Starting a business is no easy feat. The initial days of business ownership are particularly challenging. It is not enough to simply have a great idea. The idea must be executed within a specific window of time. Part of the challenge in launching a business is to keep your emotions in check and remain narrowly focused on the overarching goal. Let’s take a look at how to survive these particularly challenging early days of entrepreneurship.
Preparation Meets Passion
Passion for the product or service offering is not enough in and of itself. Passion certainly provides a competitive edge yet more is necessary to create and maintain an entire business. Preparation is just as important as patience. In fact, studies show preparedness attracts more venture capital than passion.
In short, investors respect business owners who do their homework and are willing to invest their limited time and effort in their enterprise rather than simply being passionate about their value offering.
Prepare by tailoring your value offering to the current market needs, conduct extensive research and you won’t be nearly as nervous when challenges arise as you will be adequately prepared. Preparation includes researching pricing, researching competing products, determining how many similar options are available, understanding customer demographics and gauging whether there is a legitimate demand for your value offering.
Do not wilt in the face of challenges. Keep pushing, continue to persevere and pursue your overarching goal. Maintain your conviction in your business and it will survive while having the potential to thrive. However, this is not to say you should be extraordinarily bold and take egregious risks. Find the happy medium in terms of risk-reward, work your tail off and keep your head up when challenges inevitably arise.
Recognize That Fear is a Good Thing
The vast majority of businesses fail. In fact, the United States Bureau of Labor Statistics reports more than two-thirds of businesses fail within the first decade. This is precisely why entrepreneurial fear is warranted. The bottom line is fear is necessary as it sets the stage for reward. So don’t let fear get the best of you. Instead of letting fear paralyze you, think clearly, let your emotions settle down and continue to work your tail off.
If you feel as though fear is taking a toll on you, consider reaching out to a business mentor. Such a guide can help you better understand the business funding process, better plan for the unknown, gauge market shifts and compete with the competition.
Above all, it is important to avoid falling into the trap of overanalyzing information and potential scenarios. Be decisive, think clearly and maintain your focus on your overarching aim. Be cognizant of the fact that fear can compromise your ability to set and achieve goals, respect this potential and move forward acknowledging the fact that fear will always hover over head yet you are empowered to defeat it.
Continue to Learn
Mistakes will be made, especially in the early days of your business. Continue to tinker with your business, engage in trial and error, learn from mistakes and perfect your value offering. Strive for ongoing improvement and it won’t be long until your business takes off and eventually fulfills its potential.
Opinions expressed in the attached article are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice.