For an entrepreneur, leading a start-up in the tech space, the road can be bumpy. The highs can bring enormous rewards but the inevitable low points can also provide food for thought. An opportunity to reassess your approach can simultaneously bring a business leader back to remembering the essence of their overall strategy.
Picture that challenge set in a context of fierce competition with a flux of constant daily challenges, an environment where the odds are against the success of the start-up. According to Bloomberg, a huge 8 out of 10 entrepreneurs starting new businesses fail in the first 18 months.
How can these businesses overcome pitfalls and what can they take out of the situation in order to continue growing?
Psychologists have reported that a negative experiences and feedback have a more profound and longer-lasting impact than good ones. It is important that leaders harness the potential to learn without succumbing to the negative effects of self-doubt and even despair, in an intense working climate.
The danger of a difficult situation is ensuring that leaders pick themselves back up. A thick skin and a cool head are both key to balancing the ability to adapt without a hasty response in the heat of the moment – all the while focusing on the final end goals.
Our experts share their techniques on how to maintain a clear mind essential for business survival in a world of tough business.
1. Think about the big picture
Don’t focus on the instances, a tough business situation should encourage you to realign your core values and business goals.
Scott Rummler, ESPforME
2. Reflect on the positives
New businesses have plenty of highs and lows. Don’t dwell on the negative experiences, remember there are good times too.
“I often use reflection when I need a morale pick me up. I often think back to where we were just a year or two ago. How we’ve progressed with regards to the client base, size of jobs, complexity and market share. It’s all too easy to just focus on the latest mishap and beat yourself over it. Reflecting on all the great things we’ve achieved is crucial.”
Jordan Wills, Cloud9 Smarthome
3. Regain focus
An alternative activity that will take your mind away from the moment will let you regenerate and realize your priorities.
“Whenever I’m hit with a set-back or reeling from a tough situation I often go back go back to working on something important to the business that will lift my spirits, for example, responding to feedback, fixing bugs or rolling out a quick new feature that’s been asked for. I find this really helps to regain focus and get back to working on what’s important.”
James Mundy, Foundbite
4. Don’t be afraid to ask for help
Not all problems can be solved internally; sometimes you need to make the most of available resources further afield.
“Keep in mind that it’s okay to ask for help. If you know someone can help you move forward, then you owe to yourself, your business, and your employees to seek that help.”
Rasheen Carbin, nsphire.com
5. Accept it
In the end everybody has hurdles, the key is to accept it and move on to the next.
“Everybody fails. Don’t dwell on it, it doesn’t matter. If you don’t fall down you’re not going fast enough. Fail 7 times. Stand up 8. The biggest key is to remember that we succeed because of our failures.”
Chris Stormer, Joybird