Taking the risk of starting a business but getting an underwhelming outcome can be hugely demoralizing. However, it is important to realize that perseverance is the key quality to any successful business person. If you’ve reached a point in your entrepreneurial endeavor where you feel like giving up, here are a few rational questions to ask yourself.
Have you made any progress?
Progress is not measured in profit or revenue only. You can measure progress in terms of your users, churn and overall cost-efficiency. If you thought your project through, you might have set yourself a few business goals. Did you manage to get 100 new customers in the last 6 months, or 1000 new users? Have you actually reached any closer to your goals? The benchmarks you have set for your venture, and your success in reaching them, should give you a decent idea of your progress.
Are you passionate about your business?
Passion just on its own is insufficient for success, but it is also what will give you an edge over other entrepreneurs in your industry. Passion will help you overcome the downs and the losses so you can bounce back with a renewed vision. Without passion, however, you are likely to fail or just fall short in the long-run. If you are not actually getting pleasure or at least satisfaction out of the work you’re doing, it may be time to try something new.
Have you developed a small but loyal customer base?
Remember: even Facebook started small, focusing exclusively on Harvard students. After a few months of selling your product, you must make sure you’ve gotten at least small group of people to love your product. Satisfied customers tend to return to your business again and again, and even help refer you to others. If your customers are raving about your product, they might be able to pull you through your losses. If your customers are recommending you to others, the word-of-mouth marketing you acquire will be crucial to your standing in your industry. If this doesn’t happen to be the case, however, you might want to rethink your decisions.
Are you going into bankruptcy?
It isn’t unusual for businesses to go into debt. Although it is best to avoid any such situation, there are times when debt is inevitable and eventually pays off. If you receive a large order and decide to take on a loan to meet the demand, it makes perfect sense to take on some debt. But, if you feel the business has been slow and not been giving enough outcome to help pay you back, it’s time to get alarmed.
Do you have what it takes?
This is a question that can’t be answered with a statistic or a measure of profits. After spending a decent amount of time in your industry, you should be able to evaluate your skills relative to your competitors; you strengths, your weaknesses, and the edge you have over your rivals. If you don’t have all the skills required of you, can you build a team that does? If you do not have the right connections and networks, can you hustle to have the doors opened for yourself? Most importantly, do you have the consistency to make it through? Even if you are intelligent and have the right product, you aren’t guaranteed an easy ride, and it might still take years of struggling to succeed.
Feel free to join my Facebook group Groomed for Excellency Tribe to connect with other working professional who desire to start their faith based business and get encouragement to keep going!
Until next time, continue to take steps of excellency and you will leave behind a trail of greatness.
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