Entrepreneurs often have to tackle a lot of situations in their business which mostly does not happen to be positive. But, to be successful in life you need to experience failures and learn from your mistakes. These can be the stepping stones in your success journey.
Entrepreneurship is not as pleasant as it seems. Let’s accept this, a lot many times we are stuck in a complicated situation unaware of the next course of action.
Moreover;
Challenges have a way of helping you understand the functionality of the market and the ways to overcome challenges in the future.
A few suggestions which will keep you going even through a rough patch are.
#1. Aimless Advancement
It is very common that entrepreneurs often lose sight of what they are doing and in what direction their business is going.
You might overlook the business plan and the vision with which you started.
Most of the time it is situational, which can be a result of lack of trust in self, understanding of the situation, creative thinking or spot-on decision making.
The Solution
Keep your identity and self-separate from that of your business, don’t get entangled to such an extent that you lose their identity completely.
Even as a fresher or newbie in the business world you have an opportunity to sit back and analyse what is going wrong.
Don’t lose track and hold on to that vision of your business and make sure your business activities align with it. The mission and vision you have should justify your efforts and of the others working with you.
Plan your strategies well in advance and decide the course of action accordingly. Have a solid viewpoint and keep up the spirit that made you launched your business.
#2. Lack of Research
Taking the first step and launching a new business and putting yourself out there is never easy; but when you take one, make sure you are aware of all the strengths and weaknesses your business offers.
The first step while initiating a business is to see that you analyze and research your business strengths and weaknesses. The complete research helps you come to a proper decision and helps you analyze the direction to improve and excel.
Don’t just rely on outsourcing business services
Invest your time and look into the activities of such companies as well; your business is not just about profits it represents you and starting unprepared is just like committing suicide.
The Solution
Don’t just rely on your outsourcing partners or people you work with, completely. Take some time out for your business and analyse market trends and measure your company growth regularly.
You can also make changes in your business and plan according to the situation to ease the pressure. Set your priorities clear and never mix up two or more things. Keep your to-do list short for the time and try to stick by it.
Build your strategies around your research or analysis and try to focus on your competitors. The way they handle a similar situation or maybe even much complicated will provide you with an insight of dealing with such stuff and survive the market competition.
#3. Hiring and Firing
As far as I have observed, most of the entrepreneur’s fear of getting people on board or off the board.
To put it bluntly, firing and hiring process sucks!
But is an inescapable part of the business process and making a wrong decision can bite you back later, so make sure you complete the process properly.
When you have just started your journey, you might have to sell yourself and your company but later down the lane you have to also need to make sure you lay down the correct picture as well.
The Solution
It can be difficult to search for your desired candidate among such a large population. Here, you need to adapt to a ‘customer-centric approach’. Decide the job role and its responsibilities according to the candidate you wish to appoint and keep all the details clear.
If you are using a third-party service to hire candidates for your business or company, be specific about your requirements. Take time to shortlist the candidates and try to understand their profile and character.
Be vocal about all the expectations to the candidate during the initial hiring proceedings so that both parties are aware of what they are supposed to deliver.
When considering firing make sure you stop with the saviour complex and look for the future of the company.
#4 Perseverance is the Key
It is quite common now to ditch the corporate world and move onto the entrepreneurship just to seek freedom.
But when it comes to facing the troubles, they flee the moment they see it coming their way. We often forget when starting our own business that it is not always just handshake and joy of meeting and connecting with new people.
Risks and Rewards come along equally with it.
The Solution
A real entrepreneur shows perseverance have the grit and dedicated passion for their company. A simple setback should not just simply deter your efforts.
But remember your own business or start-up is a double-edged you don’t want to lose completely in your business. Keep yourself and your company identity separate.
#4. Follow the Fundamentals
Once you have overcome the issue of losing focus get down to understanding your consumers and make sure your product is not complicated and is neither one that has been copied.
The customers do tend to flock to the new business but if the product doesn’t offer them something with potential, they tend to lose them down the lane.
Make sure the unique quotient of your product is publicised and protected either through trademark, patent or through copyright; whichever suits the product created best.
The Solution
Entrepreneurs must always work on making or promoting such products or services which help your customers solve their problems. Customers are the only ones who can make or break any business, and if you have a strong relationship with them, then they will always support you even in your bad times.
Focus on important tasks rather than just doing something that brings you in the limelight. Consider looking into things that might not be your first priority but are equally important for the business.
#6. Financial Planning
You might have one promising business and with a team that might be hardworking and talented but at the end of the day the company works on finances.
It is common for start-ups to fail due to finances and hence it is critical that the company sets aside its finances and lay down a complete plan.
The lack of knowledge on the part of the owner may lead the company down the drain. It might be overwhelming but is one essential step that should be done.
Most common financial issues arise due to company compliances which mostly directors are unaware about.
The Solution
To make sure that your start-up or business idea does not bomb, start planning from today. Yes, this is the ultimate step of saving yourself from a situation of crisis is to start with an attitude “Just do it”.
Make a written set of goals, timelines and strategies. Taking the help of a financial might also help you down the lane and it is definitely recommended.
Conduct a complete review of your plan once the plan is working and generating results. Keep a record of every financial report and definitely the initial financial dealings.
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