New studies show that resilience -- “the ability to withstand and quickly overcome adversity” -- is one of the most important factors in predicting the success or failure of a business.

Freelancers who expect that starting their own business will be easy are quickly proved wrong. Even if it goes well in the beginning, chances are you’re going to hit a dry spell. Your level of resilience is key!

According to research published recently by JC Ayala, resilience is composed of three distinct characteristics:

1. Hardiness: Personal competence, high standards, and tenacity. Entrepreneurs who placed high in this category responded positively to statements like:

  • Under pressure, I focus and think clearly
  • When things look hopeless, I don’t give up
  • I like challenges
  • I think of myself as a strong person

2. Resourcefulness: An entrepreneur who possesses the skills to handle adverse situations. Entrepreneurs who placed high in this category responded positively to statements like:

  • I know where to turn to for help
  • I feel in control of my life
  • I have close and secure relationships

3. Optimism: Resilient entrepreneurs are optimistic, “work to improve a situation beyond simply doing what is expected, and know how to control their unpleasant feelings,” the researchers explain. Entrepreneurs who placed high in this category responded positively to statements like:

  • I can handle unpleasant feelings
  • I see the humorous side of things
  • I have to act on a hunch

Freelancers, which of these statements do you agree with? Did you bounce back from a hardship?

Image by Jay on adventurejay.com