While the thought of getting your business idea rolling is exciting, the startup struggle is very real. When obstacles arise, that is when an entrepreneur’s strength, tenacity, motives and courage are tested and proven. Consider the following tips on how to conquer rough patches and set yourself – and your team – up for success.
- Speak to experienced entrepreneurs
The difference between a dreamer and an entrepreneur is that the lattergoes a step further and turns a brilliant idea into reality. While ideas can come easy, turning them into a successful business venture will be met with many obstacles. Meeting with successful business leaders that have launched similar businesses provides you with great insight on industry opportunities and challenges.
- Welcome change with open arms
Typically, change is accompanied by some form of a threat. For example, a situation, technology and/or a competitor can cause damage to your business. What is often overlooked when a change occurs is the countless opportunities that are also present. Failing to embrace change can result in total extinction. Consider what happened to MySpace after Facebook, or what has happened to bookstores after Amazon.
- Embrace creativity
When a struggle comes along, you might be forced to get creative in regards to your startup approach. These low periods are when many entrepreneurs have stumbled upon their greatest ideas. Consider the overwhelming task of securing business loans. Many startups are turned away by traditional lending sources. Why? Startups are typically categorized as being “high risk”. It is during this struggle that many entrepreneurs have turned to alternative lenders, like First American Merchant; these lenders specialize in working with “high risk” businesses and startups. The result: business owners find an even faster way to secure working capital, without the hassle and endless documentation experienced with traditional lenders.
- Create an organized, thorough business plan
Again, you have to take your business idea a step further. You’ll need to create a business plan that details howyou’re going to bring the idea to market. What sort of funding will you need in the future? What are the business’ strengths and weakness? Where are there opportunities? It should be easy for you to share and identify how your product or service is different from competitors.
- Build a solid team
Your idea, and therefore your startup, ultimately rests on the shoulders of your team. Start by agreeing with your co-founder on how you will make decisions. Then move on to identifying the positions needed to complete your team. Account management, programming sales & marketing, SEO, project management, etc. After prioritizing each position, you can then find individuals with talents that other team members do not possess.
- Focus on the big vision
Keeping your eyes on the prize is crucial during tough circumstances. By focusing on the big vision, you’ll be able to push past obstacles and see the light at the end of the tunnel. In turn, your focus will help empower your team. Use the struggles that arise to your advantage by developing new and necessary skills to overcome them. The lessons learned along the way will ultimately lead to your startups success.