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Start-up Advice

Entrepreneurship Is All About Overcoming Obstacles

Confronting your own doubts and fears is the essence of being an entrepreneur.

Kimanzi Constable

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Entrepreneurship is not a destination; it’s a journey. On this journey, successful entrepreneurs don’t have an expectation of “arriving” to some finish line. If you do have that expectation, you won’t continue to push yourself to step outside of your comfort and grow. You won’t seek out the things that truly help your business experience explosive results because all those things require you stretching yourself.

On any journey, you have times of joy and more than a few setbacks. During the times of joy, you feel like you can accomplish anything. It gives you the strength and motivation to continue to put in the work that helps your business.

During the hard times, negative feelings and emotions can easily take over. Before you know it, you’re feeling sorry for yourself and you turn to your familiar coping mechanism.

That coping mechanism could be food, alcohol, binge-watching TV or any other thing that takes your focus away from what you want to accomplish in your business. Since you don’t have a boss or company dictating your day and what you accomplish, that time “coping” could turn into weeks of your doing no work at all.

Related: Why You Shouldn’t Quit Your Job To Start A Business

Becoming a successful entrepreneur means understanding hard times are when you need to push. When there are obstacles, here’s what you need to do.

Acknowledge, then process your thoughts

The only way to get through obstacles is to start with acknowledging that they’re there. The gateway to your feelings and emotions is your thoughts. What you think about and focus on is what you’ll attract more of into your life.

When you’re dealing with obstacles, your thoughts focus on what you can’t control and why that situation is happening to you. That can be a dark place.

When you feel your thoughts spiraling, give yourself two minutes to fully feel what is going on in your head. Don’t try to suppress those thoughts – let them out. When you try to suppress them, they grow stronger and threaten to get control.

Related: How To Survive 150 Straight Rejections

Once you have given yourself two minutes, take control of your thoughts. Focus on what brings you joy and what you’re grateful for in your life. It’s hard to be down when you’re expressing gratitude.

Focus on what you can control

Life is messy. Change is hard. Growing a business is not easy and it feels like everything can go wrong at once. There are always going to be things you can’t and shouldn’t try to control.

Related: 3 Key Law Areas To Know When You Launch That Start-up

There are, however, things you can do something about. If your marketing plan is off, you can readjust. If your sales are lacking, you can go back what you know works. If a team member is causing more trouble than is worth helping them, you can let them go.

The point being, there are tangible things you can fix in your business no matter what is happening. Identify what the things are that you can do something about.

Create a plan that will help you get on the path to recovery. Make it practical and actionable. Fill up your to-do list and calendar with the tasks that lead to results.

Ask for help, then take action

Some obstacles feel like more than you can handle. Seeking counsel and support can be the difference between you getting through it or failing.

Don’t try to be Wonder Woman or Superman. Seek help. One of the best things you can do is make decisions that help you recover. Talking and planning with someone who understands and is trained in dealing with a crisis is valuable.

Then, make decisions that are action-based. If a decision pushes you toward the action that helps your business, make it. One of the best ways to recover from difficult situations is to take massive action. Taking action on the things you can control will give you progress. As you consistently take action, you’ll be closer to your goal before you even realise.

Related: What You Need To Know About The Lean Start-up Model

Obstacles don’t have to be business breakers in your life. You can learn from them and use them to make you a stronger and wiser entrepreneur. The most successful entrepreneurs understand that it’s not the crisis – it’s your response that determines how successful you’ll be. Stay strong, process your thoughts, create a plan and then take action.

This article was originally posted here on Entrepreneur.com.

Kimanzi Constable is a former bread delivery guy who self-published two books that have sold more than 82,000 copies. He is a published author, international speaker, life and business coach. His mission is to help men and women live life by their own design and create true freedom in life. Join him at KimanziConstable.com.

Start-up Advice

Put On Your Wellies: It’s Time To Wade Into Risk

Entrepreneurs aren’t all leaping into the unknown like lemmings off a cliff, but they do need to consider it…

Chris Ogden

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You’ve had a great idea. You’ve looked into its development. You’ve recognised that it has potential beyond just what Auntie Mabel and Mike From The Grocer think. And you’ve clearly nailed a pain point that can make money. Now it is time to take the risk of running with it.

Every big idea comes with risk. You can’t step out into the world of entrepreneurial thinking and business development without it. Your idea may fail. It will also be time consuming, demanding, hungry for money, and hard work. It is unrealistic to expect that your project will leap out into the world and be an unmitigated success.

It is also unrealistic to assume that it isn’t worth taking this risk.

There are steps that you can follow to ensure that your risk is managed so you aren’t blindly leaping off that cliff…

Step 01: Do your research

No, canvassing your neighbours, friends and family is not doing research. You need to know that your idea will appeal to a broad market and that it will have significant legs. This may sound like daft advice, but you would be surprised how many people think an idea will take off just because Susan in Accounting said so.

Step 02: Understand the costs

Projects are hungry for money and investment. Realistically work out your budgets and how much it will cost to take your project off the ground and then stick to it.

A calculated risk is a far better bet than one that shoots from the hip and hopes for the best. You can also use this as an opportunity to draw a clear line under where you will stop investing and end the project. If it keeps eating money and isn’t getting anywhere with results you need to be able to walk away.

Step 03: Know when to walk away

As mentioned before, this can be defined by a line you’ve drawn in the proverbial sand (and budget) but no matter where you draw this line, you have to stick to it. Often, when time, money and energy have been poured into a project it can be incredibly hard to walk away.

You think ‘but I have put so much into this, just one more’ and then it gets to a point where the ‘just one more’ has taken you so far down the line that walking away feels impossible. Leave. Learn the lessons. Apply them to your next project.

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Start-up Advice

Mind The Gap

The entrepreneur’s guide to finding the gaps and building the right solutions.

Chris Ogden

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Innovation may very well be the key to business success but finding the gap into which your innovative thinking can fit is often a lot harder than people realise. Some may be struck by inspiration in the shower, others by that moment of blinding insight in a meeting, however, for most people finding that big idea isn’t that simple. They want to be an entrepreneur and start their own high-growth business, but they need some ideas on how to find that big idea.

Here are five…

1. Network

It sounds trite but networking is actually an excellent way of picking up on patterns and trends in conversation and business problems. The trick is to note them down and pay attention. Soon, you will find patterns emerging and ideas forming.

2. Look for pain

Just as networking can reveal trends in the market, so can spending time reading. The latter will also help you find common business pain points. These are the touchpoints that frustrate people, annoy business owners, affect productivity, or impact employee engagement.

Be the Panado that fixes these pains.

3. Luck

luck

This is probably the most annoying of the ideas, but it is unfortunately (or fortunately) very true. Luck does play a role in helping you capture that big idea. However, luck isn’t just standing around and random people offering you opportunities. Luck is found at networking events, it is found in research and it is found in conversations with other entrepreneurs.

4. Luck needs courage

You may have found the big idea through your network, a pain point or pure blind luck, but if you don’t have the courage to take it and run with it, you will lose it to someone else.

Being bold in business is highly underrated because most people assume that everyone is bold and prepared to take big leaps into the unknown. However, not all brilliant entrepreneurs were ready to throw their family funds to the wind and leap into an idea – they were courageous enough to figure out a way of harnessing their ideas realistically.

5. Pay attention

This is probably one of the most vital ways of finding a gap in the market. Often, people are so busy that they don’t really pay attention to that niggling issue that always bothers them on a commute, or in a mall, or at a meeting. This niggling issue could very well be the next big business opportunity. Pay attention to it and find out if that issue can be solved with your innovative thinking.

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Start-up Advice

5 Things To Know About Your “Toddler” Business

As you navigate this new toddler phase of your business, here are five things to bear in mind.

Catherine Black

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Ah, toddlers. Those irresistible bundles of joy bring a huge amount of energy, curiosity and fun to any family – but there’s also frustration and worry that comes with their unpredictability, as they grow and start to become more independent. If you own a business and it’s successfully past its “infancy” of the first year or so, it’s likely it will also go through a toddler stage of its lifecycle.

Pete Hammond, founder of luxury safari company SafariScapes, agrees with this. “Our business is now three and a half years old, and we’ve found that we’re not yet big enough to justify employing a large team of people to handle the day-to-day admin tasks, yet we still need to grow the business as well,” he says. “As a result, our main challenge is finding the time to step back and see the bigger picture. Kind of like when you are raising a busy toddler and you spend most of your time running after them!”

As you navigate this new toddler phase of your business, here are five things to bear in mind:

1. This too shall pass

Everything in life is temporary – and that goes for both the good and the bad. It’s as helpful to remember this when you’re facing the might of a toddler temper tantrum, as it is when you’re facing throws of uncertainty in your business. If your new(ish) venture is going through a rough patch in its first few years, it can be easy to think about giving up – but don’t. As long as you have an overall big idea that you believe can add value to your customers, keep pushing through the rough parts until you come out the other side.

2. Appreciate what this phase brings

The toddler years mean that the initial newborn joy is officially behind you. But these small humans also bring their own kinds of joy, as you watch them learn new skills, say funny things, and give affection back to you. While your two-year-old business may not hold the same exhilaration for you as it did during those first few months, there are now different things to appreciate about it: Maybe you’re expanding your product range, or employing new people who can take the workload off you.

3. Establish boundaries

Toddlers thrive on boundary and routine – and your toddler business will too. As it grows into a new phase, try and establish limits in terms of the type of clients you want to work with and the type of work you’ll do. It’s also a good idea to make a decision about the hours you’ll work and when you’ll switch off, which will help you establish a good work-life balance.

4. Take a break

Every parent with a toddler needs a break every now and then, even if that means a walk around the block (on your own!), a dinner out with friends, or even a few days away. The same is true for a demanding small business: every so often, remember to take time out to rest properly, where you switch off your laptop and completely unplug. You’ll return much more inspired and resilient to deal with the everyday uncertainty that it brings.

5. Give it space to make mistakes

While the unpredictability of a young business can be stressful and tiring, it’s also a time for trying new things without the risk of huge consequences if they don’t quite work. After all, it’s much simpler to change your USP if you’re a small business employing a few people, rather than a big company where 50 people are relying on you for their salary, or where you’ve received a huge amount of investment capital. While you may fail in some of the things you try with your business (in fact, this is almost guaranteed), see it as a toddler that’s resilient enough to pick itself up, dust its knees and keep moving forward.

During this phase of business growth it’s also essential to have the right type of medical aid cover. There are medical schemes such as Fedhealth which has a number of medical aid options and value-added benefits to ensure that your health and wellness is taken care of too. After all, the healthier you and your staff are, the more productive your business will be – during the toddler (business) stage and beyond.

While this phase can be frustrating, it’s a sign that your business is growing and adapting, rather than remaining in its infancy, and that can only be a good thing! So embrace the difficulties, learn from them, and watch as your business strides forward confidently into the next exciting phase.

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