Let’s face it, entrepreneurs face a rigorous uphill climb, regardless of which industry their business is in. Owners find themselves soaring on the waves of success or hiding in the dark from devastating lows. With so many moving pieces, the negatives can pile up before the successes can be celebrated.
One of the biggest pieces that can take the shine out of owning your own business is the funding; or lack thereof. Every business large or small needs an initial source of funding to get it off the ground. Whether it’s solely online or brick and mortar, every business needs an initial infusion of cash.
This cash flow might come from using one’s own savings, collaborating with partners, or even selling shares in a company like Norwegian Air Shuttle (OTCMKTS NWARF). Selling shares is another way of raising capital to add or expand on offered services. In many cases, a business or organization will receive several forms of funding.
Consequently, each option brings with it its own set of benefits and issues. Applying for the wrong type of funding, in the beginning, can lead to a headache. A charity will not qualify for the same type of funding as a clothing store. Moreover, the collection of those funds differs. The rules and regulations will need to be learned and abided by.
Forming a Team
Once a company begins to do business, owners begin to discover that they need help. This means hiring the companies very first employees. While this is an exciting step, many entrepreneurs discover hiring personnel is not all it’s cracked up to be. Unless the perfect person gets delivered to the business via express mail, this means putting out an ad or hiring a headhunter to sort through available candidates. However, staff will still need to be screened, interviewed, trained, and set up in a workspace.
One of the biggest headaches an owner has is creating an environment that encourages teamwork and creativity. As it costs to hire every employee, high turnover is a waste of money. Creating a dynamic team that meshes well together is just as important as a particular candidate’s other qualifications. The major issue is that there will come a time when letting go of one person is more beneficial than hiring two more.
Attitude Equals Altitude
Accordingly, as the leader of the team, entrepreneurs have an important role to model the behavior they want at work. One thing that sets successful entrepreneurs apart from the rest is their ability to adjust their attitude about practically everything. They share a talent for listening to more than the sound of their own voice during collaborative meetings. Successful entrepreneurs do not let one bad experience keep them from future success. Many a triumphant business owner will credit adjusting their own attitudes as a contributing reason for their success.
Successful entrepreneurs know that there will be easy days and hard days. They are willing to learn from their mistakes and absorb the fault. Being able to do this has a dramatic effect on overcoming the hardships that come with being the person in charge. During these times when everything seems to go wrong, they understand that bad moments are not necessarily defining moments. Nevertheless, they willingly tackle those things that go wrong and use them as learning tools to launch bigger and better ideas.
Being a business owner is not only a cause for celebration, but also a reason to break out the aspirin. Not knowing the difference between 1099 and W-2, employees can and will create an issue down the line. Finding and maintaining a funding source can make the difference between hiring staff and closing the doors. Consequently, there is no wonder that funding is such an essential piece of the puzzle.
Getting a startup off the ground is no easy feat. There will be long days and sleepless nights. Trying to sort through everything, from the idea to the launch, can be frustrating. However, with a little ingenuity, the fiery spirit of entrepreneurship can keep burning brightly.