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Starting a new business from scratch can be a thrilling process. Choosing your first workplace, narrowing down your business model, and defining a clear plan of action are all common and exciting experiences that entrepreneurs go through. But even these first steps can present challenges that must be overcome.
My first startup was an internet company I co-founded in late 1999 called Joyo.com. This was in the early days when the internet was still very young and full of undiscovered potential. During Joyo’s first three months, there were many heated discussions within my team as we struggled to agree on what we wanted our startup to achieve. At that time, there were so many possibilities in the Internet space, from e-commerce and web portals to travel sites and games. , it was difficult to determine the best course of action.
In moments like these, founders need to trust in their ability to make and follow through with difficult decisions. This kind of unwavering resilience helps guide entrepreneurs through the early stages of their company. So I decided to build his Joyo.com as his first B2C e-commerce platform in China at the end of February 2000. Joyo became the largest such site in China at the time and was acquired by Amazon in 2004 and rebranded as Amazon China.
Related: How to break into the US social commerce market through Millennials and Gen Z
My second business, DHgate, was an even tougher challenge. As China’s first B2B e-commerce platform, it was very difficult to prove our business model and attract investment. When I almost ran out of money just before starting my business in 2004, I realized how cruel and ruthless the business world can be. An investor who had signed a contract to fund us suddenly reneged on his promise at the 11th hour. I had to rely on my own savings to pay the remaining employees at DHgate, and I didn’t know if that week would be my last.
Since we didn’t have enough funds, we vacated our office and moved to a 20 square meter conference room next to the toilet at a friend’s company. My office chair was broken, but my hope was strong. I was able to find ways to stay focused on the positive and the possibilities. Most importantly, I looked within for strength and confidence in my business.
Besides lack of funds, the biggest problem we faced in the early days was that no one believed in us. This was in his mid-2000s, when traditional trade was still booming. No one believed that the entire complex process of international trade could be accomplished online. Validating a business model was like running a marathon; it was a long and difficult ordeal.
Most entrepreneurs experience make-or-break moments like this. Emotionally, the early stages can be the most difficult time in building a company. But we persevered and today, DHgate is one of the world’s leading B2B cross-border e-commerce platforms.
Related: Core Values: What they are, why they matter, and how to practice them today.
The hardest challenges bring the greatest rewards
Keeping a young company afloat is a daily struggle. Challenges and obstacles come from all directions. In particular, you may have to deal with limited access to capital, undervalued and oversized teams, lack of market awareness in a possibly overcrowded market, and lack of public understanding of your business and technology. factor.
Our staff and investors all have high expectations, so we need to set high standards for ourselves as well. Maintaining high motivation and energy at the office is always a challenge, especially when everyone knows you’re feeling exhausted and anxious. This can build up an incredible amount of pressure and stress on the shoulders of founders who already battle self-doubt every day.
But running your own business can also be incredibly rewarding. An entrepreneur’s journey always has its ups and downs. If you can find the right path and overcome obstacles, you can achieve what no one has achieved before, and your efforts will be rewarded hundreds of times. These growing pains are also worth it for your own personal growth.
Related: 8 Biggest Challenges for New Entrepreneurs
Strong founders who survive the early stages of entrepreneurship tend to have certain key characteristics. A new founder may benefit if he adheres to three important values or standards:
1. Speak to your heart and follow your passion
Your founding journey will be easier if you follow a dream that you are truly passionate about. As a bonus, you can make your team more passionate. When faced with difficult decisions, consult your heart and ask for guidance. I’ve done this many times in my life to choose a path that stimulates my imagination and keeps me interested.
2. Be brave and try difficult things.
Listening to your heart will give you answers and clarity on your next move. So take action! If you start looking for opportunities, you will find them. It’s virtually unavoidable if you look carefully enough. As long as you know your goal, it doesn’t matter if you can’t see the path from the beginning. The important thing is to start walking down that path.
Related article: Top 5 reasons why entrepreneurship is difficult (and how to overcome them)
3. Be persistent
In the end, you will stumble in your path. Everyone is doing it. The important thing is to celebrate your mistakes, learn from them, and keep moving forward. Persistence simply requires that you keep trying every day to pursue your goals. It will be much easier if you listen to your heart and approach projects according to your passion, optimism, and confidence. It may sound like a cliché, but I believe that persistence with any goal can create magic, even if it isn’t magic at first.
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