How to stick with your start-up idea even when the chips are down

Posted on December 13, 2019

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We all set goals to guide us towards what we want to achieve in life. These goals can be as simple as doing your laundry or as complex as increasing your company’s annual revenue by 15%. As far as goal-setting goes, one of the most difficult goals is starting your own business. Any entrepreneur out there could tell you about the extreme hardships, struggle, self-doubt, insecurity and fear they had to battle through for years to get to success. Here are some essential tips to face the daily stresses of starting a business and seeing it through to the end.

Define your why

Launching your own business or start-up might be one of the toughest tests of commitment out there. Start-up owners regularly report that every day feels like a challenge, setbacks are the norm and wins are rare, making failure feel like your closest friend. The best way to face such challenges head-on is by clearly defining your ‘why.' Set down business objectives for your company, define its core values and understand the reason behind starting your business. Take it a step further and define your personal objectives and values, understand why you wish to be an entrepreneur and make your product or service available to the public. Knowing and understanding your personal and professional reasons for undertaking such a task allows you to pivot in the face of setbacks and forge a unique path to success.

Have a plan for when funds run out

A common mistake that first time start-up owners make is not having a plan for when funds run out. In any business, unexpected costs can occur at any time and the business plan needs to be changed or updated. Deciding whether you should get a fully furnished office for rent in Mumbai or a virtual office space is a decision that needs to be made based on your requirements and current financial situation. Even the best-laid business plans backed by market research and smart decisions can go awry. Your first step in a scenario where funds are running low is to recognise what is essential and cut out the sections of the business that are non-essential yet soaking up funds. Present a calm and collected front when speaking to investors, employees and clients to allow them to have faith in you and your ability to turn it around. Keep an eye on actual sales figures as you theorise and execute new strategies for your business. The numbers are the only thing that indicate which strategies are working and which ones aren’t. Seeing measurable and consistent growth helps you and your team get back on track and also return investors’ faith in you.

Surround yourself with like-minded individuals

While a start-up owner’s journey is filled with trials and tribulations, there is no reason to face these trials alone. You can get in touch with other start-up owners by visiting co-working spaces and entrepreneurship and marketing workshops. These professionals are generally facing trials that are different from your own. At co-working spaces provided by office space providers like AccessWork, you can run into future start-up owners, entrepreneurs struggling to establish their company and even well-established business owners. Getting in touch with others who are facing the same obstacles as you lets you learn and be inspired by their passion. Simply having a conversation with another start-up owner might give you an answer you were stuck on or provide value to the other person. Mentors, business partners, employees and even investors, there is no telling just who you might meet at a coworking space, which makes it such a popular option amongst entrepreneurs.

The journey to start-up success is a long and difficult road. Reward yourself for the small victories and be sure to study the mistakes to avoid letting them happen a second time. Allow yourself to fail and focus on getting multiple smaller wins, that is the best way to achieve your goals.

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