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Why entrepreneurs adjust their thinking when business failure is not an option

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Article Overview: A true entrepreneur only sees opportunities and the chance to make a lot of money. In a down economy they see it as the time to build greater knowledge, strength and resources to be ready for the inevitable upturn in the economy. However, we if we are not wired like the true entrepreneur we need to remind ourselves of what it takes to keep going and get to the next level.

Why entrepreneurs adjust their thinking when business failure is not an option

Owning and operating a business always comes with many challenges. For different reasons the current recession seems "the worst we've ever experienced." Whether that's true or not, this particular recession is marked by how low the economy has gone, high rates of unemployment, but I think worst of all, how it's taken so much longer than normal to work its way through the economic system.

Perhaps it's a good time to remember that things don't always flow smoothly and that bouncing back "to get on with it" is part of an entrepreneur's tool kit of things to do. Here are some things to consider that will put a little spring back into your step.

1. Failure is not an option!

I think most business owners are familiar with Colonel Sanders of KFC fame? If you aren't, search the web and find his story and read it. It is inspiring. Over 1,000 people or companies told him his idea wouldn't fly when he was in his early sixties. Giving up wasn't an option. If he didn't give up, why should we?

2. FEAR - False Education Accepted as Reality.

Fear can be a part of what every business owner needs to deal with. Equally, not giving up is why we fall down but then get up again. Remember; fear will linger as long as you let it. It's no more complicated than that.

3. Keep it real.

I think one of the healthiest approaches to the current recession is to keep it real and accept that it's tough out there. Talk to other business owners to get their perspective, and use this quiet time to get your business ready for the inevitable return to growth. Make a list of things to do and then do it. Seeing and feeling yourself accomplish things will help sustain you.

4. Disappointments are part of the journey; not a destination.

I'm sure you've heard the expression - if it was this easy, everyone would do it. If things are not going as planned, look for positive options or outcomes. If you have spare time, look for someone to help that's worse off than you; it enables you to keep your problems in perspective. Also, don't forget. A problem is an opportunity to resolve; but it doesn't need to be resolved immediately.

5. Keep your Dream alive.

I'm a great believer in a written business plan. It's a collection of thoughts that you build over a period of time and if used properly, help keep you focused and on target. If you don't have a business plan, create one now. If you have one, dust it off and give it an update and put it to work. It will help keep your dream alive. And make sure your business plan includes some of your dreams; as that's what helps sustain us.

6. Leap then look.

Analysis is good but perhaps not at the moment. As Lee Iacocca says "Apply yourself. Get all the education you can, but then, by God, do something. Don't just stand there, make it happen."

If you're an entrepreneur but are currently unsure what the next step should be consider the following.

If your business has sales revenues of at least $1,000,000 and you are motivated to keep going but need help or advice, talk to support groups such as family and friends or trusted advisors. They can provide emotional support; which is critical. You will then need expert technical and financial help for your business and you can find trade associations a great source of ideas. Alternatively, there is the Turn Around Management Association. This is a group of professionals that will assess your business, decide if it can be saved and execute a plan with you. Each situation would be different, but you may find they will partner with you to fund the cost of their service or charge fees to get the business to the next level. The bottom line is that you have to be willing to make the time, emotional and financial investment to get the business stabilized and successful.

If your business has sales revenues between $500,000 and $1,000,000 also start with your family and friends for emotional support to decide if you want to keep going. If you need expert help or technical advice about your business and its outlook, look to trade associations or industry experts for guidance. You will almost without exception have to fund any costs yourself. Bank loans including SBA loans may be available but you will need to clearly explain the current strengths and weaknesses of the business including its financial position and build a business plan to explain why AND how the business can be saved and taken to a more profitable level.

If your business sales are less than $500,000 you can explore the last option described but it will be on a case by case basis what solutions will be available to you. The bottom line is that any solutions will emanate from you with the vision, leadership and financial resources you possess to make things happen.

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Article Tags: Andrew Rogerson, business, Business broker Sacramento, business escrow, business for sale, Business ownership, business plan, due diligence, Entrepreneur, exit plan, franchise, franchise for sale, Murphy Business and Financial Sacramento, Sacramento business broker, Sacramento business ownership, Sacramento business valuation, Sacramento business value, Sell a business, succession planning



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Re: What are you doing if o have a bad day? - Some days I just feel like doing absolutely nothing. It doesn't mean I'm having a bad day or anything, but I just don't feel like doing anything productive towards my business. In fact, mornings are the worse for me. I work much better in the evenings for some reason. If things just didn't seem to go right for me, or I felt that everything I'm doing isn't getting me anywhere, I'll just take a break from it and do something else. Watch TV, work out, play video games, or just call it a night and start fresh in the morning. I do most of my thinking when I'm laying in bed, so the latter option usually works best for me. Bad days are going to happen, so there's no sense in trying to avoid them. I say embrace them! There's always something to learn even through failure. Don't look at it as failing, but learn what to avoid or change in what you're doing to become a success. Thomas Edison is a perfect example of this.
Re: Best way to start a business? - My opinion kevin is to not only believe, but make sure you are in the percent that succeed and never see failure as an option. Do plenty of research and feel totally at ease with your business decision. Just remember, no matter who they are, we all started from scratch at one stage.
Entrepreneurs & Depression - Recently I have been made very aware of the stresses that affect entrepreneurs. Between my own clients and some of my own business' growing pains, what feels like a long winter, and some thinking, I've started to wonder if there is more to the winter blahs? Does anyone know what correlation their is between being and entrepreneur and suffering from depression? I've been doing some research and have found that many entrepreneurs actually suffer from clinical depression. Some use drug therapies but others focus on their action oriented thinking to get them through their dark periods. I believe Profit magazine or INC magazine ran an article a few years ago but I have been unable to find it. Can anyone help me?
Re: Best way to start a business? - It really just comes down to decision, action and persistence. You can spend a lifetime thinking about doing something, and researching it, to decide if it is the right action to take. Or you can make a decision about something you want to achieve, take action and be persistent. Make a plan of action, and adjust it as you learn more. An online business is something you should jump into straight away. The time it takes to start a new website is minutes, so there is not much of a barrier to entry for you to start a basic website and learn. Obviously if your idea was more specific like starting a review comparison site for laptops then your action would be trying out and comparing different review platforms, classifying laptops etc. But you would still take action and dive right in. If it was an offline business then it would likely mean even more preparation. Say you wanted to start a wine shop, which would eventually become a chain, you would start by taking action and learning as much about wine as possible, networking with people in the industry and generally working to become a win expert, and research locations for your first wine shop. In each situation you make a decision about what you want to do, act on that decision following a rough plan which you adjust along the way, and be persistent in working to achieve what you laid out in your original decision.
Re: Hello Everyone - Not to sure about the early success part apart from getting actual business to advertise on it. I made a post in, what i hope was the correct area in a differnet area. I posted a script that i just came up with and was hoping to get some feedback from it. Ive tried starting so many thing in the past from multi-level marketing to an adult swingers type site and just cannot get anything to work. To look at myselfin the mirror hurts anymore. I see a failure and whats worse, being married and 4 kids i look at. Ive been told by everyone i know that i make things harder than need be. I am always thinking about things and the outcome rather than just doing it and not thinking about it. I am investing in myself or trying to since punching a time card working for any company isnt so great.


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