When everything seems to be going against you, remember that the airplane takes off against the wind, not with it.” — Henry Ford
The path of any entrepreneur will be paved with many ups and downs. It does not matter if you are a first-time entrepreneur or a serial entrepreneur, success and failure will alternate. Given this reality, here are a few tips that should work for entrepreneurs of all stripes.
Seek feedback
“You may be disappointed if you fail, but you are doomed if you don’t try.”
— Beverly Sills
Believe it or not, in the initial phase of their entrepreneurial journey, every entrepreneur will doubt his/her vision. Many start-ups will face teething troubles, which could be related to talent, finance or the service that is being offered.
To tide over this difficult phase, an entrepreneur has to let his passion be the driving force and also actively seek feedback from the core team as well as customers. Sometimes, just reflecting on failures will open up a path to success.
Should something not work out as expected learn to adapt. Small-term and long-term goal assessments will also help an entrepreneur prioritise. Most importantly don’t be afraid of going back to the drawing board. What is important here is: Not losing your passion for what you set out to achieve in the first place.
Keep learning
“A person who never made a mistake never tried anything new.”
— Albert Einstein
Every disruptive idea succeeds a thousand others that did not work, but the key here is to learn from each of those ideas that did not work. The need to constantly adapt and evolve with changing times is extremely critical when you set out on the road of entrepreneurship. Being open to creative ideas and innovative suggestions, will help you refine your decision-making process.
Be tenacious
“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” — Steve Jobs
Entrepreneurship is all about determination and discipline. The passion and the commitment to build your company is all part of the mix, however what binds all this together is the tenacity with which you stick to your idea and nurture it.
Build a community
“Talent wins games, but teamwork and intelligence win championships.”
—Michael Jordan
There is always a team of individuals who play an important role in an entrepreneur’s journey.
While building a company it is essential to collaborate with individuals who share your vision and entrepreneurial spirit. When it comes to company’s culture and overall growth, this will prove vital in terms of the overall company growth and culture.
Ensure clarity
“Your most unhappy customers are your greatest source of learning.”
— Bill Gates
You need to get the basics right and build your company’s foundation. In order to do that, you have to be clear about your company’s vision and the kind of partners you need. This is an essential point as your teams – whether it is your sales or operations team – will all function and achieve their targets to match the company’s vision.
Always trust your instinct while working with partners and vendors since they also impact on-ground execution. While the journey of an entrepreneur is not easy, the gratification and eventual success will compensate for all the struggles.
