Turn Challenges Into Opportunities As an entrepreneur, you’ll go through a lot of ups and downs. That means you have to hear a lot of “no”s before you hear any yeses. A great idea may turn out to be not such a great idea. Add to that the changes in your industry and the challenges of running a business, and you’ll see why these burdens can prove cumbersome. Young entrepreneurs often get discouraged when they let challenges get the best of them, but dealing with these hurdles is simply part of running a business. What’s important is that you learn how to turn them into opportunities. In my business, there are constant changes in the industry and technology. We don’t give up each time we have to rethink our strategy. Instead, the constant push to catch up and stay ahead has allowed us to become laser-focused on what we do and who we serve. Ultimately, these challenges have made us a better company. When faced with a challenge, take advantage of what’s working and you’ll probably end up better off than you were before.

See the Forest and the Trees When you’re first starting your business, you’re in tune with every detail. You probably check every proposal that goes out, every plate that leaves the kitchen, and every order that is sent out for delivery. The details sometimes become so overwhelming that you forget to look at the big picture. Running a business means you have to be able to see your business both at the micro level and the macro level. The ability to simultaneously analyze the big picture and the individual pieces that make up your business is no easy task. I had a hard time pulling myself out of everyday tasks, but doing so has allowed me to make the changes that have propelled our company forward. Set yourself up for success by looking at your business from the top and from within. You’ll discover a lot about your company that will help you to both run and grow it successfully.

Know Your Market There’s a difference between knowing your market and really knowing your market. After working with hundreds of clients over the past ten years, I now realize how much our market has evolved. In the past few years, I’ve learned that we can’t service every client in the same way, nor do they need to be serviced the same way. We originally thought that we could provide the same services to every customer, but given that our market is made up of different types of customers, our services should reflect this. Take note of your customers’ preferences early on to ensure your business model satisfies the needs of the market.

Failures are opportunities to learn and do better next time, and no business is without their fair share of mistakes and failures. Although you will likely find your own mistakes to make, you can avoid some of them by asking an entrepreneur what failures they’ve learned from over the years.

Making a plan and getting started are the first steps to success. Once you have a plan, you can start taking specific actions to move your business forward. Waiting to make progress to take further action in business may mean missing out on opportunities. Taking risks can help you learn and grow as an entrepreneur.

Making a plan and getting started are the first steps to success. Once you have a plan, you can start taking specific actions to move your business forward. Waiting to make progress to take further action in business may mean missing out on opportunities. Taking risks can help you learn and grow as an entrepreneur.