The life of an entrepreneur is not always easy, no matter what the media would have us believe. Starting a business takes grit and determination, and the strength to survive brutal levels of stress. Nine out of ten businesses fail in the first twelve months, so unless you have a brilliant idea and the skill to bring it to fruition, your startup is battling against the odds from day one. Not everyone can cope with this, so if every day is starting to feel like Groundhog Day and you are falling apart at the seams, here are some coping strategies.
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Acquire New Skills
There is a lot to think about when starting a business. You need a great idea for starters, but once you have one, the next step is to draw up a business plan, secure funding, and get the ball rolling.
Not everyone has the skills needed to become a business owner. Sure, you might be great at selling ice to polar bears, but if you don’t understand the fundamentals of accounting and cash flow, you are doomed. One way to prevent a skills gap from derailing your business is to learn the required skills. Go back to college, for example https://learn.cu-portland.edu/, and study for an MBA in business administration or similar. Business courses teach students what they need to know about running a successful business.
Find a Mentor
It’s a good idea to look for a mentor if you are struggling to cope with your business. Mentors are people who possess a wide range of applicable skills and have the time and patience to help other entrepreneurs. With a mentor on your team, you can ask questions and get help when you really need it. They have your back at all times, much like a guardian angel.
Take a Step Back
Sometimes, when it all feels too much, the answer is to take a step back. If you have problems you can’t fix, try to be more objective. The solution might be staring you in the face, but you just can’t see it.
Many business owners are too close to the problem to see the solution. Try hiring an outside consultant to see if they can figure out where you are going wrong. Business consultants are not cheap, but if this means the difference between success and failure, hiring a consultant could be a smart investment.
Talk to Other Entrepreneurs
Going it alone is never the answer during tough times. It really helps to talk to other entrepreneurs, many of whom might be going through similar issues. Make connections and forge a circle of acquaintances you can turn to for advice. Local networking events are very useful in this regard, but online sites such as LinkedIn are also worth a go.
Know When to Call It Quits
Sometimes, you have to know when to call it quits. If you have shackled your wagon to a dead horse, don’t keep flogging it. Instead, walk away and learn from your mistakes. Tomorrow is another day.
About Carson Derrow
