When entrepreneurs move from the chaotic, unpredictable startup life to growing their business, the same challenges change into new and challenging issues. You can, however, develop these four characteristics to help ease the transition.
I’ll never forget that moment that I witnessed my company’s balance shrink to just $5,000. However much that you are a believer in the purpose of your company there’s something harsh and cold in a ledger which can cause you to question the decisions that led to that point.
Thank goodness, I’m able to see an alternative perspective now. The company’s revenues increased 20 times from 2019 to 2021 and I’m sure that we’ll maintain this positive growth.
However, that wasn’t an untruth when I first started my path 10 years ago. And if I’d examined the elements of our bank account as a way to push me forward, I likely would not have survived the darkest of times.
In the past decade My group and I’ve learned some tough lessons and have made difficult sacrifices. Through the years I’ve learned the four factors that distinguish those who are risk-averse and stay away from difficult situations from those who eventually succeed as startup leaders:
1. A passion for the long-term
People who have been in the world of startups know the need for enthusiasm in the beginning of a new company. However, scaling up a business is a different matter altogether. It requires a huge amount of time and effort and it’s not always easy to notice the effects of all your efforts. This is the time at where many entrepreneurs feel their enthusiasm waning, but it’s actually the time they are in the need of it the most.
Without passion, it’s impossible to keep your team motivated and keep your team motivated. If you are feeling that it is diminishing it’s important to reconnect with the enthusiasm you had when you first began your companyand be optimistic about its eventual success. Review the sketchbook drawings that fueled you in the beginning and take the time to be grateful for the progress you’ve made (even even if you’re not the same as you imagined at the time). It’s as important as the final destination and it’s your passion that can fuel your journey.
2. Pivoting power
I’ve had my fair share of unplanned twists and turns since the time I started Georama at the end of 2012. I had imagined it as an online travel company However, a couple of more years after, the company changed our focus to focus on travel via virtual. In the year 2018 I realized that we had to pivot to capitalize on the opportunities created by the rapidly growing consumer insight market. The changes I made were not straightforward or even apparent however the capability to implement them was the distinction between success and failure.
Sometimes the idea will require many iterations before it will turn into a viable business. Georama changed into my current business, QualSights, an immersive insight platform that enables Fortune 500 brands to efficiently produce deep, genuine information about the behavior of consumers to assist in the process of product development and improvement. Being flexible to pivoting in order to respond to market demand was crucial to the successful transition and I’m thankful for having the right people to help me implement these changes within the actual world.
3. Insistence in spite “no”
“N” is a common word “no” is a common part of life for entrepreneurs However, it’s an situation that can be quite different as you move from being a startup to growing. When I first started my business I kept reminding me that when one gate shuts and another one opens. It was this confidence and determination that gave me the drive to go on. However, as those “nos” begin to mount in your rear-view mirror, you need to understand how to let them go and approach every opportunity to seek help as a brand new opportunity.
I was always prepared to give elevator pitcheseven on actual elevator ridesto investors who were interested in investing. I set out on my own to find key people at industry events so that I could speak about the advantages of my business. One time I ran into with a person at an event for the industry. I was able to spot that he was headed to the elevator, and I made a an instant decision to go with him. The conversation lasted just 30 seconds and changed the direction of my business in a positive way. If I’d stayed in the past and pondered all my “nos” that I’d heard in the past I might not have the courage that I needed to take the leap of faith and step into the elevator. It’s crucial not to allow rejection to define your journey and be aware that when you’ve heard that initial “yes,” others will start to follow.
4. The patience of a patient can provide perspective
In many cases, patience and passion are not compatible as was the case with me. I’ve been a believer in my abilities and was a passionate advocate for our product, however I was becoming frustrated and impatient in the beginning stages of my journey to entrepreneurship due to the fact that it was taking too time to get going.
As I look back, I can see that everything took place exactly the way it should have. I was waiting for this degree of success to realize that there is nothing simple worth it. The perseverance I gained throughout my career also taught me to appreciate the process and revel in small victories on the way. The time factor is something that only a only a few startups possess, but often a little more space and patience are crucial to know what you have to do to succeed in scaling.In the end, growing a business requires focus on strategic planning determination, dedication and hard work. If your four Ps are in your mind along with those with the same drive and enthusiasm as you are, there’s no reason to think that you won’t be able to make the leap from a shaky start-up to a profitable company.
