Overcoming the Challenges of Entrepreneurship

Thinc Strategy

July 23, 2018

Entrepreneurship was never meant to be an easy game. The path for creating and starting your own business can be a tricky move—and always a risky one. So, how do you withstand the difficulties and uncertainty entrepreneurship can bring?  

Believe in your vision
When it comes to going into business for yourself, you must be fully committed to the vision that you have for your business. Whether you are in the infancy stages of your business, or further along in the process, you have to believe that your ideas are valuable.

It sounds cliche, but if you don’t believe in your future success, then you won’t be able to convince your team, your investors or your customers. When obstacles and issues arise, you’ll need to be able to quickly dodge them and not stay bruised for too long. Believing in your original vision, what got you started in the first place, is essential to withstanding the pressures entrepreneurship innately brings.

Have valuable contacts
The value of networking and relationship building cannot be understated. Whether it’s networking with other entrepreneurs or having a mentor to guide and give advice, relationships matter. Those contacts are important at any stage in business, but when it comes to growing your business, having a solid bench of contacts helps you get ahead of the game.

In the midst of building a business, finding time to establish relationships can feel daunting, but it’s important. Creating the right relationships and contacts is key to making future connections in your field, for increasing investments and funds, and for having the right people to rely on for advice.

Never stop planning
Business planning isn’t something that has to be taught to entrepreneurs in the early seasons of business. When you are building a brand and striving to reach profitability, planning is a constant. But what happens to the planning element of business when profitability is achieved and growth seems to steadily increase?

The planning phase of business shouldn’t ever be a phase. Entrepreneurs must always be thinking about and planning for worst-case scenarios. The best entrepreneurs build teams to keep their organizations running and spend their time evaluating the market, analyzing competitors and finding new ways to differentiate themselves.

Remain confident
Leading a business is difficult, and the unexpected challenges in the market and in your workforce can feel exhausting. The key is to maintain confidence in yourself and your employees, even in those moments of difficulty. Remind yourself that are able to withstand challenges, to keep your business afloat and to succeed.

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“Thinc Strategy understands how to match culture with goals.  We tried acquiring companies on our own.  We had limited time and expertise to successfully move through all of the stages in the process.  We brought Thinc in to assist us and later realized, we need to let them guide our efforts.  Three transactions later, we are more valuable, more profitable and still growing.”

“Several years ago, Thinc Strategy sold my company for me – handling every aspect from preparing a list for me to accomplish three years before the sale to handling all the issues after the sale. My broker informed me that it was the best deal he had ever seen, all due to Cindy’s expertise, critical thinking, and superb negotiating skills. I welcome the opportunity to talk to anyone that would like to learn more about Thinc Strategy and Cindy’s remarkable abilities.“

“It is so nice to have an advisor that has my company’s best interest in mind. Thinc doesn’t try to “sell” us on anything.  Thinc elevates the conversation.  They are an integral part of our leadership team.”

“The achievements of an organization are the results of the combined effort of each individual.”  Vince Lombardi

“You don’t have to hold a position in order to be a leader.”  Henry Ford

“What you do has far greater impact than what you say.”  Steven Covey

“It’s fine to celebrate success but it is more important to heed the lessons of failure.”  Bill Gates

“Outstanding leaders go out of the way to boost self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.”  Sam Walton

“Leadership is a matter of having people look at you and gain confidence, seeing how you react.  If you’re in control, they’re in control.”  Tom Landry

“Never make decisions based on money alone.”  Cindy Anderson