Year 1 of Entrepreneurship: Survival Secrets

Year 1 of Entrepreneurship: Survival Secrets

We have some tough news that you need to hear– starting a business is not like the movies. There are no bath tubs filled with hundred dollar bills to relax in, and you probably won’t wake up one morning to find that your business has skyrocketed to “viral status” online. Starting a business is hard work, and that’s why most entrepreneurs don’t last longer than a year. That’s where we step in. We’re here to let you in on the little-known survival secrets to help your business last past year 1, and hopefully, years 2+.

Know Your Goal

If you can’t articulate your goal, it’s time to stop where you are. And no, “making a ton of money” is not a goal. If you don’t have a set business goal that you work towards each day, you’ll give up. Why? Because you won’t know if you’re ever making progress. Set a SMART goal– one that is specific, measurable, achievable, relevant and timely, and let that goal be your mantra each day.

Believe in What You’re Doing

Have you ever watched “Shark Tank” and heard stories of wanna-be entrepreneurs working all night, pitching their ideas door-to-door each day, and following a strict ramen noodle diet in order to afford to launch their business? Outside of their unhealthy habits, these business people have one thing in common– they have an unshakeable faith that their business is important.

Get Organized

In this caffeine-fueled, adrenaline pumping stage so lovingly referred to as the “chaos year,” time seems to whir by. You’ve been rescheduling meetings with your business loan lender for two weeks, your printer is jammed and spraying black ink on your new carpet, and you can’t find the login information to your laptop anywhere! It’s time to get organized. It will take some work on the front end, but the relief it’ll bring to your business in the long-run is well worth it.

Break So You Don’t Break

Even those sharks we mentioned need to take breaks every now and then. Commit yourself to taking occasional breaks as much as you commit yourself to working hard. Not only will your health improve, but you might find that the “brain break” you’ve scheduled helps spur on new ideas.

Be Risky

You think it’s risky to start a business? Imagine if your business takes off, and you’re handling millions of dollars each day. Now that’s  risky! We don’t say this to undermine your initial step. We tell you this to explain that each and every day of being an entrepreneur is going to be risky. The secret is to embrace that risk and learn to look forward to it.

Don’t Do It Alone

No matter how strong your business plan is, you’re going to need some support along the way. Like we mentioned earlier, entrepreneurship is hard. Find a support system that encourages you, motivates you and keeps your pushing towards your goals. At Arkansas Capital, we’ve spent the last 60 years providing our expertise to new and growing businesses. Contact us today for lending support.

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