Even as life rolls back to normalcy, there are quite a few business owners who are yet to recover from the setbacks of the COVID-19 pandemic. Some seem to have given up hope while many are worrying about re-starting from a step lower.

We need to understand that while the pandemic was something unforeseen altogether, temporary business setbacks are a part of the entrepreneurial life. Setbacks are normal, and while some people may have to face bigger setbacks than others, all of us have had an experience where things have not gone as planned. Unless we are ready to deal with such setbacks, we could end up in grave situations, even beyond business.

The first thing many business owners do when faced with a setback is to blame themselves, and then become despondent. It is extremely difficult for them to resume normal functioning, even when the situation improves. Now, it is all right to feel some negative emotions associated with setbacks, but we need to acknowledge how we feel and plan a recovery. Haste will only worsen the scenario as it will increase the chances of failure.

A good technique that works well in such scenarios is to spend some time helping others. The positivity that we derive in handholding others in reaching their goals also helps us find back the determination of reaching our own. It also gives us the confidence that we are not alone in this situation, and that there will be many who will chip in their efforts to help us out, just like we did with others. At VFS Capital, our team has always been instructed to never miss out on any opportunity to help a business owner in distress.

Even without getting into specific businesses and the relevant points on how they can have an accelerated revival, let us keep in mind that setbacks are, in reality, progress in disguise. Starting from learning how to walk or how to ride a bicycle, we all have learned a lot from our falls. Similarly, the confidence that we acquire in our entrepreneurial journeys is shaped by the challenges that we overcome. All of them seemed pretty dire at the time, but have faded away in due course, leading to successes in our paths.

Though the overarching grimness of the COVID-19 pandemic has weighed us down more than normal setbacks, it is not the setback that should be driving our success or failures. Once back on track, we need to make plans to tackle such setbacks in the future. True learning needs to be devoid of judgement or blame. There are many factors that we cannot control or prevent. But the learnings from setbacks should increase our ability to push through them.