Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

How Can Entrepreneurs Overcome The Hard Times In Business?

The day you started with a business of your own, you’ve nailed your name among the most audacious and challenging personas of the world. You’ve got a lot of chances to suffer from such adverse situations which will be brimming with intense business crisis. But, it doesn’t mean that the rays of hope will get lesser will disappear for you!

As Henry Ford said, “ When everything seems to be going against you remember an airplane takes off against the wind not with it”.

A smart businessman who is aware of the practicalities of entrepreneurship can easily overcome any failure. Basically, the roots of overcoming any hurdle in business lie in your mindset. You should certainly have a flexible thinking process accompanying with an extremely positive attitude towards your profession.

A historic example to learn from.

Do you know the story behind the birth of KFC? David Sanders, at an age of 65, started roaming around the streets of America with a hope that someone will sponsor his business of selling fried chicken. At that time, the financially unstable retiree was having a capital of just $ 105!

He got rejected many times, he saw a huge extent of bad times at such an elder age, still his enthusiasm and positiveness didn’t come to an end. Finally, someone agreed to spend on his business and thus KFC came into existence. At the age of 74, he sold the company for 2 million!

The ultimate takeaway from The Colonel.

Keep up with your spirit when your business is failing to see it flourishing soon again.

Moreover, there are some other practical tricks of experiencing the taste of success again after you had a failure in business.

Read on to know…

1. A low budget for everything.

If you face a tough time in your business, obviously, it will be impacting your personal life as well. Both the parts of your life might be entirely different ones, yet they belong to the same person i.e., you. Right?

Since a remarkable financial loss happened already, you should be now be extra careful! What you need to do is just set a low budget for everything, whether it is food or clothing. Next, most importantly, stick to it! Let no any indulgence weaken your determination.

Moreover, the smartest approach to still buy quality things while cutting down your expenditure seems to be using deals and offers.

Well, according to article.wn.com, Maulik Patel, CEO of Dealslands.co.uk, even underpins the aforementioned fact.

2. Go for repetitive SWOT analyses of your business.

A strengths, weaknesses, opportunities, and threats analysis is quite significant when it comes to overcoming a dark phase in any business. It is nothing but a way to figure out the successful and unsuccessful areas of any business. Once you are done with that, you would have a clear idea of what you should do now and how you should freshly proceed ahead. A SWOT analysis is actually potential for understanding the overall condition of any business.

3. Be responsible.

If you want to handle business failure firmly and make the best out of it, take your own responsibilities. Don’t try to accuse others for any failure! If you do so, you won’t be able to correct your flaws. If you think that your business collapsed because of a wrong decision that you took, admit it, learn from it, and think how to improve the scenario.

4. Remember your wins.

If you keep on letting the wrong that happened affect your psychology, you will end up entering into a gloomier phase gradually. Rather, try to remind yourself the successes that you had in past. Thus, you would be able to curb any doubt that you have. The amazing tools like iDoneThis can be really helpful.

So, what are you waiting for? If failure arrives in your business, just keep these excellent actionable tips in your mind. Undoubtedly, you will very soon replace the bad with the good!

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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