You’re stressed. You’ve just got your startup up and running, and you may have found that you were not prepared with the rollercoaster of business. It is all too easy to have a mental breakdown when the markets change so frequently and suddenly.
You are not alone. There are many other passionate entrepreneurs in the marketplace who are also experiencing paralyzing upswings and downswings in their revenue and business value. In order to tackle this emotional rollercoaster head-on for your peace of mind, there are several stages that you must learn in order to understand how to best form your entrepreneurial approach.
Positive Outlook Without Knowledge
When you are first starting a business, it’s easy to get a rush of adrenaline and want to take care of everything at once. Whether you are utilizing capital, a loan, or your personal money, however, you must exercise caution at this stage. Do not make any large financial decisions in this stage without conducting thorough research. Although you may look for talent to include in your startup at this stage, save finalized hiring decisions until after you have performed your due diligence.
Suggested action items:
- Conducting interviews
- Recruiting talent
- Networking
- Conversing with investors
Negative Outlook with Some Knowledge
The butterflies are over. Now you have started to see where your startup might fail. You are likely anxious and exercising extreme caution in each step that you are taking. This stage follows careful research, and you have the knowledge that it takes to move your new business to the next step. However, during this stage, you should not be conducting interviews and still should wait on hiring the talent that you have recruited.
Suggested action items:
- Planning your growth strategies
- Planning your budget
- Research and buying marketing assets
Repercussions of Knowledge
This is by far one of the most critical stages of your business. The panic that has been building since stage two is likely at full capacity right now, and you feel as though you cannot make any decisions for the health of your company. You are intensely worried about making the wrong move—you may even be depressed about possible outcomes. However, you should not swing towards the opposite end and put your business’s future on the line with a huge change. Keep it small.
Suggested action items:
- Surround yourself with positive thinkers
- Avoid accumulating more knowledge
- Ask for help
- Complete small business tasks that will keep you busy
Possibility #1: Business Fails
If you have not completed stage three properly, your startup will fail. Either you have spent too much money and forced the company into bankruptcy, or you have given up on your dream. Unfortunately, there are no further actions that you can take to pull your startup from the rut.
Possibility #2: Business Moves Forward
If you have properly completed stage three, you are now back on the upswing. After taking care of tasks that you were previously unprepared for or otherwise paralyzed towards, you feel as though your startup is starting to see the light of day. Your newfound experience and knowledge will guide your business towards success. Be sure to stay humble from this entrepreneurial rollercoaster, and you will stay on this path.
Suggested action items:
- Organize your responsibilities
- Manage your staff members
- Hire new talent
- Plan for further growth
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