We can certainly relate to this question having started our company from scratch nearly four years ago. There are a few things that we can prescribe to your situation that has helped us get through slowdowns as every business experiences it.
Entrepreneurs need to be objective
It’s important to keep the following in mind. Every business has its ups and downs. That’s part of the process of going through the growing pains as a new company that lacks resources, credibility, experience and the list goes on. While you may be out to do something newer, better and more special than traditional service providers, you’re still going up against big brand names that have been around for many years and have a loyal customer base. It’s not supposed to be easy to disrupt the the big players. Having said that, your mindset and actions can help you reach your goals. For one, you want to make sure you maintain an objective and level-headed voice as the leader of the company. Sure, the business will have bad and good days, but that doesn’t mean it should dictate your mental state. Your team will be looking your way for guidance and leadership. When the business goes sour or even ramps up, you don’t want to let that emotionally distract you from your road-map and how you lead the team.
Pursue an optimistic outlook
As a leader, it is your job to always maintain a certain level of optimism even when business drops during a week, month or quarter. Of course, you need to be realistic about your goals and monitor your business based on the actual numbers, but you should be productive and forward-thinking on what you’re currently working on and your future plans. Perhaps, you lost several clients this past month. Yes, that disappointing, but maybe there’s a reason for it as it’s caused by some flaw in your product, service or sales process. Identify the mistake, fix it and then win back customers in the future. This type of approach will help you maintain that positive attitude your team will be following. It’s a lot easier to just watch your company slowly lose clients than to actually do something to fix it. If you find yourself in these lulls, you’re either not doing enough to fix it or you don’t have the passion necessary to continue on.
Take full advantage of the entrepreneurial opportunity
New entrepreneurs will always be tested. Those that truly believe in their business and are willing to put the work into it have a far greater chance of survival than those that succumb to pressure. That’s one of the problems with new companies today; the founders get discouraged too easily and quit. If you truly believe, then you owe it to yourself, investors, team and family to give it time and all of your effort before hanging up the cleats. If you’re wondering when it’s time to give up, that depends on many factors such as when you lose the passion to run the company, when you begin to significantly jeopardize your family’s financial well-being, when you literally have no money in the bank, and when you lose the support of the team. However, let’s not think about those things if we’re not there yet.
We hope that this will provide you with some guidance on how to handle the entrepreneurial blues and will motivate you to keep going forward it.
More Questions? Ask your startup questions or find an accountant online.
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