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The difference between successful people and the don’t we never hear about again is that the former kept going and the latter gave up.
I have failed many times in my life but as my mum would say in our native Igbo language: failure is not the opposite of success, it’s a stepping stone to success. So at some point, I learned not to dread failure, instead picking up the positives and finding out how I failed and corrected them.
Being an entrepreneur can be a joy or a burden, you are responsible for tough decisions and when things are tough, it can be hard to stay in the game. It is not easy to be your own boss, so learning to thrive and grow in difficult situations is essential to your success
Here are 5 tips on how to overcome tough times and succeed as an entrepreneur:
ADOPT A FORWARD-THINKING ATTITUDE AND HAVE A ROAD MAP FOR THE FUTURE
Before you plan out your business, start with a vision, write the vision down and use it as a map to create your business plan because it will give you clarity.
Think ahead, what outcomes do you want for your business? Where would you like the company to be in the coming months or year?. The vision could be large or small as you want it but making it workable and achievable is the important thing.
MANAGE CASH FLOW EFFICIENTLY
Without consistent cash flow, your business will eventually dry up and die. You need to have money coming in or you run into debt.
Have a cash flow forecast so you know what money is coming in or out, use the forecast to project likely sales and expenditures so you know how much you are likely to get in your bank account.
BE RESPECTFUL TOWARD OTHERS
Respect is the universal currency accepted everywhere. Treat others with respect and you will always be wealthy because your community (customers/consumers) is your real currency. Always keep your customers at the heart of your business.
BUILD SELF AWARENESS
Every leader faces constant struggles but problem arise when fear and self-doubt take over. To prevent that from happening, be mindful of your emotional state. If you really pay attention to your fears and deal with them, then you can be so much more effective.
BE READY TO REINVENT YOURSELF
Struggles are moments that demand change, so any good entrepreneur must be adaptable in order to persevere. You have to recognize that what led to success before may not lead to success in the near future (that is flexible with your decisions) and embrace the passion you have for work.