This post was most recently updated on July 21st, 2021
Entrepreneurship has always been a game of courage and this is perhaps more important now than at any other time in history. While entrepreneurship is always about taking risks, these risks are more pronounced now.
Uncertainty is as high as it has been at any time in history and motivation is hard to come by. Yet, this is the time all entrepreneurs need to rally and lead with vigour and childlike optimism. If we are going to regain any semblance of normalcy, a lot is expected from each of us.
Our innovation needs to expand. We need to create new jobs and economic means. It is up to innovating entrepreneurs to find ways to adapt to this new way of life. And ultimately, it is up to enterprising individuals to rid us of this pandemic.
I do not usually write to celebrate new years or occasions for that matter, but this year is special. So as you embark on 2021 and navigate even more unfamiliar landscapes I want to share to things:
- You are not alone in this,
- We need you to unleash the beast now more than ever.
So, having asked so much from you, here’s our two cents and hopefully, it will go a long way in helping you along. We hope this will be timeless advice that will not only assist you now but in future trials as well.
Entrepreneurship demands a sound mind
Entrepreneurship puts a great strain on your mind. That’s no surprise that entrepreneurs do not fair very well in mental health issues. Now more than ever it’s essential to have a toolset to maintain your mental health.
Entrepreneurship is at it’s toughest threshold and all the factors that negatively affect you are exacerbated. Prioritise being in a good space at all times and do not ignore problems to deal with another time. Curate your information sources very carefully. A lot of the strain entrepreneurs are facing is processing negative information.
Be sure not to add unnecessary strain by processing information from misleading sources. Our friends over at the TNR Blog are launching a series on mental health. With a strong history of working with entrepreneurs and itself run by entrepreneurs, I’d advise you check it out.
Use your downtime productively
Entrepreneurs tend to be doers by nature and when circumstances force us to be idle, the pressure may be unbearable. With persistent lockdowns, loss in business and general economic downtime, we are not as busy as usual.
Allowing yourself to remail idle may cause you to feel very hopeless. This is the time to invest yourself in areas that you usually struggle with due to workload. You can invest yourself in some business analysis or financial management.
Beyond just busywork, these small incremental tasks will set you up for success as the situation improves. Because as with all things in life, this too shall pass. Additionally, you can invest in self-development. Upskilling yourself will help you navigate the current landscape.
Additionally, it will help you with another very important point, diversifying your business. Take to the internet to make the most of some free resources and become a leader in your field, and many others. The Mut-Con blog also curates a list of blogs and learning sites you can leverage.
Build a community
Entrepreneurship has never been a journey to be embarked on alone. Even with the restrictions on meetings currently prevailing, technology still makes it possible to leverage communities. Many platforms can allow you to engage your peers in your entrepreneurial journey.
Additionally, there is a great diversity to business communities. They can be used for anything from support to shared resources, to leads, to learning and everything else in between. Some, like the Mut-Con Mastermind, are build to achieve all these goals.
Groups are an additional avenue to use your downtime productively. You can learn, network, get and nature leads all while stuck at home.
As a gift that keeps giving, groups can help turn social media time into more than just internet frolicking. With the right groups and follows on social media, you can sprinkle some productive posts on your timeline among your memes.
Use resources made available to you
One of the upsides to come out of these very trying times is the outpouring of resources for communities. These resources extend to business communities. Resources of every kind have been availed to entrepreneurs from the private to the public sector.
These resources are valuable not only for surviving but exploring growth for your business. This could be through using monetary resources to grow your business or using product discounts and extended trials to explore additional areas of growth for your business.
You’ll need to be creative, but with all the resources at your disposal, there is a definite opportunity for growth.
Diversify your strategy
Circumstances are greater than the plans of men.
This is an inescapable fact of life. Even our best-laid plans have to be adaptable to changing times. Without adaptability, we are doomed to fail, and this has never been truer than it is now. To borrow the overused but apt phrase, we are living in unprecedented times.
As such, our very survival is predicated on unprecedented strategies. That necessity extends to our businesses as well. It matters not how brilliant your plan seemed when you started, part of it has been eroded now. You need to make up for that, buy a top-down strategy adjustment.
This not only entails reimagining your products, marketing, sales, admin, financial management and everything in-between. The obvious starting place is building a strong online presence. With reduced physical contact, taking as any of your products online as you can steady your declining revenues.
We wrote a hand guide on taking your business online. Additionally, this is a great time to make the most of every Rand that comes in. This means your financial management has to be at its best. The great folks at Mut-Con have great financial management resources.
Rest and Recuperate
One should never mistake idleness for rest, a mistake entrepreneurs regularly make. You need to make a conscious and deliberate effort to rest your mind body and soul. This not only entails avoiding strenuous physical and mental activity but invest in activities that recharge you.
It may also require disconnecting and engaging in activities good for you. An example would be a walk in nature or a day in the park. It may not seem like much, but I can say from experience there have been times I have gone long without the feeling of the sun on my face. In addition to the vitamin D intake, this could be a serious mood booster.
If you are struggling with the crippling fear that all entrepreneurs have that time resting is time wasted, consider this; a rested mind performs better in every measurable aspect. Not only is it faster, but it’s also significantly more efficient and less prone to mistakes. This improved performance more than makes up for the little time you took resting.
If you still not convinced, then know this, work expands to fill the time allocated to it. For as long as you are willing to wor, you will find time to work on it. Some of this ends up being busywork. And with that in mind, just how much could a little rest hurt?
Entrepreneurship Is A Game Of Courage. We dare to face unknown, risk comfort and the security enjoyed by our peers to build empires. And when the chips are down, that’s when we are expected to bring our ace game.
And the chips have never been lower than they are now. So, game faces entrepreneurs. Let’s prioritise self-care, get ourselves in a good space, and lead the charge in rebuilding what these unprecedented times have taken from us.
And I just want to say, to you the entrepreneur reading this, thank you for being so amazing.
- POPI Act: A Layman’s Guide - June 22, 2021
- Entrepreneurship Is A Game Of Courage - February 4, 2021
- Why Email Marketing Works So Well - November 3, 2020
- Effective Financial Management for your Small Medical Practice - October 20, 2020
- Mental Health and Entrepreneurship: Tips and Tricks to Finding Balance - April 1, 2020
- Email Marketing: Low-Cost/ High-Conversion Digital Marketing - December 18, 2019
- Different Types Of Funding And Investments Available For Your Business - August 28, 2019
- Important Distinctions Between Amounts Paid To Business Owners - July 17, 2019
- Business Website Goals That Are Key For Business Growth - May 29, 2019
- Building A Small Business Website That Achieves Your Goals - March 20, 2019