Surviving the Startup Roller Coaster: Do Scream with Joy, Don't Lose Your Lunch

Sherry —The Biz Starter Author

Nov 11, 2023 |

Welcome aboard the thrilling adventure known as the startup roller coaster! 

Buckle up, hold on tight, and get ready for a wild ride through entrepreneurship's exhilarating highs and heart-stopping lows. 

In this blog, we're here to share valuable insights and survival tips for all the daring souls who have chosen to embark on this adrenaline-fueled journey.

Picture yourself hurtling through the twists and turns of the startup world, your stomach doing somersaults as you navigate uncertainty, setbacks, and unexpected challenges. It's a ride that tests your resilience, creativity, and determination at every corner. But fear not; I’m here to remind you that screaming with joy and excitement along the way is okay.

With any luck, you’ll explore the moments of triumph when your vision becomes a reality, and your hard work pays off, leaving you with an indescribable sense of elation. You’ll also question your sanity, where setbacks and failures threaten to shake your confidence and make you lose your lunch.

If you dream of running your own business and being in control, success requires careful planning, hard work, and time.

But don't let that intimidate you! With persistence and the right skills, you can succeed as an entrepreneur.

Here are some common obstacles that prevent people from taking the leap of getting on the rollercoaster and how you can overcome them.

⭕Afraid to Fail

Many people hesitate to start a business because they are afraid of failing. Then some already have a business and are afraid to try something different or not admit what they’re doing isn’t working.

What if all the effort you put into launching a business goes to waste?

Just remember, entrepreneurs aren't born overnight. The first step towards success is to learn the essential skills that all business owners possess.

It's important to change your perspective on success. As an entrepreneur, try not to view failure as a negative outcome. Instead, consider it a valuable learning experience. They move on to the next idea, armed with the lessons they've learned, making their future endeavors even stronger. Adopting this mindset will ensure you never truly fail.

⭕Don’t Treat Your Business Like a Hobby

You have passion and love for your business idea, but it must also be practical.

For example, you might have an idea that sounds fun, but it won't be profitable if there's no market demand. Before investing resources and energy, ensure your ideas have potential. Additionally, treat your business seriously and commit to it rather than treating it as a casual pastime. Even if you are only working in your business part-time, unlike a hobby, you can't give up when things get tough. Running a business requires dedication and persistence.

⭕Imposter Syndrome

Feeling unqualified often holds us back from pursuing our entrepreneurial dreams. You might think you lack the necessary education, experience, or certifications.

However, countless entrepreneurs have risen from humble beginnings to become successful business leaders. All you truly need is motivation, drive, and a set of skills to get started. You'll learn and acquire the rest along the way.

You might be held back by the familiarity and safety of your current situation. It's natural to prefer staying within our comfort zones rather than taking risks. However, entrepreneurs need to be willing to step out of their comfort zones and embrace experimentation. Once you take those initial steps, putting yourself out there becomes easier.

⭕Lack of Financial Resources

While some entrepreneurs have started from nothing, it's more common to see successful business leaders who benefited from substantial financial resources or being born into wealth. So, how can you start a business without such advantages?

Today, starting a business requires minimal capital. What matters more are your skills and available resources. Build a professional network, explore the tools at your disposal, and focus on learning essential entrepreneurial skills. Dedication and hard work will take you further than any amount of capital. Every two weeks, in my Biz Starter newsletter, I share ways entrepreneurs can acquire money for their businesses.

📌Here are five things you 'Should' Do

To improve your entrepreneurial skills, you can leverage five key resources.

🌀Find Your Support Community

Firstly, having a successful mentor or hiring a business coach can provide you with valuable insights and feedback based on your own experience, helping you navigate the entrepreneurial journey more effectively. Additionally, joining online communities of like-minded entrepreneurs allows you to connect with individuals who are further along in their journey, providing you with a platform to learn, ask questions, and engage in conversations with experienced entrepreneurs.

🌀Perfect Your Tool Stack

Time management software is another essential resource

for entrepreneurs. By using tools such as to-do lists, goal setting, and project management software, you can effectively manage your tasks, stay organized, and ensure a healthy work-life balance.

🌀Be a Lifelong Learner

Staying updated with your field's latest information and trends is crucial for entrepreneurial success. Subscribing to trade journals and industry publications can help you develop key skills, expand your knowledge, and discover upcoming opportunities, networking events, courses, or webinars.

🌀Ted Talks Resources

TED Talks offer various accessible and easy-to-understand presentations covering various business skills. By listening to industry-specific talks and those outside your niche, you can gain valuable insights and knowledge to apply to your business. Most TED Talks are relatively short, typically ranging from a few minutes to 20 minutes. This makes them ideal for busy people who want to gain knowledge and inspiration in a short amount of time. You can watch a TED Talk during a break or as a quick learning session. After watching a talk, you can engage in discussions, share your thoughts, and connect with like-minded individuals through the TED website, social media platforms, or local TEDx events. This can lead to meaningful conversations and networking opportunities.

🌀Leverage Your Competitors

Surprisingly, your competitors can also be a valuable resource. By observing how they approach branding, engage their audience, and promote their products and services, you can identify gaps in your knowledge and find improvement areas. Leveraging competition can help you refine your strategies and stand out in the market.

In addition to these resources, it is important to familiarize yourself with the do's and don'ts of entrepreneurship to avoid common mistakes. Seeking a mentor, continuously seeking new ideas, building a network, staying true to your aspirations, monitoring your progress, embracing risk, understanding your finances, and paying attention to the big picture and the details are key to entrepreneurial success.

Ultimately, becoming a successful entrepreneur requires dedication and continuous learning. By leveraging these resources and adopting the right mindset, anyone can develop the necessary skills and thrive in the world of entrepreneurship.

Want to learn more about resources to help you become a successful entrepreneur? Head over to these entrepreneur resources.

Categories: : Entrepreneur Tips, Sales, Startup