28 November 2022
Happy Monday Luv,
I trust you had a blessed Thanksgiving with your loved ones😊
Today let’s talk about how you can become resilient as an Entrepreneur.
Expect difficult times at any stage of your business, especially when you’re just starting. With the steps I share with you, you can learn to overcome and prevent difficulties from arising. Some people may give up when things get tough, but not you! Especially not after this.
To make it, you must deal with these bumps in unconventional ways. So when you’re in a pinch, here are four easy-to-implement steps to get you out of it:
1. Learn to be a contrarian – You are responsible as an entrepreneur to think for yourself, make sound decisions, and not simply do what everyone else is doing. You want to stay within reach of reality. It’s about ensuring that what you’re doing is long-term and not just a “hustle.”
Here’s how to become a responsible business contrarian:
Consider your industry as a giant, complicated puzzle.
What are the components? What motivates them to collaborate? How can you alter them to change the appearance of the image?
Identify and challenge something that has been held up as a rule for far too long. If everyone does it the same way, there may be a better way. Examine the demographics of your customer base to see if any patterns warrant further investigation.
2. Brace yourself and stay focused on your work – It’s too easy to spend money when you earn a lot, but as an entrepreneur, you must always live within your means. Begin by reducing unnecessary expenses during difficult times. This can range from eating out to purchasing a new car. If you spend more money outside of your business, there’s a good chance you need to maximize your profit.
3. Increase the run rate by borrowing – When things are slow, it’s easy to just cling on for dear life and avoid making any decisions. However, it would be best to always strive to increase your revenue.
Borrow money if you can’t afford to pay for new employees or supplies. If you require more than one round of funding, don’t hesitate to request it! You may be amazed at how many investors are willing to take calculated risks when your business does everything necessary to stay afloat during a tough period.
However, only some investors share this outlook. If your business is having trouble making money or not doing as well as expected, investors will want their money back right away.
Furthermore, don’t expect banks to extend as much credit as they once did. In fact, they’re likely to offer you less than they would have six months ago. That’s because banks aren’t lending as freely during difficult times.
4. Invest in your health more than ever before – Despite the challenging economic times, investing in yourself and your well-being is more important than ever. Your stress is not only a personal issue but also a business issue that can significantly impact you and your company — and it’s time you started treating it as such.
You have to realize that stress is an inevitable part of life that can be good or bad, depending on how you deal with it. Learning how to manage stress before it takes over your life and harms your health and productivity is key.
Important Points to Remember:
– Stand out from the crowd and attract new customers looking for something unique
– Avoid allowing your emotions to get in the way of making sound business decisions
– Look for ways to solve short-term cash flow problems by borrowing money or selling assets
– You will have a better chance of success if you are relaxed, calm, and focused on problem-solving
Are you ready to become a resilient entrepreneur? Click here and let’s chat.
Talk to you soon,