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It is not unlikely that entrepreneurs will face challenges frequently in their businesses. ADEMOLA ALAWIYE highlights how the problems can be overcome.
As a business owner, crises or
difficulties are things that spring up during the life cycle of the
business. The way out, according to experts, is learning how to come out
on the other side stronger and wiser for the experience.
The Managing Director, Daphil Solutions,
Mrs. Adaeze Nwankwo, says every entrepreneur will have to go through
trying periods in their lives. “Coming out of your problems and moving
ahead is what makes you a good entrepreneur,” she adds.
Experts highlight some of the steps that can be taken to overcome challenges:
Be patient with yourself
Changes, setbacks and uncertainties are
scary. Experts say when changes or difficult times shake up things
around you, you need to hold steady. Success comes from a cool-headed
thinking, clear focus and well-aimed action. Adopt a positive, can-do
attitude concerning the challenges you face. Behaviours are very
contagious, both positive and negative. If you can stay upbeat, so will
the people around you.
Nwankwo says, “A lot of today’s problems
are actually caused by yesterday’s solutions. Using the same old tools,
techniques and thinking patterns won’t cut it. What got you here today
will not likely get you where you want to go in the future.”
Recover quickly
Resistance to change is a dead-end
street. Organisations want people who adapt fast, not those who resist.
Quickly align yourself and your team with new needs and realities.
According to experts, take personal responsibility for figuring out the
top priorities, and then point yourself in that direction.
Operate with a strong sense of urgency;
emphasise action. Don’t get bogged down in endless preparation trying to
get things perfect before you make a move. Figure out for yourself what
is needed and move toward it. Put yourself in charge of problem solving
and enlist the support of those around you to come up with solutions.
As the leader, don’t feel you have to have all the answers.
Notice the opportunities
Opportunity often comes disguised as
trouble and problems. The way you think – the way you frame the
situation – heavily influences your ability to deal with tough problems,
according to experts. Look beyond the bleakness of the moment and
envision a brighter tomorrow. Think in terms of possibilities rather
than limits. Open yourself up to the possibility of growing through the
challenges and know that you will be better for going through the
challenges.
Commit fully
Anticipate that more is going to be
expected of you. There’s no room now for those who only give
half-hearted efforts. If you commit rapidly when your organisation
changes you, you can’t should probably quit. Commit completely to what
you are involved in, be it your relationships, your business, work or
career and your personal growth. Whatever it is, be committed to it
without reservation.
Believe and trust in your ability
Experts say you must believe and trust
in your ability to overcome whatever problems come your way. That’s the
key to getting through any crisis. Seek counsel from someone you trust,
preferably someone in an industry like yours who has built his or her
business from the ground up. Chances are, he or she will have
encountered and overcome the exact problem you face.
Evaluate the situation
The Deputy Manager, Detalix Investment
Company Limited, Mr. Tolu Adediran, says entrepreneurs must evaluate
every situation and determine if it will have a negative impact on cash
flow or cash reserves.
He says, “If you find that you will be
short of cash to meet payroll and other financial obligations, look for
ways to reduce your everyday expenses. If your cash is seriously
affected, consider temporary layoffs of nonessential employees.”
Relax and unwind
Take a drive to a movie or steal away
for a short nap. Getting your mind off your worries, if only for an
hour, will allow you to come back to the problem and attack it with a
clear head.
Create affirmations
According to experts, an affirmation is a
positive statement that you say frequently with feeling and conviction.
It programmes your subconscious to align with your intention and make
it happen. Create an affirmation to boost your confidence, one to
manifest your ideal clients, and more if you like. Then, say them out
loud, with feeling, frequently.
Get help
Often all you’re missing is business or
marketing know-how. A business mentor or coach can look at your business
through the lens of all their knowledge and experience, helping you to
re-strategise or even re-invent your business to insure your success.
This kind of help always pays for itself many times over.
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