As an entrepreneur, you put a lot of yourself into your business, says Dennis Haggerty. You are willing to put in the time, energy, and resources to see your business succeed. But what happens when you hit a roadblock? How do you get past it? Are you willing to keep pushing?
If you are just getting started, you may find yourself feeling overwhelmed, unsure, and afraid of failing. The good news is that you’re not alone.
Many new entrepreneurs share the same feelings and fears. The key is to keep going, not give up, and keep pushing through. Here are five tips for new entrepreneurs who want to build a solid foundation for their business.
This may sound overly simple, but so many new entrepreneurs end up straying from their initial plan too early in the process, says Dennis Haggerty. It’s so tempting to branch out even further or try a new operating process or build a new product. But if you do this before you have a solid foundation, your business will end up collapsing.
For example, you may have wanted to start a bakery, but you keep buying retail items like branded aprons and cooking gear. Take a deep breath and focus on perfecting your signature recipe instead of the bright and shiny merch.
You also need to make sure you are following your financial plan. This may be a matter of re-examining your expenses versus your income or tracking your expenses for a specific goal. Whatever it is, make sure you are adhering to your plan and not getting lost in the weeds.
This is a tip that comes in handy during almost every stage of entrepreneurship. There are so many administrative and repetitive tasks involved with running a business. Invoicing, bills, utilities, marketing emails, social posts, employee meetings… it’s difficult to keep it all straight.
So instead of relying on your busy memory, instead try setting reminders on your calendar and checking it each morning to help you prioritize and keep anything major from slipping through the cracks. You don’t want your business to fail because you forgot to file your taxes or something equally avoidable, says Dennis Haggerty.
As an entrepreneur, you are bound to fail once in a while. That’s just part of it, says Dennis Haggerty. And that’s why celebrating even the smallest of wins is even more important as an entrepreneur.
Celebrate your birthday, the fact that your rent is paid, your car is still running, and your product shipped on time this week… Whatever you’ve accomplished has helped keep the business running.
It will feel silly at first, but it makes a huge difference in perspective. Even if you do not feel like it, celebrate. It will help you stay motivated and on track.