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by black companies
January 8, 2024
Are you a growing entrepreneur? Learn how and why to become more resilient in this article.
First publication date: May 13, 2013
As the CEO and co-founder of a growing company, I learned that many entrepreneurs face similar challenges, such as raising capital and building business relationships. We also learned the hard way while building Voices.com that there is no way around these challenges.
If someone had told me early on that I would be challenged in these areas, I would have been able to see these issues not as problems, but as tests to make the company stronger. To help others on their entrepreneurial journey, I wanted to offer some experienced advice from two of his challenges I faced and how I overcame them.
Overcoming economic challenges
Money is the biggest challenge you face as an entrepreneur because you often depend on it more than anything else. Your own name, debt, and general financial position are tied to your startup’s name, debt, and general financial position. This also applies to those with a stake in your company, and the scale of the challenge is even greater.
From your first pitch to 10 years later (when you need to make money and figure out what to do with it), you have to make tough choices every day. It may get easier later on, but ultimately you have to make choices: start or raise venture capital, hire or pass on a candidate, give a raise or sign a new contract. there is.
What helped me get through this situation was having a game plan. I’m a great planner and always had a roadmap of where I wanted to go. My first strategic plan started on the back of a napkin and has since evolved into a living document that I update regularly. Having clarity on this has helped businesses stay focused and sometimes recover over the years. This strategy has made it easier to say “no” to distractions and “yes” to opportunities that align with our mission, vision, and values.
Decide from the beginning how you’re going to fund your startup or next wave of growth, and what it will take to get there. Based on past experience, set guidelines for when to hire and when to pass new employees. The same principle applies to granting raises. Many of these situations can be overcome through documentation, or written practices for setting expectations and communicating.
Overcoming customer challenges
Once you bring your first product to market, you will begin to receive feedback from your customers. Expect both praise and criticism. Compliments are easy to deal with, so they should be done with gratitude and politeness. However, responding to criticism is a more sensitive issue.
Truly disruptive businesses face backlash from customers and entrenched providers alike, which can even lead to slander. However, from my perspective, the amount and intensity of feedback is a good indicator of how much innovation you are creating within your industry.
A good rule of thumb is to take all feedback seriously, but realize that not all feedback is valid. Consider your relationship with each source and whether that person is qualified to comment. One voice of concern is from an actual customer. Criticism from people who don’t do business with you is different. Being able to differentiate between customers and critics helps you determine who needs a response and who doesn’t.
I would like to personally thank the people who complimented me by sending them emails or calling them. By doing so, you will gain lifelong customers and an advocate who may be forced to stand up for you during difficult times.
To avoid criticism, you need to treat it with the same sensitivity. I feel that it is my responsibility as a manager to connect with people one-on-one as much as possible to clarify misinformation. This may mean answering phone calls or responding to emails. In some cases, you may even find it reasonable to enter the fray via social to clarify the situation. Now you need to consider whether you’re answering to a customer or a critic.
There have been several times when neglecting to make this distinction has backfired and turned a small problem into a much larger problem. Now that you have a customer vs. critic filter, it’s easier to decide whether to engage or not. If they are a customer: Yes. If they are critics: No. With this filter in place, you won’t fall into the trap unknowingly. Be careful because critics will dig holes to get you down. Remember, there is a time to speak and a time to be silent.
be resilient
It turns out that resilience is something that can only be learned by testing it for what it is: the ability to overcome delicate and complex problems. If you can push through the pain, even if it seems counterproductive and sometimes uncomfortable, you will come through it stronger.
Overcoming obstacles requires perseverance, courage, and the belief that what you are doing really matters. Is your business, idea, and vision worth fighting for? If so, you need resilience. With each challenge you overcome, you find new ways to turn what some might consider a mess into a masterpiece.
Related content: 3 ways to achieve your New Year’s financial resolutions in just 30 days
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