Overcome Business-related Adversity
Ask any entrepreneur who has achieved any measure of success if they have encountered business-related adversity during their journey, and the answer will always be yes.
There is no success without encountering hardship. Every business has its ups and downs, and as entrepreneurs, we need to realize that it’s normal for businesses to run hot and cold.
So how can we prepare ourselves for the adversity that we will encounter when starting a new business? Perhaps even more important, how do we build up our resilience so that we can bounce back from setbacks? Here, I will share a story from a friend.
When I started my custom label printing company, which also offers custom decals, T-shirt printing, custom signs, and other branding and marketing solutions to businesses nationwide, my main focus was getting out of my day job.
I couldn’t take working another day for a boss looking over my shoulder. Unfortunately, though, I wasn’t fully prepared for the grind that it would take to build my business into a successful one.
Having experienced that grind now, I’m happy to share what I’ve learned so that it might be a bit easier for you.There is no success without encountering hardship. Every business has its ups and downs, and as entrepreneurs, we need to realize that it's normal for businesses to run hot and cold. #biztips Click To Tweet
Preparing to Launch a New Business
The first suggestion I would make is that doing research is imperative to overcome business-related adversity. The reason for this is because you need to make sure that your business fills a niche. Is there a demand for the product or service that you will be offering?
There are many ways to do this type of research, but it’s easier now that we have the Internet. When I started my business, the Internet was in its infancy, so it didn’t help me much.
But now, so much can be done online. Research competitors and see what they are offering and at what prices. The goal is to find something that no one else is doing well or offering something at an affordable, reasonable rate. What you are looking for is a hole that your new business can fill.
If you’ve done your research properly, you’ll find that niche that you feel comfortable working in. It will be a niche that is underserved. If you can fill that niche with professionalism, you will succeed. But that’s not all you’ll need.The goal is to find something that no one else is doing well or offering something at an affordable, reasonable rate. #businesstips Click To Tweet
Prepare Funding to Get Through the First Year in Business
My suggestion is to keep overhead low. Try to work from home at first if possible. By keeping your expenses low, the risk is smaller, and you can start bringing profits in relatively quickly.
Regardless, I always suggest that new entrepreneurs have enough savings to get them through the first year of their new business regardless of whether they are bringing in profit or not. This will save your sanity.
Why? Because Murphy’s Law will set in with any new business. Whatever can go wrong will go wrong. Which brings us to our next topic…
Planning the Business go Overcome Business-related Adversity
Planning ahead of time is extremely important. Not only do you need to find the correct niche, but you need to plan everything from where you are going to work to the hours you are going to work, to the customers you’re going to serve.
Basically, anything you can think of that you might experience in your new business must be planned ahead of time. If you want to succeed with your business, you can’t fly by the seat of your pants.
Testing a New Business
Commonly, entrepreneurs with a new business idea are extremely optimistic and believe it will be a hit regardless of what the rest of the world thinks.
It’s better to be realistic and test your idea first before diving into a pool if you don’t know how to swim. Talk to people about your business idea.
Listen to suggestions as you formulate your plan. If you can, ask prospective customers what they think of your ideas, and listen to their suggestions.It's better to be realistic and test your idea first before diving into a pool if you don't know how to swim. #biztips Click To Tweet
Prepare for the Worst to Overcome Business-related Adversity
As I’ve said before, whatever can go wrong will go wrong so realizing that before you start can be a tremendous asset.
Surround yourself with people who can advise you. Do this even if that means hiring someone and paying them for their advice.
People who have been through what you are about to go through are invaluable. This is because it will save you a tremendous amount of time by following their advice, and a tremendous amount of stress.
The reason to avoid stress is because if you get sick, you can’t work. Simple enough don’t you think? But you’d be surprised how many people think they can do it all themselves, take it on their shoulders and let it overwhelm them. Don’t be afraid to outsource some tasks!
That’s what happened to me when I created my music and film multimedia project, X : The Human Condition. I wanted to inspire people worldwide with the message, “you are not alone”.
I self-funded the project after everyone I approached in the entertainment industry told me it was impossible. 12 years later, it was completed.
But during that time, I nearly went bankrupt, became seriously ill and almost lost my vision permanently.
Needless to say, I couldn’t work for a while, which set me back. I was able to build up the business again, and now am much more successful than before the project was launched.
X : The Human Condition is now featured on Amazon prime video worldwide. I’m also healthier because I was able to overcome my health issues, and now instead of eating junk food, I pay attention to my diet and nutrition every single day.
I’ve become a fanatical health nut, because of the adversity I experience.
Building Resilience by Doing
I’m sharing my story with you because I want to hammer home the point that things will go wrong, and you will have to carry that burden while carrying on.
It’s not easy, but each set back will strengthen you. Every time you fail, you will learn, and if you’re smart, you won’t repeat the same mistakes. So if your current business fails, try something else.
You can only build resilience by experiencing adversity and overcoming it, time and time again.
My motto is “Never think of adversity as your enemy, think of it as your ally.”
After I recovered from near bankruptcy and nearly losing my vision permanently, I founded the nonprofit website, RiseUpEight.org to not only share my story of overcoming adversity but to share other peoples’ stories.
These stories not only include celebrities but normal everyday people from all over the world who are overcoming challenges in life.
This website came about organically because I wanted to inspire people to never give up.
So I speak from experience. I can honestly say that I wouldn’t be the person I am today if I didn’t go through all the adversity that I did, and everyone that has shared their story on our website agrees with that thought.
Indeed, adversity strengthens you and with each challenge conquered, your resilience grows. The skill of bouncing back from setbacks becomes stronger.
One should never run away from adversity but face it head-on. Otherwise, you won’t get the benefit of overcoming it and becoming stronger.
Running away from it is not the way to succeed. That’s the way to fail.One should never run away from adversity but face it head-on. Otherwise, you won't get the benefit of overcoming it and becoming stronger. #inspire Click To Tweet
Words of Wisdom
The best hockey player ever, Wayne Gretzky said, “You miss 100% of the shots you never take.” The great Winston Churchill said, “If you’re going through hell, keep going.”
These are words of wisdom to learn from. There will always be a higher mountain to climb. As entrepreneurs, once we climb one mountain, there is always another one to climb but is more difficult.
But you can always look back at the mountain that you have already conquered with the confidence that you can do so again. I hope this story inspires you. Next, you can read Lisa’s story about her first full year in business!
What are you doing to overcome business-related adversity? I’d love to know more in the comments below!