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Entrepreneurship highs and lows

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Entrepreneurship highs and lows

  1. 1. Anxiety and depression 7% of the general population report suffering from depression, but 30% of entrepreneurs report dealing with its effects. Entrepreneurship is a deeply personal journey, and it's incredibly difficult to separate your identity from the business that you're trying to create. Soon, business setbacks (of which there are many) seem like personal setbacks, and depression can quickly take root. Keep things in perspective -Think back to your high school days -This too shall pass. Take along term view - there are second (and third and fourth) acts in life, and it's important to take a long- term view of things, even when it feels like your world is ending. Ask for help – Asking for help is not a sign of weakness – Friends ad Family, other entrepreneurs, professional coach
  2. 2. Managing cashflow Managing costs Managing Employees, solving human resources problems Not having enough clients Having too many clients - delivering on promises Deadlines - project and operations management Quality Assurance Customer service Brand reputation Business or strategic partner issues Purchasing – supply chain Sales Marketing External regulations and people Sources of ups and downs
  3. 3. 38, 38% 19, 19% 5, 5% 10, 10% 3, 3% 6, 6% 3, 3% 10, 10% 4, 4%2, 2% Hardest Part of growing a business Financial strain Added workload pressure of change work life harmony Lack of knowledge Legal stuff staffing Marketing Other None
  4. 4. Why are you in business ? Entrepreneurs can work for themselves. In a worldwide survey, it was discovered that the biggest motivator to become entrepreneurs is the fact that they can be their own boss. People would rather be independent workers, looking after themselves, instead of being observed by higher-ups.
  5. 5. Why are you in business ? Entrepreneurs want to be more hands on. A reason why employees decide that starting a small business is right for them is the fact that they can build something from scratch. When you’re on your own, you feel a sense of satisfaction when you accomplish something. If you don’t meet your quarterly earnings goal at your small business, it falls on you. However, if you figure out how you can save money every month on your important expenses, you’ll feel like a million dollars. Working at a company, on the other hand, is a group effort, and you may feel like just another cog in the machine.
  6. 6. Why are you in business ? Entrepreneurs want more money. Money is another factor in employees’ decisions to take on a new career as an entrepreneur. Perhaps a person’s current job doesn’t pay enough, or he or she started a side business that suddenly became lucrative and required more time than he or she thought it would.The job that seems like it will pay a better salary almost always wins out over the lower-paying one.
  7. 7. Why are you in business ? Entrepreneurs want to take on additional roles. Small business owners don’t fit into one job description.They are multi-talented and don’t want to be pigeon-holed as an accountant, data entry clerk, or human resources manager. According to Chron.com and More Business, an entrepreneur believes he or she knows how a business should be run, and “this motivates the entrepreneur to start his own business and get directly involved.” Instead of hitting their head against the wall when their boss makes a mistake, they can take charge and do it their own way.
  8. 8. Define your goals? • Precise : Your goals must be well defined. • Time bound: You must have a clear timeframe for the achievement of each of your goals. • Measurable : Quantifiable so you can measure your progress • Stimulating : Must present challenges for you and others involved in the process. • Achievable : Must be ambitious but realistic otherwise you will be demotivated • Appropriate: Must not contradict your own and society’s value system.
  9. 9. YOUWILL FAIL!
  10. 10. YOUWILL FAIL! NowWhat? 1 - Find out why you failed in the first place This is no time to point fingers at others.The only thing that matters is to figure out what went wrong. 2 – Realize you are not so bad or as good as you think you are Don’t let yourself, or other people, make you think you’re incredible OR horrible. 3 – Be prepared for more failures It’ OK to have a bit of paranoia because crap is going to hit the fan again. But the next time you will be better prepared.
  11. 11. YOUWILL FAIL! NowWhat? 4 – Don’t back off too much Don’t get discouraged. Get back at it right away. 5 – Get back to it but don’t rush When you start again after a failure or setback, take it slow. Do more research and do your due diligence before you commit. 6 - Don’t let failure define you It’s more about how you react to the failure than the failure itself Seek counsel from someone who has been there.
  12. 12. I feel I'm always on the cusp of something big. Beyond that intrinsic motivation, in a down period, I anchor myself to routine and family. What keeps you motivated through the ups and downs of running a business?
  13. 13. Taking our lumps as we grow is how we learn. So long as we use those experiences to get better, then it smooths the ups and downs that every business goes through. What keeps you motivated through the ups and downs of running a business?
  14. 14. I see running as business as running a marathon. There are going to be ups and downs, but to stay energized throughout you have to mitigate both. When you're in an upswing, keep your energy focused on moving ahead and always improving, and on a downswing keep your energy focused in the exact same place. If you let yourself get caught up in your own hype, you'll exhaust yourself with all of the ups and downs. What keeps you motivated through the ups and downs of running a business?
  15. 15. Having a long-term mission that matters -- in our case it’s reducing crime in communities.This helps keep myself and the team centered.We are not building a business for today; instead, we're working step-by-step toward a 10-year goal that we believe will make a real difference in the world. What keeps you motivated through the ups and downs of running a business?
  16. 16. Remembering how BucketFeet started, how far we’ve come and what our goals are now. It is easy to get frustrated and overwhelmed when trying to grow a company from that first vision to a major brand.We started BucketFeet with the idea that art should be for everyone, and it is so helpful to go back to that mission in the tough times -- keeping alive that same excitement and passion as when we were just beginning is key. What keeps you motivated through the ups and downs of running a business?
  17. 17. That's easy: it's my team. I feel lucky to be surrounded by passionate, smart, humble, and driven individuals. Everyday I am impressed by their commitment and work ethic. What keeps you motivated through the ups and downs of running a business?
  18. 18. Seeing the teams I’ve built solve problems and be successful.This along with keeping a relentless focus on our company’s purpose and goals has been critical to helping me navigate the highs and lows of being at the helm of one of the fastest-growing food companies in the country. What keeps you motivated through the ups and downs of running a business?
  19. 19. When business is up. • Pitch in but don’t forget to work ON the business • Think of other revenue streams for when business is down • Network • Do not ignore your business development activities • Do not ignore your Marketing
  20. 20. When business is down. • Check in with past clients • Partner with another business • Develop and implement systems for when you are busy • Polish your marketing material. (Web site, brochures, social media) • Learn something new • Network
  21. 21. Bernard Charlebois, BoumStrategies 613 720-0248 Text “emotions” to 613 900-2070 for a link to the presentation

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