Being an entrepreneur can be exciting, but it’s also hard work, and there are plenty of potential pitfalls. Competition can be fierce, so if you are thinking of setting up your own business, you need to do as much as you can to help it survive and thrive.
One of the most important things to do is get as much reliable advice as possible about the world of start-ups, including how to create a business and what hurdles you may have to overcome. This research is important as a good business idea is not usually enough to maintain and grow a business; knowledge is vital. Part of this knowledge is knowing about the factors to consider that can help you to succeed.
Be prepared for the worst
This may sound like a defeatist attitude, but that is not the case. Accepting that your start-up may face several crises, and planning how to manage them, means that you are prepared for bad times. No start-up experiences a totally smooth run to success, so this level of preparation is important. You also need to have an effective risk management plan in place. This is different from crisis management as it deals with identifying and trying to avoid risks rather than considering how to deal with a crisis when it happens.
Get the team onside
If you have not got the support of your employees it’s going to be difficult for your business to survive, especially if the performance of the business starts to dip. At times like this it’s important that everyone pulls together, to turn the situation around. Remember to always recognise the contributions of every team member, and to encourage a sense of belonging in everyone.
Do not be afraid to change course
Many businesses do not end up being exactly as was originally planned; they may make a change to their service, or change their product line, for instance. If your start-up is failing, take time to sit back and consider what is and is not working. It’s better to make considered changes than to stick rigidly to your original plans and end up with no business.
Be a resilient leader
If things start to go wrong with your business, employees will look to you to take the lead. This is why you need to develop the ability to be resilient as a leader. If you need to step back from the problem, and gather your thoughts for a few hours, do so. This can help you remain calm which encourages everyone else to stay panic free. This helps you to stand the best chance of turning things around.
Consider joining forces
One of the best ways to strengthen your start-up is to not go it alone. If you choose to partner with someone you have another set of eyes and ears, and another brain, to help when there are problems. You can also choose a partner whose strengths make up for your weaknesses, and vice versa. This means that together you are a strong force.
No start-up is immune to problems. However, you can give your start-up a better chance of survival by paying attention to factors that can make the business more resilient at difficult times.