Dealing With The Downs Along Your Entrepreneurial Journey

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Dealing With The Downs Along Your Entrepreneurial Journey

 

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Our journey of building a successful business will teach you much—about life, relations, values, your sense of worth, money. When you start working on your venture, you will understand that the work involved may not be as glamorous, nor as easy, as you thought it would be before you started your enterprise. You’ll probably be on a rollercoaster ride of ups and downs.

Working in a startup can be very different from working in a company that already has in place its management principles and work procedures. Even their product will probably have already proven its value in the market. As a startup entrepreneur, you have to be exceedingly creative: You have to create something out of nothing and solve people’s problems in innovative ways; at the same time, you have to make money and have an impact. But you can only achieve these things if you learn how to handle the highs and lows that are bound to transpire when you are building your venture, and you can’t let any obstacle block the path to your destination.

 

With the highs will come the lows

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Ventures don’t operate in a state of stasis or equilibrium. Thus from Day 1, entrepreneurs need to accept this starting premise and be prepared to deal with both extremes. Forgetting your sense of purpose when your business is doing well and panicking during tough times are not characteristics that befit an entrepreneur. We need to learn to strike a balance. For example, avoiding overspending when you get funding, investing wisely in infrastructure, taking calculated risks and reserving some of your funds for the future will help you deal with the lows when they arise. Working astutely during the good times will help you weather the bad times.

Ventures don’t operate in a state of stasis or equilibrium. Thus from Day 1, entrepreneurs need to accept this starting premise and be prepared to deal with both extremes.

 

Your problems are not unique

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Every entrepreneur has had to deal with myriad problems before s/he found success. The successful entrepreneurs found a way to deal with setbacks and keep going. One way to reduce the chances of your failing is to find a good mentor who can help you avoid the common mistakes that most entrepreneurs make when running a business. When you do hit the lows, sharing your problems with fellow entrepreneurs will provide you peer support because they understand the pain you are going through. No matter what, you can’t give up outright, and you can’t let your fear of obstacles cripple you.

When you do hit the lows, sharing your problems with fellow entrepreneurs will provide you peer support because they understand the pain you are going through. No matter what, you can’t give up outright, and you can’t let your fear of obstacles cripple you.

 

Remain confident and optimistic


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Clear out your negative thoughts or they will destroy you. When you are able to generate a positive emotion or perspective, that will enable you to bounce back quickly from a tough phase. Also, a positive outlook will colour everything you do at work, which will ultimately help your work culture. Negative emotions can easily undermine your brain’s capacity to think creatively and come up with innovative solutions. If your negativity infects your venture’s work environment, that can cause your team members to lose interest in working in the company. No matter how difficult the situation, you should be able to show your team that there will be better days ahead. You’ll always need to have confidence in yourself, and show confidence in your team.

If your negativity infects your venture’s work environment, that can cause your team members to lose interest in working in the company.

 

Pivot when you have to

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In today’s business world, companies have just two options: to either innovate or get passed by. Earlier, the mantra was innovation. Today, there is a new buzzword—pivoting. To pivot means to turn on a dime, to change course when the need arises. If you can change your business model or even your product at the right time, you’ll have higher chances of achieving success. Sticking with your earlier assumptions and trying to get results off obsolete ideas just doesn’t make sense. The ability to pivot is especially critical for companies operating in today’s hyper-competitive and dynamic business environment.

* First published in M&SVMAG 

 

Comments

  • Guest
    Pradeep Wednesday, 17 August 2016

    Helpful article! Thanks Kavi.

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Guest Tuesday, 22 August 2017