How to Manage the Ups and Downs of Entrepreneurship in a Competitive Market

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Starting and growing your own business is like being on a rollercoaster – you can be sure there are going to be a lot of ups and downs. Entrepreneurship doesn’t come with safety rails, however, so how can you survive the ups and downs of starting your own business?

Business Optimizer takes a look at some of the best things a start-up entrepreneur can do to manage the ups and downs of entrepreneurship in a competitive market.

1# Do something you love

In those dark moments, when everything seems to be going wrong, it can be hard to maintain enthusiasm, focus, and momentum. But when your business is rooted in something you love, and in which you deeply believe, this can be the difference that gets you through those bad times.

2# Find a business mentor

The closest thing to safety rails an Entrepreneur can have is a business mentor. Writing in Forbes magazine, Goncalo de Vasconcelos says, “The right mentor will have an exceedingly positive impact on both the private life of an entrepreneur and the performance of the business.”

3# Choose to work with people for their values

Canadian entrepreneur and former Dragon on Canada’s Dragons’ Den, Bruce Croxon warns against hiring people who have the right technical skills but don’t share your values. He says, “Having a team of people who align with how you want to build an organization is critical for getting people to stand with you”.

4# Be realistic

Running a successful business requires you to be in it for the long-term; it’s a marathon, not a sprint. This means you need to be realistic about your own strengths, weaknesses, and achievements, says David Simnick, the budding entrepreneur who co-founded SoapBox Soaps. He argues, “If you let yourself get caught up in your own hype, you’ll exhaust yourself with all of the ups and downs”.

5# Believe in your dream

While a healthy dose of realism is important, self-belief is also vital for any entrepreneur. Emmy Nominated TV Producer and Founder of Accelerant Media Group, Brandon T Adams recommends, “Always work as if you are three feet from striking gold. You never know when you’re going to receive that next call or email that gets you that big deal, or what door is going to open for you. But, you’ll never have these opportunities if you choose to give up when the going gets tough”.

6#  Look after yourself – and your team

Let’s be honest, when you are working hard to get your new business off the ground it can sometimes be difficult to make time for your home, family and personal life. Being successful can’t come at the expense of this important work-life balance – having a strong and supportive home life and the ability to switch off when you need to is vital for your long-term success. Adrianna Huffington warns against the problem of burnout for new entrepreneurs.

7#Don’t give up

When you look after yourself, you can find the reserves of strength you need to drive your business long-term. Keep your eyes on the prize and don’t give up!

For more success tips, read Business Optimizer’s profile of entrepreneur Richard Branson, and his tips for success.