How Entrepreneurs Can Establish Good Business Credit

There’s simply no way to run a business without dealing with critics. As an entrepreneur, you’ll face doubt in many forms. You’ll face inner doubt, ruminate over which next step to take, receive less-than-positive feedback, and plenty more. What’s more, you’ll have to do so much more, like find ways to keep company secrets safe and navigate through industry changes. Running a business isn’t for the faint of heart and when critics chime-in, that’s precisely where it will hurt most. Top Ways to Deal with Critics Let’s face it, there is no shortage of bad news to discourage you. For instance, if you dream of opening a retail shop, no doubt the latest news out of that sector is troubling. But, it’s commonplace for unpleasant experiences to unfold. This certainly isn’t to say it’s all bad all the time. In fact, that’s part of the problem. When things are going good most of the time, criticism is the biggest wet blanket. Doubters rain on your parade and you scramble for cover. Criticism is part of life, but often times being criticized can make us feel like we aren’t good enough, like we’ve done something wrong, or even cause us to be uncertain about our future. People often take criticism as a personal attack, but in reality, criticism can often be positive. —Fast Company While it’s normal to experience periods of struggle, eventually, you’ll fight through and start to win. Any setback serves as a valuable lesson going forward. And, over time, you’ll enjoy long periods of success without much or any trouble. Then, seemingly out of nowhere, the critics will appear. That’s when you need to be prepared. Otherwise, you’ll become too distracted and won’t have the energy to fully function. So, here are some of the top ways to deal with critics: Teach them, no matter your feelings. Okay, so you don’t particularly like the person who is criticizing you (or your business). And, it’s natural to take it personally because it is your business. But, don’t let this become a missed opportunity. Instead, redirect your feelings and teach him or her. You’ll probably enjoy some accomplishment while turning a critic into a fan. Tell them the truth and do not be fake. You’ll receive at least a little criticism because of your success since it breeds jealousy. That jealousy will manifest into criticism and possibly into anger, even hate. If this does happen, don’t make the mistake of defending your success. Instead, talk about your failures to allow them to relate. Accept that doubters will always be there. Keep in mind that doubt is not the same as an insult (though you just might feel insulted). Rather, doubt is a disbelief in something unfamiliar. And, it isn’t personal, just a way of expressing uncertainty. So, find out what’s doubted and use it to teach. Trial and error isn’t perfect and that’s okay. Sometimes, a new idea can come off as foolish, gimmicky, or silly. But, trial and error are part of business. You need to experiment to know what does and does not work. If you receive criticism, accept it and just move on. Know when it’s time to give a sincere apology. If the criticism is legitimate, you might need to apologize. Know when it’s the right time to say you’re sorry and be sincere when you do. You’ll learn from the experience and move past the criticism, which are good things. How do you deal with critics? What strategies do you use to cope with doubters and doubt? What are your most useful experiences with critics? Please share your thoughts and experiences by leaving a comment. Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

Whether you’re running a business currently or looking for a business idea to get started, you definitely want to avoid bad scenarios. While there are stories of companies defying the odds and becoming successful, these are few and far between. The reality is the majority of new businesses fail. (Or established businesses trying something new that ultimately fails — think New Coke.) How to Develop Good Business Ideas Before we get into the bad, let’s take a quick look at some good ideas. If you’re already in business for yourself but want to branch out, there’s probably a reason why you feel that way. Take a little time to seriously reflect on this notion. Ask yourself if you’re no longer interested in your core product and/or service. Also, think about a product or service that can really complement your current offerings. If you want to make more money sooner as an entrepreneur, you need to learn how to spot dead-end business ideas and say no to them so you can focus on the good ideas. This is especially important when the ideas are coming from your inside your own head. It’s easy to be protective of your own ideas because they feel like your own children, but you have to learn to be more objective if you want to create something profitable. —Entrepreneur.com You can seek objective advice from your peers. Other business owners might easily spot something that’s totally eluding you at the moment. If you’re not already a business owner but want to start the process, then look to your favorite hobbies. Imagine how you can monetize what you most enjoy. Ways to Spot Bad Business Ideas If you’re looking for a business idea, you want to settle on something with real promise. But, how can you peek into the future? Well, there is no magic crystal ball to foretell precisely what will unfold. However, there are some red flags which typically accompany a bad idea: It doesn’t meet a real need. If the idea doesn’t immediately solve a problem or fulfill a need, that’s a giant warning sign. After all, how do you market a product or service that doesn’t meet an actual need or take care of a problem? It isn’t scalable to other markets. Another problematic scenario is if you can’t imagine how it will scale to a larger market. While this doesn’t mean you need to abandon it, it certainly means you need to rethink the idea. It can’t stand out over the competition. Ask yourself if the idea can compete in the real world against its closet competition. If you can’t readily answer that question, you’ve already got a big problem. It’s too complex to easily explain. Any business idea you can’t explain in an elevator-pitch style will typically experience a lot of problems. Put another way, if you can’t explain it in simple terms, consumers won’t understand what it is or how it works. How do you spot bad business ideas? What other advice do you have to avoid wasting time with different ideas? Please comment and share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

“Stop comparing yourself to others!” Chance are excellent you’ve heard this advice more than once before. It might have been a parent, coach, a teacher, or even a friend. Okay, we all know this is true. Comparing yourself to others will inevitably lead to disappointment. But, we all fall into this trap and it isn’t helpful. So, how do you resist the feeling in the first place? Let’s take a look at how you can effectively stop comparing yourself to others. If You Keep Comparing Yourself to Others, You’re Standing in the Way of Success Before we get into the logistics, we’ll take a peek into what this actually does — it prevents you from succeeding. That’s right. Think about it. If you’re always comparing yourself to others, you keep moving the goal post. Comparing yourself to others’ accomplishments is a losing battle. There is an endless supply of people to whom you could compare yourself and your accomplishments, but, inevitably, you’ll always end up on the losing side of the comparison. That’s because there will always be someone who has done something that you wished you could also accomplish. —Forbes.com And, we all know what that means. So, doing this is essentially self-defeating. You can’t reach the goal if you keep moving it further away. It’s really that simple. Yet, it’s difficult to resist the urge because we all want to accomplish more. How to Stop Comparing Yourself to Others Now, how do you stop comparing yourself to others? Sure, it sounds easy but it isn’t. Fortunately, there are ways to beat back the impulse: Practice getting over your FOMO urge. FOMO or fear of missing out. It’s a good portion of what drives the success of social media giants like Facebook. People are always measuring their own lives up against others on social media. Take a break. For instance, don’t check social media for an entire weekend. Or, make your evenings social media free. Look for commonalities, not differences. Instead of comparing yourself based on differences, try identifying commonalities. It will give you a level of reassurance, at the very least. It will also tell you that you are incumbents in some ways and boost your confidence. Take a long, mindful trip down memory lane. One of the best ways not to compare yourself to others is to compare yourself to yourself. That’s right. The you of today is likely a great improvement of the you of the past. Understand what you can and cannot change. Another way to stop comparing yourself to others is to understand and accept there are things you can change and things you cannot change. Doing so will certainly help you contextualize. What other methods would you recommend to stop comparing yourself to others? Please share your thoughts and experience by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.