In most parts of the world, it is estimated that about 80 % of emerging (small) businesses will fail in their first year of operation. Only those that have the ability to weather the tough times have any chances of being in the 20 % that survive the first year. I used to cringe when faced with tough times in any business that I was involved in. Lately though I have learned to be strong, and I say to myself that as long as the sun will rise tomorrow, I will have an opportunity to address my challenges and as long as I have done what it takes to create new opportunities for my business, a situation will soon arise that will help me through the tough times. In other words do not QUIT. Keep pushing your business agenda, if you do not, someone else will and eventually make a success of it.
Have you ever noticed that some people confront tough times head-on and continue to pursue their goals? Quitting is not an option for them. They get up the morning after, wipe the dust off yesterday’s clothes, dress up for battle and walk straight out the door to continue fighting the good fight. These tough-timers share common characteristics that serve as an example for the rest of us. These characteristics are:
Tackle your problems head-on. Success is derived from your willingness to face adversity head-on. Start every day by tackling the hard issues first and never procrastinate.
Narrow your focus. In tough times you need narrow your business focus and get rid of aspects in your business that are more about effort than about returns. This is a hard thing to do, as you may have become attached to certain aspects of your business.
Be in control.
View your challenges from a position of control. You need to understand life in terms of things that you control and things you cannot control. Ask yourself, “What can I control in this situation?”. Do not sweat the stuff that you cannot control, as an example, if you export and the US$ gains significant value against all other currencies, you cannot control the fact that it has lost value, but you can change your business strategy (something you control) to selling locally.
Be creative. You need to always see a way out of difficulty. You need to be creative and to become more creative you must learn how to think out of the box. Approach the problem differently.
Persevere. You need to persist until they win. You need to know, inside, that there is a time limit on tough times. Every downturn in the economy or your particular industry is always followed by a an upturn.
Be cautiously optimistic. You have to be a positive thinker, but your optimism cuts deeper than happy thoughts. You have to have a deep belief in your right and ability to be a successful entrepreneur. This belief gains traction in positive behaviors.
Have a support group.
This should consist of people who are close to you that you can share ideas with and also, people who take joy in your success rather than those that have an “I told you so mentality). John Donne, a 17th century English poet and cleric wrote, “No man is an island, entire of itself; every man is a piece of the Continent, a part of the main …” Who is as strong individually as we are collectively? No one. You may be able to do it on your own, but why should you?
