Over coming Setbacks
In 2008, a global recession ran riot in a seemingly unstoppable tsunami of despair, bankruptcy and unemployment. The world has known nothing like it on this scale for decades, and yet, amid the chaos, fury and relentless instability brought about, new businesses continue to emerge.These companies are headed by entrepreneurs with a bold vision, and a solid product/service that they have total confidence in. By 2013, some of these companies have of course failed, but then that’s nothing new – no matter what state the economy is in, companies start and fail all the time. There are though a crop of enterprises that have flourished where others have fallen, and their success lies in being able to overcome inevitable setbacks as they came up.Applying a “DIY” principle to their work
In the early stages of a new business, it’s important to do as many of the required tasks yourself, and not immediately delegate the work to others. The greater variety of important jobs you learn to do yourself, the greater the understanding you garner of how your business is really working. You can use this understanding to hire the best people for each job later when you have the money, giving you efficiency and cost-effectiveness in your employees.
Being adaptable
What works in the first six months of your operation is not necessarily going to work in the six months following it. Circumstances will change, and no matter how thoroughly you plan each stage out, thing will crop up that force you to adapt and alter course. Being robotic and unable to adapt to sudden changes will eliminate you early on. Hold back reserve funds whenever you can to act as a “rainy day” fund, so that when you have to diverge from the plan, you’re ready for it.
Having flexible finances
When you’re starting out, it’s hard to get banks on board with what you’re doing. Using a method like Crowdfunding is becoming more and more prevalent among small businesses and start-ups. It involves getting individuals and companies to invest and own shares in the company. You can raise the money you need to fund marketing and advertising which ultimately boosts sales. And once you’re up and running, do everything you can to keep costs and overheads flexible too, so that you can more easily respond to unforeseen changes or developments in the market.
Not taking no for an answer
Taking supermarkets as an example, they must receive dozens of new product ideas from entrepreneurs every month, and they’re going to say no to a lot of them. Take a bold step and show the buyers and directors that you have a real product you know they want, and not just ideas on paper. Send them samples; go there in person; don’t just rely on paper evidence.
Overcome the above issues and your new business will have every chance of surviving the uncertain and sometimes choppy waters our business and economy world is in.