Navigating Business Challenges: A Transparent Look at Entrepreneurial Resilience in 2024
In the ever-evolving landscape of business, particularly for women of color entrepreneurs, the journey is rarely a straight path. I mean, that could be the understatement of the year.
As we dive into my very-real experiences as a successful business owner in 2024, we’ll uncover valuable insights about resilience, strategic planning, and the importance of “Career Insurance.” I hope that this transparent account serves as both inspiration and a practical guide for navigating the complexities of entrepreneurship.
The Façade of Success and the Reality of Struggle
At first glance, 2024 might seem like a year of unparalleled success for our business:
We’ve had thousands of WOC attend our virtual events
Our signature workshops reached milestone attendees (1300 for Being the CEO of Your Career!)
Our 8th cohort of WOC leaders graduated from our Leadership Accelerator
We launched the Embrace Change Coaching Certification program–the only coaching certification specifically designed for BIPOC coaches who want to coach BIPOC clients
We’ve landed high-profile media appearances, including Harvard Business Review’s Women at Work
And secured corporate and government contracts
However, behind these glossy achievements lies a complex world of challenges. I will candidly say that 2024 has easily been the hardest, most challenging year for me in business.
I share this to remind us that success is not only about the visible wins and exciting achievements. It’s also about the unseen struggles, the labor no one else sees, the moments of doubt and confusion, and the resilience to keep moving forward in spite of all of those.
For every entrepreneur, especially POC and WOC entrepreneurs, it is essential to understand that the path to success is paved with:
Unexpected challenges
Moments of self-doubt
Mistakes, “failure,” and learning opportunities
And so we need to call on our grit, determination, and strength to persevere even when we feel tired, hopeless, and lost.
The Importance of Strategic Planning and Career Insurance
In the midst of all the unexpected challenges that 2024 posed for me, one pivotal moment stands out to me: my VIP Day of intensive strategic planning with my business coach, Malla Haridat, in December 2023. This session involved:
Taking stock of business growth and progress to-date
Deep mind mapping exercises
Comprehensive strategic planning
Developing a quarter-by-quarter plan for the upcoming year
Initially, this meticulous planning seemed futile once 2024 unfolded in really unexpected ways. For a short while, I had to “throw the plan out the window” so to speak.
However, once the dust cleared, I could easily see that it was this experience–and my ongoing investment in my development as an entrepreneurial leader–that ultimately proved invaluable, demonstrating the true power of strategic thinking and what I like to call "Career Insurance."
Lessons Learned:
Adaptability is Key: While our specific plans didn't materialize as expected, the skills and vision developed during the planning process enabled quick adaptation to new challenges.
Big-Picture Thinking Pays Off: Taking time away from day-to-day operations to focus on long-term strategy on a regular and periodic basis is crucial for business resilience.
Investment in Personal Development: Dedicating resources to career strategy and personal growth is not a luxury—it's a necessity for long-term success.
The Value of Support Systems: Having a coach or mentor to guide you through strategic planning can provide invaluable outside perspective and expertise.
Navigating a Volatile Business Landscape
The business world of 2024 is more volatile, fickle, and unpredictable than ever. Client and consumer taste can change overnight. Economic outlooks and political turmoil can wreak havoc on even the most well-laid plan. This environment–this reality–poses unique challenges, especially for WOC and POC entrepreneurs or those with social missions. To thrive in such conditions, several strategies emerge:
Prioritize Self-Care and Well-being: In a landscape that doesn't inherently care about your individual success, it's crucial to put your own well-being, growth, and development first.
Build a Strong Support Network: Surround yourself with enough of the right people who can offer you strategic guidance, support, and different perspectives.
Continuous Learning and Development: Invest time and resources in your own growth, even when immediate business needs seem more pressing. (This might be the hardest one!)
Stay Focused on Your Mission: In times of distraction and endless demands on your time, attention, and budget, keeping your core mission in sight is essential.
Embrace Flexibility: Be prepared to continue pivoting and adapting your strategies as circumstances keep changing.
Real Growth Amidst Challenges
Despite the unforeseen obstacles of 2024, the strategic groundwork laid at the end of 2023 enabled not just our survival as a business, but also significant growth:
Expansion of services (in both high-ticket and low-ticket directions)
Reaching hundreds of WOC directly and impacting nearly 200,000 across various platforms on a regular basis
Continued growth of a POC team, predominantly composed of WOC
Advancement of the core mission: empowering WOC in the workplace
This growth, achieved in a year that saw many small businesses struggle, underscores the importance of resilience, strategic planning, and adaptability in entrepreneurship.
The Power of Transparency in Leadership
By sharing these experiences openly, we illuminate the often-hidden aspects of entrepreneurial life. This transparency serves multiple purposes:
It demystifies the entrepreneurial journey for aspiring business owners.
It provides solidarity and encouragement to those facing similar challenges.
It highlights the unique obstacles faced by WOC in the business world.
It emphasizes the importance of mental resilience and strategic thinking in entrepreneurship.
Conclusion: Building Your Career Insurance
The experiences shared in this post highlight a crucial concept: Career Insurance. (Yes, it applies in business too!) This isn't a product you can buy, but rather a set of skills, mindsets, and practices that protect and advance your career or business, including:
Regular strategic planning sessions
Investment in personal and professional development
Building a strong support network
Cultivating adaptability and resilience
Maintaining focus on long-term goals while managing short-term challenges
As we navigate the complexities of the modern business world, especially as women of color or entrepreneurs with social missions, these elements of career insurance become not just beneficial, but essential for long-term success and impact.
Remember, behind every success story are countless moments of challenge, doubt, and perseverance. By acknowledging these realities, assuming that they will occur from time to time, and preparing for them, we can build businesses and careers that not only survive but thrive in the face of adversity.
Next Steps
If you're inspired to take your business or career to the next level, why not start with your own VIP Day? Just as I experienced a transformative planning session that equipped me for the challenges of 2024, you too can benefit from dedicated, strategic planning time.
Our VIP Day sessions are designed to help you:
Gain clarity on your long-term vision
Develop actionable strategies for growth
Build resilience against unforeseen challenges
Create a roadmap for success that's uniquely tailored to you
Don't leave your success to chance. Invest in your Career Insurance today.
Check out our VIP Day offerings and take the first step towards securing your business future. Whether you're a seasoned entrepreneur or just starting out, our personalized sessions will equip you with the tools and strategies you need to thrive in any business climate.
Remember, the best time to plan for success is now. We’ll be rooting for you!
