Almost everyone had a taste of what it feels like to operate a small business and failed. Those who aren’t prepared for failure might quit right then and there and say they aren’t cut out for business. On the other hand, some welcome a good challenge and are determined to turn the tables around. In this article, we will discuss what is the right mindset when starting a business.
The pandemic has brutally wiped out businesses and made it harder to come up with a business recovery plan for business-conscious people, let alone start a new business.
On second thought, it also leveled the playing field for everyone. For some whose backs are turned against the wall, it’s the last resort to utilize inherent skills and talents, whether it is selling food or handcrafted items or even rendering a service—just to make ends meet and put food on the table.
You don’t need to look far. Your social media feed is brimming with entrepreneurs. Chances are, you have a family or friend who started selling to augment income, and their efforts seem to have paid off as you see them expanding their offerings.
But the success of any business is just the tip of the iceberg. Underneath, there are a lot of things every business owner or entrepreneur has to overcome: failure, rejection from family and friends, impostor syndrome, and harsh criticism. These are just some of the things a business owner has to deal with.
Hopefully, they can emerge victorious every time. How do they do it?
There’s no one-size-fits-all approach when it comes to starting a business, but once you decide to go for it, make sure that you have access to the right resources.
What does it take to start a business apart from having the resources? We have outlined the following business advice that can help you develop the right mindset.
Business Starter Pack
Everybody starts from scratch in business. And most likely, not everyone will have the same business outcome even if someone shows them the ropes. The outcome will vary based on an individual’s perception, and business timing, among other factors. But there are ways to help you navigate the business with these nuggets of wisdom.
- Set a goal and a vision for your business
Before building your business, you must figure out what your goal is for starting the business in the first place. The goal may be your personal mission. This will help you stick to your big whys: Why you started the business and why you will continue persevering despite some setbacks.
Be honest with your goal and with your why. Then you can start visualizing how your business should pan out.
Think of it this way, your goal is your beginning, your middle, and your end. Your vision is just a guiding force that will push your goal in the right direction.
- Determine your risk appetite
They say that entrepreneurs are risk-takers. While it is true, the successful ones know when to stop risking and start playing safe.
Each person has their own limits. It’s important to set an amount that you are willing to shell out and determine a cap value for operational costs like investing in security, planning business taxes, and marketing and promotion. Know when to stop and assess if your expenditures are worth pursuing.
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- Do the small things
To become a master of your business, you must be willing to learn and do the small things—even those things that you don’t like such as keeping inventories up-to-date, responding to social media queries, and other things that you consider trivial.
Remember that the little things make a big difference. Having a working knowledge of the small aspects of your business pays off in the long run. We will discuss more of this later.
- Find your luck and opportunity in networking
Networking has become easier thanks to LinkedIn and other social media sites. Provide a value-added post, and people in your network will resonate with it.
You can also increase your chances of getting customers knocking on your doorstep if your services are strategically put into place. For example, if you are selling food, regularly updating your feed with deliciously cooked food—coupled with favorable customer feedback—will earn you more customers.
The same goes if you are providing a service. If you have a portfolio of your works, putting it in the right channel or social media page will make it easier for your prospective clients to find you.
- Develop adversity quotient
Some people have exceptional intelligence quotient and emotional quotient. They say that these two are vital for life’s success. But not all people have the grit to persevere through tough times. Recently, the adversity quotient is regarded as a skill that everyone should be able to master.
Before getting into a business, mentally prepare yourself to encounter some setbacks. It will sting a bit, yes. But remember, they say muscle tears up the first time you flex it at the gym. Give it a few days, and the same muscle has already healed and grown stronger than before.
Your business will take a beating, but if you learn to persevere long enough, your business will bounce back.
- Be comfortable with failure
If you think you did your homework and prepared well mentally and emotionally, and you are still faced with failure, it can be really hard to get out of that rut. Making failure your friend seems to be easier than fighting it. This is the beginning of having a defeatist mindset.
On the contrary, to be comfortable with failure means having the courage to try and do things again, but this time, doing it differently. If you’ve tried the same formula and you failed, you can find other ways to make it work. Be comfortable in failure, and just keep on trying.
Business is Not for Quitters
Remember when we mentioned in #3 that you should do the small things in your business first. Once you have a working knowledge of the small aspects of your business, you can outsource the work and leave it off your plate. Hire people who can do the job the way you do—or even better than you.
In operations, delegating tasks to other people is a skill. You don’t just hire people to do work for you, but you assess if the person is the right one for the job. And if the person falls short of the task, you assess if you lack skills in getting your message across, judgment in assigning tasks, or leadership by not being able to motivate people.
Apart from these business basics and mental hacks, remember that the success of your business lies in your leadership and the people you work with.