May 21, 2018
The universal quality of entrepreneurs irrespective of race, religion or nationality is competitiveness. Competitiveness is the foremost driving force of success in capitalist economies. Competition fosters creativity, innovation, and prosperity. The degree of competition in a business environment determines the rate of innovation, advancement, and success. Silicon Valley, a hotbed of innovation and cutting-edge technology is a cauldron of startups in a fiercely competitive environment. It’s no surprise why silicon valley has been the foremost technology hub in the world.
However, being in the competitive environment also means entrepreneurs are sometimes confronted by losses. The fiercer the competition the higher the tendency of experiencing losses. Nearly every entrepreneur has had to deal with losses at some point in their entrepreneurial career. These periods are usually characterized by emotional lows, and if not properly handled, psychological misalignments. While emotional lows can easily be overcome, psychological misalignments often have long-term effects that determine company culture and scale of success.
The emotional low that accompanies a series of major defeats or failed programs sometimes brings with it the feeling of inferiority that makes us wonder why others win while we lose. Because of the difference in business settings and mode of operations as well as the dynamics of business cycles, businesses seem to be bound in a loop of boom and busts until they find the path to sustainable growth.
While some businesses find the path to sustainable growth in their early years, it can take others much more time to find the business model that secures sustainable growth. This can make entrepreneurs yet to find the path to sustainable growth feels a sense of inferiority compared to their fellows that have validated their business model.
How To Deal With Losses: Tips On Staying motivated
- Understand That Motivation Comes From Within: The root of motivation is the heart. If you decide to maintain focus, pursue your passion, and always find something in your life to be grateful for, you will maintain your fever over the long run. The mind is the compass that orchestrates your activities. Your degree of strength in tough times is determined by the quality of resources that you have feed the mind with. At this time, it gives out, what you have put in.
- Watch Your Major Influences: Your perception of reality is largely determined by your dominant influences. The books you read, the videos you watch, and the people you hang out with on a regular basis. If you want to stay motivated in tough times, then you have got to stay around motivated people, listen to inspirational podcasts, and read motivational books. There’s no way around it. This is the dividing line between success and failure.
- Understand The Principle Of Seasons: You have understood that every business goes through its own winter, summer, spring, and autumn. This will help you develop patience as well as master the art of timing.
- Focus On The Solution, Not The Problem: Whatever you focus on tend to grow and get magnified. By focusing on the problem, you are likely to blow things out of proportion. Focusing on the solution is the fastest path to discovery and recovery. Ideas get magnified in your head and your subconscious mind activates its genius. Perhaps the singular characteristic of successful people irrespective of their source of success is the art of focus. Focus sustained over the long run delivers the object of concentration.
- Find a Mentor: Finding a Mentor can be the difference between maintaining your focus, passion, and drive and flaking out midway. Great athletes have coaches, great entrepreneurs have mentors.
Available Opportunities In Business
The Online Broadway: The internet has grown by leaps and bounds in the last two decades. The traditional business configuration is already getting alterations defined by the internet. An increasing number of entrepreneurs are establishing online businesses that are yielding huge returns on their investments as well as creating employment opportunities for a large number of people. The internet also has lesser restrictions on entry, compared to traditional industries, so it’s easy to jump into this pool of abundance.
With a great number of businesses leveraging the internet tools to deliver services, you are also likely to find an internet business for sale. Finding an online business for sale can be challenging, however, there are online marketplaces and auction sites that help buyers find online businesses for sale. Bizzday is the one for online business exchange.
Team Up With a Cofounder: A cofounder may bring in business ideas that may help you manage your resources better and find the path to profitability faster.
Invest In a Business: Finding a business that will yield good investments over the long run can be tricky. However, there are businesses out there that can increase your chances of reaping profits for a long time to come, but you have to look hard.
Buy a Business: Although is harder to find a business for sale sign nowadays than it was years ago, hiring the services of a business broker can boost your chances of finding the business that is most suitable to your peculiarities. A business broker can help you find a Promising startup for sale. Since brokers are well connected to investors running a business for sale, they can help you find a profitable venture with food traction.