Use these tips to sustain your entrepreneurial journey

Use these tips to sustain your entrepreneurial journey

Friday October 27, 2017,

3 min Read

Sustenance - the second phase of your entrepreneurial journey is also its most crucial. The initial phase may tie you up in a limbo - caught between a promising start and an ever changing future. At this juncture, early success may make you light-headed and myopic. So pay good heed to these pointers as they will help you make a smooth transition from entrepreneurial childhood to its teenage.

Image: Shutterstock

Image: Shutterstock

Know when and where to seek guidance

By now you may have garnered friends, foes and mentors too. And as time presses on, you will feel the need to turn to either one of them for support, motivation and guidance. Choose these people carefully. If you slip in making the right choice, a bad day will turn into a nightmare if the shoulders you seek are either too soft or too strong or simply a bed of thorns.

Stay abreast of your financial situation

By now you would have struck a friendship with numbers. If you haven't then you are still languishing in the dark dungeons of initial uncertainty. As a serious entrepreneur you cannot let numbers scare you or dodge details like expenses and savings. Sure, you can hire experts who will share the load, but make sure to check in on their work and keep yourself abreast of the goings-on.

Know the difference between thoughtless and calculated risks

If you have come to the point where your startup has taken off and now it's a question of sustaining the leap, chances are you know the difference between thoughtless and thought-through risks. By now you are expected to know that risks are a part of the job but naivety isn't. The knowledge of this difference will come in most handy when you have to take crucial decisions around subjects like expansion, hiring and innovation.

Be emotionally secure

Ups and downs at work make their presence felt directly in one's personal lives. Simply put, everyone is working towards the ups and avoiding the downs. This simple dream, however, has been complicated beyond measure. Yet, it is far from a fact.

An entrepreneur must have a hold over their emotions by choice and not by chance. They must know that to be emotionally secure they need to invest in themselves whole-heartedly. And when they do so, their emotions will not be easily swayed or governed by the flimsy facade of subjectivity. They will instead be thoroughly objective and scientific - traits that will help them maintain their balance during their journey.

Stay updated on technological and economic trends

The thing with trends is they tend to change, ever so often. Therefore it's extremely important for entrepreneurs to match their pace with the morphing trends of the economic and technological landscape. As a task, it will never cease to be exhausting and you will indeed find it difficult to keep up with the nation's temperamental laws. The key therefore, is to keep things as simple as possible and hire whenever the task becomes overwhelming.

Read Also: Signs that you should quit your job to pursue your entrepreneurial journey