Are you ready to quit your startup? These 5 tips may inspire you to keep going
Don’t let the difficulties you will face stop you from being passionate about your startup.
Entrepreneurship isn’t for the faint-hearted. Running a startup requires a lot of sacrifice, learning, dedication, consistency, and the ability to recognize when things need to be changed. Many people aren’t ready for this and don’t realize they need to until they have launched their business and are faced with the realities of being an entrepreneur. Like many people, I wanted my business to succeed immediately upon its launch. Our main goal is to get our ROI as soon as possible. However, this is not the reality for most startups. The Bureau of Labor Statistics estimates that 20% of startups fail within the first two years of their existence, while 45% of those businesses fail in the first five years, and 65% in the first ten years. Only 25% of new businesses survive for 15 years or longer.
Although I knew that I didn’t know everything, I believed I knew more about my startup than I actually did. It was a shocker! However, I came to understand the difficulties I faced in trying to reach my target audience using a new product that not many people know about. I also had to keep within my startup budget. I have always been involved in every aspect of my personal life. I did my best to accomplish everything. However, I was less productive than I expected because I tried to do everything.
It can be overwhelming. Some people give up because they lack the knowledge, confidence, resources and sometimes, passion to do what they love. It’s hard to be an entrepreneur if you really want it. These five tips will help you stay focused and motivated to pursue entrepreneurship.
1. It is not possible to make everything happen overnight
It takes years for most successful people to reach their current status. It’s wonderful to admire them and to learn from them. But don’t compare yourself to them or try to catch up. Be consistent in your progress and be open to learning from others. Give yourself grace.
2. Believe in the service or product you offer
Choose a subject that interests you and/or in which you have experience and knowledge. You should not do something because you think you can. This would be a waste of time and money. Once you have found your niche, research your competitors thoroughly. What are you able to offer that is different or better than the competition?
3. Marketing is the heart of your business
Although I excel in business, I struggle with marketing. My startup was small and I didn’t have the resources to market it. I was frustrated sometimes because of this. To attract customers to your startup, you can use email marketing. Paid search advertising can also be an option, depending on your budget. Upwork connects businesses to freelancers and agencies all over the world through its platform. Upwork allows companies and freelancers to work together in order to achieve their company’s goals. Upwork has freelancers available for any business need. They have been a great resource for me over the years. They are a great resource to startups.
4. Rebranding works
After failing to achieve the small but realistic goals that I set for my startup I decided to make changes. My current salvation is rebranding. “My product is amazing, and I know that people face the same problem as my product.” Why isn’t it being purchased by more people? It was because I was too narrow. At first, I targeted women who needed a hairbrush pouch to keep their hairbrushes safe from hair products and stray hairs. My product not only serves a small portion of my target audience but also organizes travel luggage, gym bags, purses, and other items. After I widened my audience and focused on the benefits of my product, I saw an increase in sales. Although it isn’t huge, it’s a lot more than what I had when I first started.
5. Seeking mentorship helps
Mentors can be a great resource for helping you navigate the many challenges that you’ll face as an entrepreneur. You can benefit from their years of experience and knowledge. They will provide guidance and support that can help you continue your entrepreneurial journey. Once you have achieved your goal, you may be able to mentor others and pass on your experience to those who are currently in the same position.
Let’s end by saying, consider what your ultimate goal is for your customers. What can you do to help your customers? Before you think about how much you want to make, address that first. You will succeed if you focus on what you can give rather than what you will get. Sales will follow.