Entrepreneurship is not an easy journey. It is full of ups and downs. This becomes the real test of an entrepreneur. Tough times are not uncommon in this journey. One cannot avoid tough times. This is well described by Spencer Johnson in his book “Peaks & Valleys”. He referred peak as good time and valley as tough time. He even said what a person does while in valley makes him rise to peak. Mistakes he does on peak brings him down to valley. Same is the case with entrepreneurs.
Tough times will keep coming and one need to be ready for them and face when with guts. You cannot skip these situations. Here right planning and correct actions makes the difference. For an entrepreneur tough times come in various ways.
- Financial Crunch: This is a common type of issue, where in the expenses exceed revenue. This situation comes up in almost all types of businesses.
- Employee related issues: Employees are the backbones of all organisations. They are the real assets. At times issues emerge on this corner. The issues can be of various types. This can be due to high attrition rate, union issues, inefficiency etc. These are completely different from each other. These are sensitive in nature
- Legal issues: Legal issues keep appearing during the course of business. These are bit complicated matters to handle.
- Tax & compliance related issues: These issues are equally complicated to handle. Wrong handling can make the matters even worse.
- Low sale: Low sale is another matter of concern for entrepreneurs. This takes turn towards financial crunch.
Above mentioned points are just few to note. This list is endless. This makes a life of entrepreneur real tough. I suggest few points to make this situation little better.
- Planning for contingency: Most of the entrepreneurs fail to plan for contingency. This planning is required and is indispensable. Financial allocation for contingency need to start during good times. This can be the real saviour.
- Business Intelligence: One need to have business intelligence in place. This will help to identify the tough time before it approaches. This gives you the preparation time.
- Team Effort: You need to use your team to best during the crisis time. Take help and advice from them. Being front line staffs, they will be able to give you the best advice.
- Take advisory: At certain points, one need to take professional advice. This helps to sale through the tough time. The advice is priceless.
- Asking for help: One should not be shy to ask for help. One need to raise hand and ask for help.
- Being calm and composed: It is important to maintain calm and composed texture during the tough times. Many people take drastic steps during tough time. This is due to improper mindset. This further complicates the matter. Right mindset helps to overcome the situation in better way.
One should not get worried about the tough time. This will come and go. One need to be strong and ready to face the challenge.