Become More Psychologically Resilient

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According to an article in The National Post, globally, small and medium-sized businesses represent roughly 90 per cent of businesses and employ over 50 per cent of the workforce. They also contribute about 45 per cent to gross domestic product (GDP). 

Yet entrepreneurs face many obstacles that threaten their survival, including financial insecurity and market uncertainties. Unsurprisingly, roughly 50 per cent of new ventures fail within the first five years.

In this challenging landscape, entrepreneurs’ psychological resilience is a key personal resource and competitive advantage. But how can entrepreneurs develop resilience? And why does psychological resilience benefit entrepreneurs?

The authors have identified that these factors as essential to building entrepreneurs’ psychological resilience.