Thursday, April 11, 2013

Staying the course

Life can be challenging for an entrepreneur. The inherent risks of running the venture are high and thus each
day presents their own challenges. The risks are there as the number of people that can do a job is limited, the money available on hand is limited, the number of customers you have is limited and vendors do not give you attention as you are small. Any one of these can change every day and you will notice that you have ups and downs in quick succession - just like you are going on a roller coaster. This can play with the mind of the entrepreneur in a very significant way.

The important thing is to keep evaluating your position with respect to your employees, customers, suppliers and money flow as often as possible and take actions accordingly. There are days when it would seem impossible to manage all of this and you feel like throwing in the towel wondering if it is all worth it. It is at this time you have to go back to your vision and believe completely in your vision and then stay the course to reach that vision. That is where it is very important to have a vision as an entrepreneur.

Forming a vision is like dreaming and can cover

  • What kind of an organization you want to create - its values, beliefs?
  • What kind of work do you want to do in case of services? 
  • What kind of a product do you want to build in terms of a product?
  • Understand who are your best customers, suppliers and employees - figure out how you are going to work with them in the future to grow your business and organization?
Your vision should create assets (Read Post on Assets and Branding) - assets can be in the form of a very good customer list, a fantastic set of employees, suppliers who answer your call on the first ring :) and products or services that more and more customers want. If you have this vision and you feel you are moving towards it then it is a lot more easier to stay the course and reap the rewards in time.

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