Any company starts with an idea. Ideas are born in a person’s head. In addition to knowledge, and understanding of processes, it is also important to be able to manage emotions. At the start of a business, this skill provides an entrepreneur with tremendous support. After all, what else can have such a strong impact on the opening and development of your own business, if not the emotional attitude of the owner and founder of the company? Why is starting a business the hardest stage?
When you start a project for the first time, especially if there are no outstanding results behind you, you can quickly give up, although before the first results (sales, payments, and so on) maybe quite a bit. At the beginning of the entrepreneurial path, it is important to understand that business is not easy to build, but at the same time, you need to have confidence in your readiness to start a business, take responsibility for the result, and so on. Below we have listed the 7 most important principles of managing your own emotions in business.
This is not a complete guide, it’s just an article that can help you understand if you are ready to start. You only need readiness. Information can now be gleaned online, the first customers can be found among relatives, and investments are also not a problem. The problem can only be in one thing – your willingness to start something new, your own.
Analytics and accounting
A penchant for analytics and accounting for small things is important in business. It is important to notice the mood in the team, it is important to understand why people buy, why not, and a thousand different little things. It is very easy to immerse yourself in product development, and your ideas, but you also need to learn how to make decisions quickly, analyze what is happening in the company, and understand where what and how it may not work to have time to insure against risks. Analytics in a company is associated with a lot of things – from hiring staff and monitoring their work to sales and marketing.
The task of the manager is to organize all processes. Initially, we start with marketing and sales, because they bring money, and then we begin to analyze other parts of the process step by step. We look at what can be improved and where. We analyze financial flows and so on. An entrepreneur should know a little about everything, notice failures in the business system at the right moment and monitor the debugging of these failures. What should you prepare for?
Due to the constant attention to detail, at first, you will have to deal with a lot of things yourself – from designing a website and negotiating to registering an enterprise, accounting, and paying taxes. And also do not forget about the production, storage of the product and so on. Each business has approximately its own set of important functions, but the fact that you will have to do completely different things is 100%! If you are ready to plunge headlong into constant analytical thinking, and debugging processes, then building a business will not be as difficult as many say.
Synthesis is the opposite of analysis. This point is important because the task of an entrepreneur is to build a complete system from the available pieces. When a company starts its existence, chaos and incomprehensibility are normal things. If you are ready to select viable elements, concepts, and processes among all this and implement them into the overall structure of the company, then you will certainly be able to create an interesting and profitable project. Some entrepreneurs are ready to start a company because they want independence and do only what they like. Unfortunately, this does not happen in business.
Maybe you can only do what you like if you are given a lot of money or your business is simply to sell your handmade goods on an Internet site. But if we are talking about a serious project and you can’t spend a lot of money on it, then you will have to do a lot of what you didn’t study for, what you see or hear for the first time in your life. And after the analytics stage comes just the synthesis stage – the assembly into a single, holistic process of all components. This is the construction of a company, the creation of a system, a real business that works, even if you leave and don’t want to do this project anymore.
Think about whether you are ready to dive into new processes and build a whole out of pieces. It’s like consulting – people come to a consulting company with a business that needs to be “cured”. Consultants begin to promptly investigate, diagnose processes, and then make recommendations. You will do the same, only within your company: diagnose, investigate, and make recommendations. Are you ready for this?
Willingness not to delay. If you are constantly postponing the start of a business, then you are afraid of something, and you are not ready to start it. Those who are ready are already doing it. The beauty of a business is that to start it, you do not need to get a formal education, complete courses, and take exams. You can start where you are, just with a plan. And sometimes a plan is not needed – a week is enough to test most ideas for viability. If you want to sell something, you don’t need to start by registering a company and creating a website.
Is there a finished product? Sell it! Are you afraid to sell? Then you haven’t grown up to business! Today there is nothing easier than selling! Yandex provides an opportunity to start receiving orders using contextual advertising ads, even if you do not have your website. And the site is not a problem – today there are free engines on which you can make your store in a few days. Sell a few units of your products, and then see if it’s worth registering a company for this venture.
Often, the desire to first register a company, open a website, and then start selling, suggests that a person is not ready to start a business. Entrepreneurs are those who squeeze the most out of available resources. This is the task of an entrepreneur – to think, including how to manage the available resources.
Self-criticism
Self-criticism how critically you evaluate yourself and your abilities can greatly affect your company. Usually, those who start the first project, especially at a very early age, tend to overestimate their capabilities. Let’s be clear – if there is no experience, then you will not be able to “make a lot of money” quickly. Moreover, the very idea that people want to work with is often not something that requires serious refinement, but it’s no good at all. Ask yourself the question, why didn’t anyone think of this idea before me?
Am I such a genius and is this a unique project? But, there is another extreme here. Many people underestimate their abilities, although they can do much more than they imagine. A good plan, and a desire to try even if you have suffered 10 failures or more usually help to overcome this problem. But, you must have a certain amount of perseverance in achieving your plans.
Observation
Viable ideas of entrepreneurs often appear as a result of observation. Usually experienced people notice what could be improved, and what problem to solve, and businesses are built based on this. Another part of people tends to generate mostly not very viable ideas. If you notice that you are just constantly gushing with ideas, then think about how useful they are and what real problems they can solve. Watch and ask if you really should start a project. If you are observant, then you probably have a few ideas that will help you save money and you will not start a deliberately failed business.
The ability to recognize the result of each project has its timeline: the time when the project was launched, when sales began, when the break-even point was overcome, and so on. An entrepreneur needs to keep a virtual break-even card in his head and be able to determine whether it is worth waiting for a profit or whether it is necessary to wind down this project and start a new one. How do recognize such a result?
A very difficult question. Usually, if you have a good product and convey information about it to the target audience, then sales should begin fairly soon after launch. In any case, it is worth remembering that if the project does not bring profit within 6 months, then it should be closed, because it is even morally difficult to drag a project that is not at least a hint of income.
The transition to a new level of managing your emotions also largely depends on the environment. If you spend most of your time with people who don’t care, have no goals, no principles, they negatively affect you, then it’s worth saying goodbye to such an environment. This does not mean that you should turn away from people, it’s just that you will not be able to move to a qualitatively new level. Your environment will not allow you to do this.
Staying in it you will have to overcome a lot. It’s like a rocket that comes off the ground, overcoming the force of gravity. It consumes a lot of fuel to go into space. Find an opportunity to change the environment and communicate with entrepreneurs who will inspire you not to give up. You need to maintain relationships with people from the old environment, but it’s better that you influence them positively than they influence you negatively. If you are not ready to change the environment, then you are most likely not ready to start a business.