Even before starting out, very often entrepreneurs are bamboozled with a plethora of statistics. Just to prove how the odds are stacked against them. However, its often overlooked that the odds are just about even. Like a simple toss, its heads or tails. It should be noted though, that unlike the game of chance, in this case, the outcome can be controlled to a large extent. So, here are five pointers, to help even out the odds in your favor.
- Know where you’re headed
To reach someplace, it is important to know where exactly one wants to reach in the first place. If the end destination is not clear, then planning how to get there becomes that much difficult.
In order to make it simpler, one can set a long-term vision, where they eventually want to reach and subsequently decide milestones (short-term goals) which will come along the way. Celebrating these small milestones can go a long way in boosting morale while also indicating that you’re headed in the right direction
- Being optimistic
Rome wasn’t built in a day. This saying is especially relevant for the ones just starting out. When you start working towards your long-term vision, results might not start showing immediately. Your first sales call may or may not end positively. But do not lose faith, more importantly do not lose the momentum. It’s difficult but important that after each negative outcome, you start afresh with the same vigor and energy as you would have the first time
- Understand cash flow
Unexpected cash crunches are probably the most severe hiccoughs that most startups face. While being prudent with purse strings is usually advised in the beginning stages, for that initial kickstart higher expenditure can’t be avoided either. The best way to deal with this conundrum is to plan not only the expenses but also the inflow. Is the business seasonal? Or is it dependent on the financial cycle? These are questions which must be answered while planning out financials
- Know your audience
Having an idea is one thing. But knowing to whom that idea is relevant to can tip the odds in your favor. Once you know your audience, you can also plan the best way to reach them, this also goes a long way in aiding the financial planning. Spray and pray technique though still relevant in certain segments have become outdated and inefficient in many industries. Social media has become a far more affordable and an effective mode of reaching targeted audiences and interacting with them in real time as well
- Change of perspective
“The definition of insanity is doing the same thing over and over again and expecting different results”- Albert Einstein If one approach isn’t working out for you then try changing your perspective. Look outside the box to think outside the box. Collaborate and interact to innovate. Co-working spaces today, provide the perfect platform to do the same. Exposed to individuals from almost all industries, these fresh insights can go a long way in solving a stubborn problem and even opening new avenues for business opportunities
It is not an easy road to the top, but its still possible to reach there though. Patience and perseverance is the key. Have faith in your idea and don’t fear a negative outcome before the race starts itself. Because the odds are just about even.