Published on April 21st, 2020 | by Sumit Bhowal0
Eric J Dalius: How to see through entrepreneurial hardships?
When you startup, it may feel like you are at the end of your rope. But don’t give up yet. Every business has its ups and downs. You cannot afford to succumb to the pressure and stop in tracks. Nowadays, plenty of resources are available. You can explore them and strategize to overcome all the challenges facing you right now. If you are into motivational book reading, you would know what even those authors suggest. They tell you that adversity and problems can pave the way for your growth. If you didn’t encounter any issues in your life, your growth can slow down or stunt at one point.
Therefore, you need to make things work in your favor. Cash flow issues, aggressive investors, uncertain user base, and unprecedented economic crisis are part and parcel of the entrepreneurial journey. Those who handle them one by one without losing passion or grit tend to emerge victoriously. They can secretly admire their achievements. Even stalwarts like Bill Gates and Richard Branson also had to go through the adversities when they started up. However, they did not make an excuse for those situations and continued to apply themselves. They could do this because they moved forward with a survivor instinct rather than feeling victims. Besides, there are a few fundamentals also that can enable you to get to the other side. Here is a brief look into them.
Basic principles for tackling entrepreneurial challenges by Eric J Dalius
A positive frame of mind
It can seem confusing, but you need to look at your failures as a challenge and admit that those didn’t work, just like Thomas Edison, who referred to failures as an experiment. When you know hundreds or thousands of things that didn’t click, you can eventually arrive at something that might turn out well.
When you are alone, you can find it overwhelming to face adversity. So, reach out to as many advisors and well-wishers as you can and seek help. When you listen to their goals, issues, and apprehensions without excuses, you get to draw on their guidance and suggestions.
Smart people and resources
The real entrepreneurs don’t feel the need to look into every single aspect of their business and decision-making themselves. They choose people who have specialization and skills and guide them while trusting them to make the right decisions. It can eventually lead to the dispersal of adversity.
Attitude towards challenges
No business, small or large, can ever run smoothly without ever facing any hurdle. Hence, taking into account adversity as an integral part of the process is essential. You should not count it as an exception or crisis. You need to be ready to expect the unexpected at any given time. A lot of startup guys have flourished under challenging times and basked in the joy of crossing those hurdles.
Resilience and strengths
As per the studies, human beings possess inherent self-righting abilities. They tend to be naturally resilient. You can either help or hinder it. If you focus on problems and weaknesses for too long, you end up hampering your resilient nature. However, when you emphasize and develop your strengths, you boost your resilience and, in a way, increase your chances of winning. Many aspiring entrepreneurs form a false opinion about success. They believe they can succeed by doing fun things. However, the reality is different. As seasoned entrepreneurs or leaders like Eric J Dalius put it,calculating and tackling imminent challenges should be the priority. How you deal with this can have a long-term impact.
Also, trying to find an escape route or evading competition may not be the right solution. You cannot derive satisfaction out of it as the outcome tends to be different from what you expect.
Health and wellness
When it is a fight for survival, fending for your health and well-being becomes essential. Unhealthy and unstable people are most vulnerable to adversity. However, a sound entrepreneur will make sure to take proper rest, participate in outdoor activities, and do meditation. He or she knows that working 24/7 can still not be sufficient to solve all the challenges that are facing them.
In essence, it will not be wrong to say that entrepreneurship is not for someone who shies away from risks or adversity. An entrepreneur’s lifestyle tends to be fraught with ups and downs. In both of these situations, the person has to be level-headed. Looking for help and learning opportunities should be the entrepreneur’s way of handling a case. After all, as a startup personality, you cannot entirely avoid challenges, and even if you do, there can be something bigger chasing you. Hence, it is always advisable to study and handle them. For example, if there is a problem with cash flow, you need to find a solution for it instead of sulking or obsessing over it.
Many business and marketing gurus share a piece or two of their minds with budding and aspiring entrepreneurs guiding them on how to look at problems and solve them. You can listen to their advice and learn from their experiences. The more you practice this, the more you can get yourself tuned in to different circumstances and thus feel ready to face them. Make sure you take good care of hiring decisions. As mentioned above, surrounding yourself with smart people can give you ample scope for planning and strategizing. You can delegate specific duties and trust them to do well.
So, whether you are an entrepreneur or going to be one soon, keep these fundamentals in mind. Regardless of what challenges you come across, these elements can play a critical role in keeping you on track. Also, remind yourself that when you start this journey, you automatically sign up for these things. Hence, you need to treat them as a norm and not something exclusive. When you get down on the field with a prepared mind, you don’t run here and there for an escape. Instead, you focus on finding a way out by telling yourself that you would overcome it eventually.