How do you view challenges?
The process and outcome of successfully adapting to difficult or challenging life experiences, especially through mental, emotional, and behavioral flexibility and adjustment to external and internal demands. A number of factors contribute to how well people adapt to adversities, predominant among them (a) the ways in which individuals view and engage with the world, (b) the availability and quality of social resources, and (c) specific coping strategies.
Psychological research demonstrates that the resources and skills associated with more positive adaptation (i.e., greater resilience) can be cultivated and practiced. Also called psychological resilience.
Adapted from the APA Dictionary of Psychology
Worldview
Let’s start where the APA starts. Our worldview and how we show up and engage in our world are fundamental to success in both life and business. Do you see the world around you as an opportunity or a threat?
I spent the past few days in Flushing, Queens, New York. If you aren’t familiar with the area, it is a predominantly Asian neighborhood, and it is full of amazing small businesses and restaurants that offer a glimpse into the culture of their immigrant small business owners.
In 2023, there were an estimated 241,045 people in Flushing/Whitestone, of which 54.7% identified as Asian, 1.8% identified as Black, 20.1% identified as Hispanic, and 19.7% identified as White. NYU Furman Center
The majority of businesses employ less than five people, they rent their space, and about 40% report that their primary language is Mandarin. When I walk through Flushing as a small business consultant, I am awed by the resilience of the folks who have created and run businesses here. I see people who saw opportunities and cultivated businesses by embracing the challenges, finding community, and working incredibly hard every day to make something they are proud of and that supports their family.
Social Resources
Community is not a buzzword; it is a state of mind. In order to understand what your business needs to succeed, you need to understand the needs and wants of the community you are serving. You need to build relationships in that community beyond just trying to sell them something. Your niche may be special, or it may be to fill a hole in the market where demand has outpaced supply. Data can tell you part of the story, but not all of it. Understanding your community fills in the data and gives it relevance.
We stopped at a woman-owned Vietnamese coffee shop, Caphe Den. When I say small, it was physically tiny with about 10 seats, and the design of the space was so well-done it felt cozy, not cramped. You ordered from a pad, you could join their loyalty program right there and earn points, and you could order online for pick-up. The staff was personable, quick, and the coffee was amazing. They used good quality, beautifully branded, go-cups and lids which we noticed immediately. This coffee shop filled a niche in the community by providing authentic Vietnamese coffee options, and they used technology and spatial design to create an experience for their market. There are dozens of places to get coffee in Flushing, but the founder saw a hole in the offerings and a desire in the community for her products and seized an opportunity.
Coping Strategies
Opening a coffee shop in a market that has two major chains coffee shops and two dozen other establishments serving coffee is a risk. How do you view risk? Do you see it as a challenge or a deterrent? How do you adapt to changes or challenges facing your business?
We saw major disruptions during Covid that left many businesses scrambling and many closed their doors, large and small. Currently, tariffs are affecting supply chains for many small businesses in ways they didn’t or couldn’t plan for last year. Do you have the ability to pivot and regroup when things get hard? Does challenge motivate you to find new opportunities or does it immobilize you?
How we cope with the uncertainty of founding, owning, and running a business when the best laid plans go awry is the best indicator of success. Are you prepared? Have you structured your finances and operations in a way that provides you the resilience to weather the bad times and seize opportunities as they come? Do you have systems and processes in place to manage staffing changes and market downturns?
Coping is not just reactive; it has to be proactive. Planning is one part of a coping strategy, but understanding your own view of risk as an owner is a better indicator of how your company will handle change. If you look at a challenge and see opportunity, you will set the tone for your people to look for opportunities as well. How you cope when things go wrong or change is going to directly affect your company’s survival and growth. Plan for the worst case scenario but always be on the lookout for the best case scenario.
Beatitudo Consulting was founded to support small and mid-size established businesses who are navigating change or challenges as they grow. We will tell you what you need to hear, even if it wasn’t what you wanted to hear. Contact us to help you understand your worldview, community, and develop the coping strategies to adapt to your challenges and risks.
