Start Up Special (Blog – 3) How to overcome challenges in business and sustain successfully
The task is not to float, the task is to swim and win the race. The challenge doesn’t stop there, the bigger challenge is to keep swimming towards the next post without drowning…
That’s what’s called SUSTAINING SUCCESSFULLY!
Starting a business is a one-time game whereas sustaining it is everlasting. To start a business all you need is a physical address and a website but to sustain it you need a quality to overcome all the challenges that your business and market throws at you. This is your cup of tea if and only if you have right skills to understand your clients and business and if you have a never give up attitude.
Below is the list of important factors that you would need to grow in the game:
Every business needs to be steady to survive in a long run. You can’t build castles in the air, you need a proper strong foundation to build it. Here steadiness in simple words means – a strong foundation to rely on. Your business will never go down if it has the capability to overcome failure and this is only possible when it’s steady. Keep a company pool and save some funds there which you can use during your bad days. Liquid cash gives you freedom to correct what went wrong without bothering your mind with stress, unwanted panic, and chaos.
2) Homework and preparation:
Accept it – Your business is not going to be profitable 24*7. It will face loss and setbacks. Ups and downs are part of business. Prepare for the best but be ready for the worst. Always do proper homework of what happens if something doesn’t work out as planned. Keep a plan B ready, keep a plan C as well if needed. This will help you to capitalize on what you have after something goes wrong. The setback will be strong but you will be much stronger.
3) Decision-Making Skills:
Develop a right decision-making skill. History has shown that at time loss occurs due to wrong decisions are taken in illusions of ego or incomplete knowledge. Vinay Khosla lost a deal to buy Google for few million dollars. Things would have been different if he was the current owner of Google. Yahoo never agreed to sell themselves even when they had the best deal in the market. Today Yahoo is trending downwards. Right decision-making skill will not give you desired results always but you will rise sooner or later for better.
Understand them, they are the most beautiful species designed by nature. Network with them, they are your clients, employees, family and even competitors. They are the ones who will challenge you with tasks and they are the only one who will get you out of the mess. Maintain a proper channel of networking with right people for right suggestions and right knowledge. Your happy clients will get you more clients and happy employees will help you with hassle free recruitments when needed. They will do word of mouth publicity for you during your tough times when advertising budget will not be in your range. They are part of you because they know how it feels to fail. Join hands with right people to reap right results and you are in the game.
You will have to be persistent with the mentioned skills. This is all you need, rest all is interconnected. Proper knowledge will be due to right decision-making skills of you learning something. Cash flow is a part of managing liquid cash and maintaining steadiness. Taking notes and maintain creativity and innovation is part of homework and preparation. You need a never give up attitude but that is only possible when you have right skills. Wrong and incomplete knowledge will never develop your never give up attitude. It will break you to the core so that you never rise again.
May you rise and keep rising!