Young entrepreneurs, especially newer entrepreneurs, are constantly pushed to succeed. While success can be defined in many ways, entrepreneurs with young businesses don’t have either time or money to waste. Because of this, the feeling of needing to succeed at any cost, can be a huge stress to carry.
Although I founded my business over a decade ago, the business pressures young entrepreneurs feel are still fresh in my mind. During the first few months, I was often kept up at night by the question, “Did I make the right decision?” Giving up the security of a job for a dream of starting my own business was rattling. After that stage passed, it was all about, “Will this thing keep going?” And then, “Will the first year end in the positive?”
When you’re first starting out, you don’t have the luxuries that long-time established companies have. Every decision and move you make can either propel you forward or drag you backward. With so much at stake, it’s no wonder entrepreneurs lose so much sleep. I can trace this stress back to three main issues: generating sales, differentiation, and having the right talent. Knowing about these scenarios and how to handle them can help you lighten the burden of stress and allow you to move forward more confidently with your business.
Being unable to rely on a steady flow of cash and growing client base or revenue is at the top of any young business owner’s mind. For entrepreneurs, it’s crucial to boost the bottom line and figure out the right recipe for consistent sales and growth.
As the founder and CEO of OneIMS and Clickx, Solomon Thimothy has built his career around his passion for helping other businesses grow an online presence and thrive in the digital world. Solomon works with clients big and small to develop uniquely customized and highly effective marketing strategies that meet every company’s individual goals. Follow him on twitter @sthimothy.
BusinessCollective, launched in partnership with Citi, is a virtual mentorship program powered by North America’s most ambitious young thought leaders, entrepreneurs, executives and small business owners.