine effective business strategies.”

  • It is so important to celebrate effort and learning! We deserve small rewards. Please take the time to acknowledge and reward your efforts, creative problem-solving, and learning, not just successful outcomes.

For example: If you find yourself struggling to receive feedback without taking it very personally, notice if there’s a moment in which you asked for/invited feedback, even if it was hard to hear. THAT is a win!

Use the power of “Yet.” We don’t live in a black and white world. There is lots of in between and grey.  There’s room for growth so long as you are willing. Change your “I can’t figure out this budget sheet” to “I haven’t yet figured out this budget sheet.”

Develop a learning orientation: Set aside regular time for reading, taking online courses (there’s a lot of free ones!), seek out mentorship, engage in reflection activities like journaling or meditation to continually develop entrepreneurial skills and to practice being aware of and in charge of your own mind.

Practice self-compassion: Replace harsh self-criticism with kind, constructive self-feedback that acknowledges mistakes without condemning the self. If you are not able to be kind and gentle with yourself, it can be very hard to ask for and receive kind and gentle care from others.

Cultivate a supportive environment: Surround yourself with people who encourage growth, provide constructive feedback, and model a growth mindset. If you were picking people for your personal cheerleading team – would you pick all of your friends and family? You don’t have to involve everyone in everything all the time. Many of us have challenging family environments or don’t have as many friends as would like to. Keeping a small group of the right people matters a lot more than having lots of people that only sometimes offer us what we need.

Set learning goals alongside performance goals: For every performance goal (e.g., “Increase sales by 15%”), set a corresponding learning goal (e.g., “Master three new sales techniques”). Stay hungry and curious to learn more and you will watch your business grow, too!

Lesson 4: Developing resilience and adaptability in uncertain environments

Entrepreneurship inherently involves navigating uncertainty, ambiguity, and constant change. Markets evolve, technologies disrupt, customer preferences shift, and competitors emerge. The ability to remain flexible, bounce back from setbacks, and thrive amid uncertainty is therefore essential for entrepreneurial success. This section provides practical strategies for building resilience and adaptability, enabling entrepreneurs to withstand challenges and capitalize on changing circumstances.

Key concepts

Entrepreneurship can be isolating. Even when you have partners, it can often feel like you’re the only one pushing so hard to make everything work. This is why social support is crucial for developing resilience. Resilience is the ability to cope with and recover from life’s challenges and setbacks. People who remain calm in the face of crisis and hardship have resilience. One of the most useful ways to develop resilience is to lean into others for support during hard times. Consider:

Peer networks: Fellow entrepreneurs who understand the unique challenges of building a business and can offer empathy, advice, and connections. These might include:

  • Formal entrepreneurship communities (e.g., incubators, accelerators, coworking spaces).
  • Industry-specific associations or groups.
  • Online communities and forums.
  • Mastermind groups (four-to-eight entrepreneurs who meet regularly to solve problems collectively).

Personal support system: Friends and family who provide emotional support, encouragement, and opportunities to disconnect from work. Entrepreneurs should:

  • Clearly communicate their needs and challenges to loved ones.
  • Set expectations about availability and work demands.
  • Express gratitude for support received.
  • Reciprocate support within their capabilities.

Professional support: Coaches, therapists, or counselors who provide objective feedback and specialized support for personal or professional challenges. These relationships offer:

  • Confidential space to process difficult emotions and experiences.
  • Structured approaches to overcoming specific challenges.
  • Accountability for personal development goals.
  • Techniques for managing stress and building resilience.

Mentors: Experienced individuals who have navigated similar challenges and can provide guidance, perspective, and accountability. Mentors are not always a lot older than you. Mentors might be people close to your same age that have something to teach, advice to give, and support to offer based on experiences they’ve had. Effective mentorship relationships feature:

  • Regular communication (monthly or quarterly check-ins).
  • Clear expectations about the relationship’s nature and boundaries.
  • Mutual respect and openness to different perspectives.
  • Focus on both immediate challenges and long-term development.

Lesson 5: Mindfulness

The practice of paying attention to the present moment and making observations about the present moment without any judgment. Mindfulness is proven to significantly enhance resilience by reducing stress and improving focus. Mindfulness aims to increase the connection between your mind and your physical body. Mindfulness does not always have been to be seated and trying to feel zen. Mindfulness can be active/moving – or still. The goal is not to “clear your mind” it is to notice what your mind is doing and not make judgements about what your mind is doing. The more your practice the easier it becomes to tap into the mind+body connection. That being said, it may never feel “easy.”

Please note: If you are an individual who’s experienced significant trauma in your life, have experienced dissociation or PTSD-symptoms, or have experiences with psychosis, mindfulness may not always be the best fit for you. Mindfulness works to calm the central nervous system and for folks who have a body memory imprint that feeling calm is not safe, please pay attention to what your mind and body are telling you if you are practicing mindfulness. If you observe that you are feeling unsafe or any of your symptoms are triggering, trust your body telling you that it is not available for this particular practice at this particular time – without judgement. Keeping yourself safe matters most!

As we mentioned, there are several techniques to activate mindfulness practices. These include:

Meditation: Regular practice (even just 5-10 minutes daily) has been shown to reduce stress hormones, improve focus, and enhance emotional regulation. You might start with:

  • Guided meditations using apps like Headspace, Calm, or Insight Timer.
  • Simple breath awareness practices.
  • Body scan meditations to release physical tension.
  • Drawing with both hands at the same time on a piece of paper and observing how it feels and what you think about the experience.
  • Using each of your 5 senses (smell, taste, touch, sight, hearing) to make observations about your present moment.
  • Going on a walk and describing to yourself as many things as you can notice as possible.

Deep breathing exercises: Breathing exercises typically support stress-reduction and feelings of anxiety or overwhelm. You can try:

  • Box breathing: Inhale for 4 counts, hold for 4, exhale for 4, hold for 4
  • 4-7-8 breathing: Inhale for 4, hold for 7, exhale for 8
  • Diaphragmatic breathing: When you inhale, breathe first into your throat, then your chest, then finally your belly. Placing your hands on your chest and stomach can help you notice where your breath is in your body by feeling your lungs inflate and raise your chest and then your belly inflate. Exhale starting with your belly, then your chest, and finally through your throat.
  • Alternate nostril breathing: Using your thumb and middle fingers of either hand, place your thumb on one side of your nose

You can apply mindfulness practices at work! Here are some suggestions for integrating mindfulness into the workday:

  • Single-tasking: Focusing on one task at a time rather than multitasking. Yes, that includes not looking at your phone while you’re listening to something else or texting while in meetings, etc.
  • Taking regular breaks (e.g., the Pomodoro Technique which is about working with focus for a period of time and then taking a short break. Taking advantage of the fact that our brain’s have short attention spans. Check out this video to learn more about it).
  • Creating transition rituals between different types of work such as a breathing or movement exercise.
  • Mindful communication: Listening fully without planning responses.

Lesson 6: Other ways to support holistic well-being

These include stress awareness, practicing realistic optimism, developing a gratitude practice, engaging in positive reflection and adaptive problem solving, practicing comfort with uncertainty, and reframing negative thoughts.

Let’s start with stress awareness. How can you tell if you’re stressed? It looks a bit different for everyone, yet you are likely to have at least some of these experiences if you’re navigating stress: irritability, difficulty sleeping, muscle tension, noticeable changes in appetite/digestion, racing heart, etc. These symptoms might also be due to other medical conditions. Be sure to check in with your medical practitioner if symptoms persist or disrupt your daily life in any way.

First, notice what your body and mind are telling you about your experiences, Then, try to identify what might be triggering the stress in the entrepreneurial context. The more specific you’re able to be, the more you can find specific strategies for reducing the stress. Those strategies are going to be unique to you – maybe you enjoy dancing or a movement break. Maybe you need to go kickbox your pillow around. Maybe it is an opportunity to become more organized to reduce uncertainty. Its good to create a regular practice around recognizing stress in your body so that it doesn’t build up and overwhelm you.

Example: It feels like I’m never going to launch my first product – there’s so much to do before I can actually start selling to customers! I’m overwhelmed at all the steps, and I just want to sell hot chocolate to people!

Notice: I’m feeling stressed! I’m feeling overwhelmed. I’m feeling sad about how long this process is taking. First, I notice that I need to take a break for a moment to get my head out of my feelings and anxious thoughts and give myself a minute to just breathe and be. I tried a breathing technique that helped me to calm down enough to figure out what to do next. My biggest stress is the overwhelm at all the steps. So, I thought a good strategy would be to the Pomodoro Technique to create a schedule for myself for the next month. Then, I’m not trying to do it all in one day. I know what I’m doing today and what I’m doing tomorrow, and I’ll get through it one piece at a time. At the end of this month. I will make a schedule for next month. I don’t want to work more than 8 hours a day, I need time for friends and activities to create good balance in my life.

Let’s do some more mental gymnastics. This includes practicing realistic optimism and gratitude.

Realistic optimism is maintaining a positive outlook while acknowledging challenges. This looks like: Looking for opportunities within difficulties, focusing on factors within one’s control, anticipating positive outcomes while preparing for setbacks, and making a clear line between temporary challenges and permanent challenges. This too shall pass. Unless it won’t.

Gratitude is just being thankful. Being mindfully grateful – for what? For literally anything. Gratitude works as a mental antidote or antibiotic for moment’s when you’re having a hard time seeing beyond yourself, when it feels like the world has a problem with you, when it feels like the sky is falling – on only you.  After failures, it can be especially helpful to have a gratitude reflection moment to promote that growth mindset. Gratitude practices include:

  • Daily gratitude journaling (listing three to five things one is grateful for).
  • Gratitude visits or letters (expressing appreciation to those who have helped).
  • Team gratitude rituals (sharing appreciations at the start of meetings).
  • Customer appreciation practices.

Positive reflection is similar to gratitude, it’s taking a regular review of wins and progress, no matter how small. A win is a win! Celebration of milestones and achievements, taking a growth mindset point-of-view on challenges and setbacks. It might also include identification of personal, and team strengths, demonstrated in difficult situations.

We know not everything is going to go right all of the time. We are also often our own worst critic. We are willing to be harder on ourselves than people around us are. (Remember that part about being kind and gentle with yourself!) One way to be kind to yourself is to reframe negative thoughts. If you notice yourself catastrophizing – thinking of the worst-case scenario and jumping miles ahead in a situation that only went a little bit wrong today – engaging in black/white or either/or thinking you’re engaging in what psychology calls a cognitive distortion. Basically, your brain is not helping you and is creating a scenario that doesn’t actually exist and then giving you all the feelings that go with that distortion of reality. Your brain is not always your friend! However, for most folks, some degree of being in charge of your own brain is available. We can change these cognitive distortions by questioning our negative assumptions and providing evidence to disagree with ourselves.

Example:  Cognitive distortion and catastrophizing: If I can’t sell hot chocolate by the end of the month, this business will fail. If this business fails – I’m pretty much a failure of a human. If I’m not even able to run a business – why would anyone want to be my friend, or date me? I don’t have anything to offer the world. I should never have tried to bring Nana’s hot chocolate to my town. It was a stupid idea.

Response and reframe: Wait – I’m actually a great friend. How do I know that? Well, my two friends tell me so. Also I’m a pretty decent cat parent. My cat shows me love every day no matter how much hot chocolate I sell. Ok, so I’m not a failure as a human. Starting up a business is hard! I knew it would be challenging and that I have to be flexible and open to learning. I’m learning that I need more than a month to get my business together so maybe I should set a more reasonable goal for my first sale. It is still a good idea! Nana’s hot chocolate is so good, others need to try it. Now I just need to get myself a bit organized around what I need to do today, tomorrow, and the following days to get this first cup of cocoa into the hands of my neighbors and community.

You might notice that a strategy that we’ve been using here is breaking bigger problems into smaller, bite-sized pieces. There’s an old adage that says “How do you eat an elephant? Same way as anything else, one bite at a time.” (No elephants were harmed in the making of this YEP academy!). This strategy, and others like it, are called adaptive problem-solving. Other strategies include:

  • Using both analytical and creative thinking approaches. Spreadsheets are good some of the time. Word maps for other times. Be not limited to your approaches to solving problems!
  • Seeking different and disagreeing perspectives before deciding on solutions. Challenge your own thinking with others who disagree with you and work together to find a solution.
  • Creating feedback loops to assess and refine solutions. You’ll learn more later about how to get customer feedback and support from friends and family on your business and business ideas.

As we’ve said, the world is not black and white. There’s always going to be uncertainty, something you cannot plan for or see coming. This means we have to practice becoming comfortable with being uncomfortable, especially when there’s uncertainty. We may have to make decisions when we don’t have all the information – or what we feel like isn’t enough or complete information. Trusting your gut is part of it. You can also try to balance analysis with action. That is, don’t overthink it – you might just have to try it to find out how it is going to work out! Start small, so you can make changes that don’t cost a lot of your time and money, evolving and changing your business and product in response to the feedback you’re getting. Sometimes, you’ll have to just keep pushing and other times you’ll need to change and adapt and pivot. Knowing when comes with experience and the only way we get experience is by doing and trying! 

Check what you learned

The Young Entrepreneur Academy unit assessment tool is available to you to help you practice what you learn.  You can pause and exit at any time and take the assessment as many times as you want. We don’t collect personal information nor do we use or show your name. Any data we do collect is anonymous and will be used to improve the curriculum. Your anonymous responses may be subject to public disclosure under RCW 42.56.