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7 Challenges Every Bootstrap Entrepreneur Faces

The entrepreneurial experience is one of duality, a paradox, that’s both exciting, full of hope, and, anxious, stymied by fear. Two very different states of mind and emotion, however, in the majority of instances, one set is preceded by the other. It comes with that spark of the proverbial, “ah ha!” moment–excitement and genuine, heartfelt belief that whatever it is, it will work. Often, this elation is short lived and it’s little wonder why.

We grow-up with expectations and more than enough are not fulfilled. So, we learn skepticism, caution, and to examine our actions before blindly leaping. This is precisely why extreme success stories remain so unfathomable–often accompanied by the phraseology, “against all odds.” These sets of circumstances cause us to look at those odds and be honest about the entrepreneurial journey, which more often than not, requires a lot of work, much dedication, and, the ability to see and believe what others don’t.

7 Challenges Every Bootstrap Entrepreneur Faces

When you start your own business, it might be a side gig, something that only takes a few hours out of your week and is intended to grow incrementally. It could also be the resort of finding yourself suddenly unemployed and the opportunity to take control of your own future provides all the drive necessary to start and never look back. Others partner together and use old fashioned sweat equity to get their businesses off the ground. Whatever the case might be, there will be obstacles.

Regardless of size, most businesses face many of the same challenges every day. Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. —Entrepreneur.com

It might come as a surprise, but new companies fail for two primary reasons: too little business, and, too much business. In the former instance, there’s obviously a lack of revenue; but, the latter seems counterintuitive, perplexing, though perfectly explainable–overwhelming demand. These dynamics are usually out of the company’s control but there are others, and, just one of these can be enough to cause failure:

Stability. While you might have a marketable and sellable idea, possess the talent to sell it, and have enough resources to get it out there, you don’t control the economy. Being employed provides a sense of security, though arguably, it’s a false one. There is no guarantee your vision will come to fruition in the way you now imagine it, or, at all.
Income. It’s a fact that many entrepreneurs don’t take any salary for the first several months, even for a year or more, because the money’s better spent rolled back into the business. Having to forego a steady income, even temporarily, can be too much to bear for some, it’s looking to the future and taking stock of gains that provides the remedy.
Sustainability. The marketplace changes and some businesses become near or completely obsolete. In the wake, new opportunities emerge, but that doesn’t undo the damage suffered by those caught on the wrong side. Pivoting when times begin to change is a necessity to embrace.
Comfort. One thing that seems strange is what’s obvious by its absence–being the boss. Sure, it will be you who’ll be in charge, which means you will be making the tough decisions, you will be the one responsible for company mistakes, and you who must put your foot down.
Schedule. Your work and personal lives will intersect many times during your startup period and here again, it’s because you’re the boss. While you’ll have set boundaries, you’ll have to do so smartly and be flexible.
Sleep. Lying awake, brainstorming, putting in a lot of extra hours to get something done, having to meet this deadline or be present for a meeting, all of these are common. Try to find a schedule that largely works and take advantage of downtime.

Seventh on the list is confidence, and, it’s among the most powerful of influencers. Your confidence will be challenged many times, but this just comes with the territory. You will have doubts, falter, and make miscalculations, but these are only as hurtful as you allow.

Finally, if you have a viable business model with a demand for a product or service, then much of your success falls on you ability to persevere. Many businesses fail or fall “three feet from gold” because the entrepreneur quit. In the toughest of times, I encourage my clients, as I did for myself, to take Action every day on something that will help to grow your business. Sitting, worrying or praying does no benefit without Action. And, Action helps to resolve anxieties and fear.

So, go out and pursue our dream today, and take Action every day to building your business!
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Want to Make Your Business More Successful? Start by Helping Others

September 21, 2017 No Comments

There are a number of things you can stop doing to benefit your business. But, there are also plenty of things you should do to be more successful. Hurricane Harvey and Hurricane Irma clearly show there’s always a need to help your fellow citizens. Although Hurricane Harvey and Hurricane Irma are now gone, their impact remains. And, that presents a great opportunity for you personally, as well as your company. The Numbers Prove Helping Others is Good for Business It doesn’t have to be a natural disaster, either. You can help others in several different ways. For instance, taking a new entrepreneur under your wing is just one. Volunteering your time to speak to others who are starting up or creating a new venture is another. Even donating your time to a local charitable organization is a way to grow personally and help your business in the process. Plus, statistics show this is the case. Mentored businesses increase their revenue by 83 percent, compared to 16 percent for non-mentored counterparts. Moreover, 83 percent of mentored businesses survived, compared to 74 percent of non-mentored companies. When you decided to become an entrepreneur, what reasons motivated that decision? For some people it is the opportunity to make a lot of money, the freedom to live by their own convictions, or to live a certain lifestyle. While these are great personal goals, too much focus on these things can lead you down the wrong path. —Inc.com The thing is, you need real face time with real people. Put technology aside and showcase your own strengths. If you have a skill set that’s not particularly useful for your company, put it to work elsewhere. And, do so with an open heart. Because if you approach it purely as a business opportunity, people will take notice. Why Helping Others is Good for Business When you go into business for yourself, it’s not all about you. While you might start a company to be more independent, you’re still serving the needs of others. And, that’s a good thing because it does offer some real advantages. Here are a few great reasons why helping others is good for business: You make more meaningful connections. When you help others out, you immediately tell people it’s not all about you. That means you are more genuine and therefore, someone who is interested in others. Such unselfish behavior inherently means you’ll make more meaningful connections. You have greater appeal to quality clients. It’s true that when you help other people, you’ll gain better personal qualities. Those are apparent to others and that’s a wonderful stepping stone to find quality customers. You provide real benefit to the community. Not only do you feel personally rewarded for helping others, you also provide benefit to the community around you. So, people within the community will definitely take notice and that’s another advantage. You inspire others to get involved and improve. Giving your time sets an example others will follow. Which makes you a leader and that’s a great attribute. You’ll be regarded as a leader and someone who gives back to the community at-large. How do you help others? What have you done to serve other people that’s benefited your business? 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″]

My Spouse and I Opened a Business and it’s Ruining Our Marriage — What should We Do?

February 3, 2022 No Comments

Couples often open businesses together because they recognize that two heads are better than one. It not only allows them to be their own bosses but is usually accompanied by the idea that a joint venture will strengthen their interpersonal relationships. After all, running a business together will mean they must be more open and communicative, and therefore it ought to bring them closer together as they work together on their shared dream. But, sometimes couples have very different ideas about how to build and run new businesses and this can easily lead to a lot of conflicts. Fortunately, there are some strategies couples can use if they are experiencing problems in their small businesses. The Hidden ‘I’ in T-e-a-m Make no mistake about it, every joint venture depends on individuals. Two or more people have to come together in a meeting of the minds and spirit in order to make it ultimately work. This starts with an individual choice to pool skills, talents, and resources together once this decision is made and forces are joined together, the business should have what it needs to succeed. However, sometimes individuals can’t get out of their own way and that’s when the problems begin. When things get tough, refer back to your joint goals. Running a business isn’t easy, and when both you and your spouse are involved, that means your livelihood is hanging in the balance of the business you share. Instead of letting this fill you with stress and anxiety, instead, let it fill you with excitement and passion for the work you do. Be a support for each other, so when one of you gets stressed or worried, the other can remind you why you started. —Small Business Trends In other words, there has to be the right mixture of individualism and teamwork in order to make the relationship work. For example, constantly jocking for power will eventually lead to serious issues. If one spouse tells their employees one thing and the other spouse contradicts that, there’s obviously going to the at least some confusion and conflict. This is why successful businesses have defined roles for everyone involved. Doing so greatly increases communication, productivity, and also expectations. How Spouses can Successfully Run a Business Together If you and your spouse are experiencing problems in your business that are affecting your personal relationship, you’re definitely not the first and won’t be the last. The good news is there are steps you can take to reduce or eliminate conflict, such as the following: Mutually define individual roles. Both of you are responsible for running the business, but that doesn’t mean that both of you should be caring out the same roles. Take some time to talk over and outline your individual roles and responsibilities so there’s no miscommunication or unnecessary redundancy. Layout and set your expectations. Each of you has an idea of what you want from the other. But unless you communicate that clearly, there’s no way to truly know what you want out of one another. This will take a little trial and error but you can eventually find tune it in this will be a huge help in running the business efficiently. Leave home at home when you’re at work. There’s a reason that large corporations discourage romantic relationships between colleagues. When you bring your home life to work, you can expect to bring all of those issues into your place of business. Obviously, there’s no good that can come from this, so leave home at home while you’re at work. What other ways can spouses resolve their problems while running a business together? Please share your thoughts and experiences so others can benefit from your input. Interested in learning more about business? Then just visit Waters Business Consulting Group.

The Entrepreneurs Guide to Vacationing

May 5, 2017 No Comments

If there’s one thing that successful entrepreneurs possess, it’s drive. The drive to start a business on a small scale and grow it to larger and larger proportions. The drive to make improvements and to learn from mistakes. The drive to encourage employees, professional associates, and friends to do their best and deliver on their promises. The drive to drive at practically everything, especially toward new goals. It’s hitting the brakes which often doesn’t come naturally. Though the idea of relaxing on a beach, hitting the ski slopes, or visiting a new destination might be intriguing and tempting, all can easily fall short because you won’t actually enjoy your vacation. Instead, you’ll be checking your smartphone and/or tablet, and might even phone-in now and again just to see what’s going on, and of course, to provide your sage advice. How to Take a Vacation from Your Business and Make It Work Why you ought to be concerned about your business while you’re away, you have to establish and respect some boundaries. It’s very difficult to put aside your business passion, but such a thing is absolutely necessary; and, it’s also quite healthy in more ways than one. While the human species is built, in-part, for work, it is also limited as to what it can handle. These are the reasons we feel tired after a day at work and why entertainment has risen to such a popular level for escape. Giving yourself permission to walk away from your company can be difficult. But if you can’t do it for yourself, do it for your staff: When you take vacation time, you’re setting a good example. —Entrepreneur.com Of course, such an escape can not only come from sports, books, television, and the like, but also from vacation. Some business owners actually go on vacation and never really leave their businesses, which is the definition of waste. When you consider the fact that someone would make plans, pay for travel and lodging, along with other expenses and not truly enjoy their time off, it makes the whole affair more costly and more unhealthy. I had a partner, in a previous business, who one time proclaimed with some sense of pride and peppered with a bit hint of martyr … “I HAVEN’T TAKEN A DAY OFF IN 5 YEARS”. Needless-to-say, he was and is a very hard worker, but reports from his remaining staff say the environment is like a “Salt Mine”! Everyone needs a break from work and that certainly includes business owners. When you start and build a company, it’s only natural to want to stay the course and keep your hands on the wheel. After all, the business wouldn’t exist without you and it wouldn’t be able to grow if you weren’t there. Though it might be difficult to take time off, it’s necessary and there are things you can do to take a vacation from your business and make the most of it: Have an action plan in-place. This isn’t a plan for you, but those who stay behind to run the business. It seems that Murphy’s Law takes effect the moment you aren’t present, so, have at least one contingency plan but don’t make it complicated. It should be easy to follow and simple. Know that you’ve invested in the right people. Your employees were likely hand-picked by you and this is a great time to see how well you chose your team members. Of course, there’s probably one who is a natural leader and who knows the business well to leave in-charge while you’re away. Disconnect from the day-to-day. You might check-in very briefly on a weekly basis, and that’s acceptable; but don’t give into the temptation of running your business from a distance. In our time, technology allows us to connect at any time and share information in moments. Those moments are just too precious and you need to disconnect. Put your family first. Okay, so your conscience is telling you that you work too much, too long, and don’t spend enough time with your family but you don’t change. This is the time when you can spend quality time and create wonderful memories. I have a client who hired my company in 2011 to help his retail business during the rough economic recession. He said that he was at his limit, and was ready to “throw in the towel”. Besides helping this client to recover, improve sales, cash flow, moral and pay down past debt and taxes, our Client wanted more time off with his family and vacations. The time off and vacations appeared to be a distant goal given the carnage left from simply trying to survive the recession, but we developed a strategy and took action weekly to clear up the past taxes and debt while helping him pursue his goal of time off and vacations. In 2013 he took time off and this motivated him to do it again. In 2014, our Client planned a family vacation for the summer. So, we helped our Client plan out and detail the specific and critical business metrics that needed to be managed by each of his team while he was gone. My Client reviewed this plan and his expectations on the metrics and operations protocol (i.e. Leads, Sales, Cash Receipts per Day, Deliveries, Installations, Service, and how to handle emergencies) with his Team. When he returned from his vacation, I asked; “how was your vacation and how did your team handle your being away for 10 days?” His response, “this was one of the best family vacations I’ve had in a long, long time, and there were very few issues while I was gone … I am looking forward to doing it again”. My Client took another week in Montana in the fall of that year, and 2014 ended up a record year in sales all while he built a team that will continue to allow him more vacations and time off

7 Challenges Every Bootstrap Entrepreneur Faces

7 Challenges Every Bootstrap Entrepreneur Faces

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Want to Make Your Business More Successful? Start by Helping Others

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