According to Einstein (or rather misquoting him!) and countless other philosophers and gurus besides, luck is dealt to all of us in equal measures, throughout our life. So what really counts? Obviously it’s how you are able to exploit the good luck, when it comes your way. And here we will be discussing that much more. But let’s just focus for a few moments on what happens at the times when luck goes against us. Or when we misjudge a situation and our judgement on a course of action goes against us.

How we ride these bumps, throughout our life, is just as important. Then you are ready for the next opportunity, with sustained enthusiasm and energy to apply, when the good luck returns. Quite often, we will tend to over-exaggerate failure. We will let our own thoughts and feelings make a setback much worse than it is. And if the pressure we put on our own self-esteem is not enough, then there can very often be separate and worse pressures, from the unnecessary criticism of others.

So how do we ensure that we can maintain self-esteem, even through the bad times? And how do we take the positives from critical feedback, but still ensure that we are able to swiftly distance ourselves from negative critical people. How do we make sure that we can walk away from critics fast, but, to (quite correctly) quote Rudyard Kipling “make allowance for their doubting too”?

For the Master Entrepreneur

1. These are the fun times! Challenges we want – to test us. Our instinct will guide us to solve those problems where we need to dive deep into the detail, until they are resolved.

2. We do not believe in any exit criteria so we will keep the big picture – and We Will Prevail.

3. We will ignore non-issues, which we judge are unimportant or will resolve themselves. Criticism in these areas will be politely ignored.

4. We can turn this problem into an opportunity for learning. We can make it a springboard for creating value for others in some new way.

For the trapped Cautious Optimist

1. We will have to decide very early if this is time to get out. Is this the moment to cut our losses and walk away. Or do we hang on and attempt to see this problem through?

2. We will have clearly set our exit criteria and our stop-loss position. This is where our safety net can be utilized.

3. We will keep our energy high to face the problem head on, where it is major. While we fight, other issues or losses can be absorbed by our safety net.

4. Those critics, who are saying “I told you so”, can be ignored, as I hold my head high for trying to make this work. If it fails and I move on, my true friends will be there for me. My business acquaintances will respect me more.

Human nature being what it is, there will always be individuals who want to criticise you, often enviously. They are normally average people, without an appetite for risk or the energy to embrace anything new. Walk away from them. Forget their comments and just emerge as a stronger individual, from the challenge and the learning. List the ways that you are a better person from the negative experience. When in doubt, repeat that list in your mind, over and over.

Remember that every bump will have a downhill stretch on the other side. So ride it with strength, Don’t buckle. Look forward to the extra momentum and the depth of character that you will have gained, when you get over this bump and emerge on the exit with greater vigour and self-belief. For no critic is allowed to ever enter your mind and dilute the trust that you have, in your own abilities and potential.

Alan Taylor has dealt with many ups and downs as an entrepreneur and also enjoyed corporate success to become an international business consultant working with the world’s largest enterprise software company. Follow his philosophy to ride the bumps and walk away from critics and on Twitter @whywaitjustdo. Keep in touch with his contributions on fitness too at EliteCyclingFitness