How to Evade an Entrepreneurial Crisis – 10 Points to Remember

When you are planning to jump off the cliff with the intention to build a parachute on the way, crisis becomes inevitable during your journey. Your appetite for risk is bound to bring along a few pitfalls. But that is what entrepreneurship is all about and you got to plan for the upcoming storm, endure the strong winds and lay out a cushion beforehand so that your fall does not hurt.

Here are 10 pointers listed for you to remember that will help you to evade the outright entrepreneurial crisis. Identify these loopholes and start plugging them tactfully.

1. Too much enthusiasm will crash your car

The initial days are indeed exciting. You want to be in the field continuously, get that wheel rolling and print money like the mint. But too much enthusiasm will thin out your priorities and hyper-excited entrepreneurs often lose sight of their core business goals. Be methodical, calm your nerves and keep reminding yourself of the ultimate motive.

2. Entrepreneurship is never a solo game

To be successful you must delegate responsibilities. You cannot take everything on yourself. You will need smart people working for you. You’ll have to stop providing the services yourself and rely on others to do it for you. Make sure the workflow is stable, slightly nudge if things seem to be slowing down but never try and do all the tasks yourself.

3. Your enterprise is as strong as your weakest link

While hiring a team, you must be careful upon whom you are dumping the duties. A bad manager at any hierarchical level can lead to a domino-like collapse of your entire firm. Be sure to have your eyes everywhere, keep your employees motivated and quickly get rid of the weak link if it surfaces.

4. Avoid information overload

You are the ultimate decision-maker in your company. Hence, you cannot afford to get your logical reasoning impaired. This will happen if you are constantly absorbing information, reading entrepreneurial books, attending webinars and so on. Do not overwork your mind. It will shut down when you need it the most.

5. Saying yes to everything is suicide

Most entrepreneurs look to break even fast. Along the way, they easily shift from their core business model, say yes to clients with work outside their expertise and mess up. Remember, break even will come in its own time. More work of any sort is hardly the answer.

6. Never allow competitors to plague you

Most companies go under by trying to beat their competition. Just because someone else dropped their prices does not mean you will have to follow suit. Instead of focusing too much on your competitors, try solidifying your own business model, improve your services or product. Provide quality to your customers and eventually they will buy from you.

7. Timing is everything

Be it a particular product or your entire business, the timing of your launch will determine your success. Present your brand to the customers when there is a need. Otherwise, you will merely be adding another drop in the ocean which is plain and simple stupidity. Wait for your opportunity and then make the jump.

8. Multiple soups on the stove

You can be an expert at only one thing at a time. If you try to diversify your business from the very beginning, all your soups on the stove will burn. First, build your expertise around a particular niche, then start to spread your wings. Avoid launching a business with too many services.

9. Have a plan for the rainy day

No matter how much you plan, something will surely go wrong. The mark of a true entrepreneur is the one who always has a failsafe. Stash some finances for emergencies, collect assets and minimise liabilities, invest in stable areas and maintain a solid group of networks who can bail you out.

10. Never stop learning

If you become disconnected from your industry realities, the ship will start sailing in a completely different direction. The world around you will continuously change and you must keep yourself afloat with all the happenings to make informed decisions. Continuously learn and balance your business along with it.

The trick lies in being disciplined about your venture. Entrepreneurship, after all, is fun and full of adventures. Every day is a new challenge. Plan and it will always stay that way.

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