Entrepreneurship is stressful, and it is not for everyone. For some this fear feeds their motivation – fear of defeat and fear of being bankrupt could be one of the significant motivators out there. Elon Musk refer to this kind of crunch as “unrelenting.” Every business has shown new threats and the major threat or challenge leading to the growth is the finance. By giving a moment to the statistics nearly 40% of small ventures are considered to be profitable.
The establishment as well progresses phase of any organization is a remarkably thrilling path of entrepreneurship. This is the moment when an entrepreneur’s skills of overcoming the challenges take the shape and each day bears a new challenge with it. It is this moment when one gets the opportunity to show the system what you have achieved along with that assess your capabilities as an entrepreneur. Below mentioned few tips to manage as well as survive an entrepreneurial life.
- Strategize to generate revenue
It would be really simple for an entrepreneur to encounter distractions while setting up as well as progressing in the business. There can be various factors in the business which could be enhanced or developed with the help of industry experts or else learning through the internet as it has an unlimited amount of information for the seekers. Although it is mostly very challenging to be focussed on “revenue generation” exercises. For a business to grow, a considerate amount of hours needs to be blocked to work towards these exercises rather than monitoring emails or heading for meetings.
- Create learning prospect all in all
It is very much obvious that an entrepreneur would hear more of ‘no’ than ‘yes’ throughout his venture. It could be when he is looking for funding, partnership, new venture or simply providing a few free suggestions, the journey is mostly challenging than one might have thought while planning. An entrepreneur should have thick skin to bear all the negatives. It is crucial for an entrepreneur to gain trust in the industry which is not a simple task. One has to work harder to transform a ‘no’ into a ‘yes’ by assessing the idea and improving it next time. It is ideal for an entrepreneur to revolve all the ‘no’s into a learning opportunity hence, no effort would appear as waste.
- Keep up the healthful lifestyle
In research called mental health study of entrepreneurs, not less than half of the respondents stated undergoing 1 minimum mental health condition. By eating healthy food, exercising as well as restraining to alcohol one can secure an ample amount of energy to keep up the positive mindset. Exercise helps to relieve tension and stress which ultimately left with a clear mind.
- Make a list of the goals and success shouldbe celebrated
It is ideal to set goals based on SMART (specific, measurable, actionable, realistic and timely) concepts also, keep celebrating each small or big success heading towards achieving those goals. The little celebration would motivate you each time as well as push you towards achieving more and more.
- Look for an accountable companion or counsel
From the beginning itself, decide which one you like to have an accountable companion or a counsel. The benefit of having an accountable person is that he can provide genuine and honest suggestions around setting and leading to the set goals also provide an external viewpoint. On the other hand, a counsel can provide an ample amount of information as well as experience to assist an entrepreneur’s business to prosper.
- Family association
It is always ideal to involve the family in your venture. From the very beginning involve your family members and let them know what the venture is all about? Why you have opted for this venture and how it is going to affect them. Then pay attention to what they have to say. Respect their viewpoints and respond accordingly. Embrace their impartiality, as you were enjoying all the good feedback until now. Working on the feedback would help to improve the proceedings of the venture as well as the venture would get profitable partners or teammates.
- Try building a strong network
It is advised by the industry experts that creating a strong network is mandatory to survive any kind of competition, especially in the business scenarios. It is a bad idea to go alone, you will not get the desired results. Seek to advise from the counsellors, who would provide ample knowledge, valuable feedback on the aim, objectives, and goals of the company. Also, feedback would be received about the company name, slogan as well as logo, almost every meaningful step. It is ideal to organize peer meets weekly or monthly. It would be beneficial to get different ideas like business strategies, marketing plan of action and also certain leads as well. It is advocated by the experts to be a part of the civic groups, professional corporations or else initiate your very own unofficial group. The idea is to brainstorm, get creative ideas and get new contacts.
- Create the Perfect Team
In the act of growing, a business definitely needs to recruit and know to allocate. The idea is quality which will overpower the quantity. Two phenomenal staff members are far better than the five average employees. Human resources must be the company’s prime investment. Employee turnover can cost organizations 1.5 to twice the already gone employee’s compensation. Giving incentives to the employees would help them to be connected by creating a culture where they would feel engaged, fortified as well as equal.
It is essential for an entrepreneur to be connected to the family. Spend an ample amount of time with the family by playing some sports, reading, cooking, etc. this will certainly keep an entrepreneur productive for a longer period of time. Along with this, doing things that are not in your comfort zone enhances new knowledge as well as experiences which creates a positive vision. New adventures give rise to creative ideas as well.
This article is part of September, 2019 Magazine. Click on link to view the magazine.