Owing to the present situation of things, around the COVID-19 virus, it is, highly, necessary for entrepreneurs, to keep the focus, on their current ventures, so as to keep a sustained growth of their business.
In this present lockdown caused by COVID-19, you do not have to go to hibernation. Explore these means, of keeping yourself busy;
The first investor in your business is you
In all these things, remember that, you are the first investor, in your business. Let me put it this way; when you commence a business, you throw in all you have got, in it, time and cash.
That is a form of investment and not, necessarily, external funds coming in.
Sometimes, you just have to take a step backward, from your position, as a Founder and examine the resources and time you have invested.
Look at all possible expectations and timelines, while you decide on what milestones you want to achieve.
You should not, also, not forget that, you have to consider what might happen, if you do not get to achieve your intentions.
By setting a target, you would know the importance of staying on track, thus, keeping a measure of your success rate.
Do not trust anyone who does not embrace failure
You cannot learn valuable lessons from an incomplete story. This means getting to know of success story while learning from the failures that accompanied the success.
Stories of failure, are essential, to achieving success, as mistakes are essential ingredients to success.
An individual, trying to cover up what mistakes were made along the route to success is definitely, leaving out parts of his/her investment journey that would prove useful, for others to learn from.
Coming across an obstacle, you may decide to quit, but not until you have learnt that, it is a normal part of an investment journey.
At a point, you may, even, run out of cash, acquire customers at a slower rate, than you expected, etc.
Never despair, as all these, are part of the process and surely, you would get through it all
The best way you can get through to this is, by giving a listening ear, to those, who have walked that path before.
They did it wrong because it cannot be done
You may have heard this around you:” Trust us, no one is doing this!”
It is important to differentiate between people, trying to execute similar ideas and failing at it, while the timing and market are not just feasible for the product and service.
Consider the scenario, of an entrepreneur, in the solar energy market, who required that, solar panels become sufficiently cheap, to allow strings of ventures open opportunities and more lucrative.
As a business owner, just note that, not many people got it right, initially. You should, also, note that, some things are, just not achievable, no matter how much you try.
Have strong beliefs; be flexible anyways
Having a conviction for what you strongly belief in, is good, as an entrepreneur, however, it is good to be open to possibilities and realisation that, all, or, some of your treasured beliefs, might just be wrong.
You do not have to go down with the ship, by ignorantly, holding on, to your views, which might end up, eventually, being wrong.
Be prepared to make a shift in position, based on outright, facts that surpasses your conviction.
Do not build a business, affected by, or, around current situations, for the long haul
Understand the factors that can affect your business because you would prefer that, many of the parameters, may be out of your control.
When you have a business that is, constantly affected by changes in the economy, or, politics, then, such a business is not, quite sustainable.
Do not be a victim of the present circumstance.
This pandemic is, making people to ask questions, such as; how do we survive? How do we avoid being a victim the next time another pandemic, probably, hits?
Be flexible and build goodwill, with stakeholders, to stand tall, in times of this COVID-19 pandemic.
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