4 answers
Bernae
Student
Miami Gardens, Florida
6
Questions
Asked
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While you were an entrepreneur, was there ever a time where your business was failing? How did you overcome that?
junior.
#entrepreneur #entrepreneurship
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4 answers
Marko Prsic
IT
3
Answers
Dubai, United Arab Emirates
Updated
Marko’s Answer
There is such time for most of entrepreneurs. Rarely any startup or young company takes off perfectly. Or if it does, changes in business, environment, people lead can lead to some "challenging times".
As business owner, you should be prepared to have both good days and tough days (or even years). Being prepared and resilient is the key. Every entrepreneur naturally looks at opportunities. You need to make conscious decisions to take equal care of risks. Understand you key risks areas, such as: cash flow, dependency on suppliers and employees, competition, price variation and others. By understanding key risks, you can prepare to address them once they happen. And they will, the only question is when.
As business owner, you should be prepared to have both good days and tough days (or even years). Being prepared and resilient is the key. Every entrepreneur naturally looks at opportunities. You need to make conscious decisions to take equal care of risks. Understand you key risks areas, such as: cash flow, dependency on suppliers and employees, competition, price variation and others. By understanding key risks, you can prepare to address them once they happen. And they will, the only question is when.
Avishek Chowdhury
Software Development
1
Answer
Singapore
Updated
Avishek’s Answer
Hi Bernae,
That's a very practical question.
In today's day and age where the world is moving faster that ever it is very natural to think that others are progressing faster than you are. This is bound to create a perspective about yourself that you are failing.
This is as true for a entrepreneur as it is for any other professional, student or even a home maker. The only difference is, if a business is at stake you are more likely incur financial losses or even debt which could bring down a financial crisis.
However, on the hide side if you really passionate about your business plan/idea stick to it. Try to enhance it as much as possible without incurring much debt. It will pick up and bring you success.
Remember when Elon Musk started Tesla, all the major automobile manufacturer thought he was insane. Fast forward 15 years from then, see where Tesla is today.
Hold on to the business if you believe in it.
Enhance your business by adding new feature as much possible.
Keep learning
That's a very practical question.
In today's day and age where the world is moving faster that ever it is very natural to think that others are progressing faster than you are. This is bound to create a perspective about yourself that you are failing.
This is as true for a entrepreneur as it is for any other professional, student or even a home maker. The only difference is, if a business is at stake you are more likely incur financial losses or even debt which could bring down a financial crisis.
However, on the hide side if you really passionate about your business plan/idea stick to it. Try to enhance it as much as possible without incurring much debt. It will pick up and bring you success.
Remember when Elon Musk started Tesla, all the major automobile manufacturer thought he was insane. Fast forward 15 years from then, see where Tesla is today.
Avishek recommends the following next steps:
Coach Jacque
Gym owner
1
Answer
Missouri City, Texas
Updated
Coach’s Answer
Growing is learning from your mistakes! With the knowledge of understanding the mistakes now allows you to surpass and over come obstacles by avoiding common mistakes. To answer the question has my business ever failed yes and how did I overcome it every problem has a solution and I understood getting back up will only make me stronger and having the courage to want to excel beyond my failing point. It will happen the best you can do is study your craft get advice and learn from the mistakes
Michael Eadeh
Investor
21
Answers
Raleigh, North Carolina
Updated
Michael’s Answer
Hi, A lot of young people hear the word entrepreneur, they think that sounds cool! But starting a business and running your own business is not easy, especially in today’s challenging times! While I have made mistakes, I have never failed per se. You have to have that mindset, While I have made mistakes, I have never failed per se. You have to have that mindset, failure is not an option!
If you have a sound business model and great people around you. You will succeed in any economic environment. But you always have to have a back up plan. And you always have to adjust on the fly! Find the right business be prepared and you will succeed!
Michael
If you have a sound business model and great people around you. You will succeed in any economic environment. But you always have to have a back up plan. And you always have to adjust on the fly! Find the right business be prepared and you will succeed!
Michael