How to Mitigate Risk, Defeat Fear, and Manage the Ups and Downs of Startup Life

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There are millions of people all over the world who want to start their own business and there are thousands of small business guides that are there to help them do it. There are several things to keep in mind when starting a company, one of the most difficult aspects of running a startup is the risks involved when starting a company.

Anyone who is going to succeed over the long term must understand how to continue when times get tough. Here are several tips for anyone starting a business and learning how to navigate the change of business.

Start small

Understandably, many aspire to do everything all at once. Especially if you are currently working on a typical job, it is important to start out small with your business and grow as your client increases. This reduces the risk of losing money.

If a person spends $1,000 on a business idea, they have much less to lose than someone who invests in $100,000.

Always try to start out small and grow organically as a company.

Seek Opportunity

There are many opportunities available in business today for those who are willing to take them.

However, it is important for business owners to understand when a great opportunity comes by which is worth taking. In order to succeed as a company, risks must be taken at some point. However, a business owner must learn to gauge the risk versus the reward level of his investment.

Never Give Up

Perhaps one of the most important aspects of running a business is perseverance. No matter how well done your business plan is, there are going to be times when things go wrong.

Always make sure that you work diligently through the hard times. The companies that last over the long term are those that are able to come through down economic cycles stronger than ever before.

As a business owner, it is up to you to set the attitude for the rest of your company. Never be afraid of doing something great because of your fear of failure.

It is true that starting a business can be overwhelming. However, every business owner can attest that one of the main reasons why they want to invest in one is the opportunity to earn and be successful.

Risks, fear, doubts and frustrations may be part of the game, but the sweet success your business will attain will make everything worth it.

13 COMMENTS

  1. Hi Ramona,

    These are awesome tips that any small business just starting out ought to adhere to – especially the last tip: perseverance.

    In my estimation, perseverance is the singular most important tip for business operations because nothing, especially new stuff, ever goes on smoothly. Now, it’s the perseverance that keeps things going on in the long run, especially after some hiccups.

    Do make the day great – and remember to persevere 🙂

    Always,
    Akaahan Terungwa
    Akaahan Terungwa recently posted…August/September NTP Blog Hop: Taking Time Off And A Million Other Awesome EntriesMy Profile

  2. Starting small is good idea. This works especially for those who have never been in business before. There is always going to be a learning curve when doing new things. There is going to be a learning curve when going into business, when riding things out when the economy gets bad, and when you’re not used to taking risks.

  3. Great 3 tips. Short and to the point!
    I’d also say, with perseverance, try some brainstorming as well. Starting small is the best thing a new business owner can do, but during tough times, perseverance might not be enough. Maybe coming up with new and innovative ideas on how to advertise your business to the public or new ideas in regards to some new services/products you can offer that might bring a whole new set of clients.

  4. Hi Ramona,

    Some very useful tips indeed, the most useful of which is to never ever give up, and that should be easy if you truly believe in yourself. I read somewhere that Warren Buffet said when he was young, he just knew he was going to get rich, that he didn’t know how he would make the money, but he just knew that he would.

    That’s just an inner conviction that you have to keep trying to get what you want, and soon you will see that opportunities present themselves! That’s when you can say, “Finally, the page has turned!” and smile to yourself 🙂
    fehmeen @ Debt Free Lifestyle recently posted…8 Ways to Save Money On Shopping TripsMy Profile

    • Welcome to PFtoday, Reelika. 🙂

      I agree, there’s a lot of sweat and effort until you can really make it. Thinking short term or (worse) trying to con your customers is not the way to make sure your business will keep your family fed for decades to come. If you are hard-working and honest in your business, there’s a lot you can accomplish.
      Ramona recently posted…The 11 Top Benefits of Having a Company BlogMy Profile

  5. Opening up a new business is indeed, risky business (pun intended 😀 )
    On a more serious note, opening up a new business in the times we live in now is probably the biggest risk of all. That being said, I’d say adapting your new business to the market is a big must!

  6. There’s more to running a business steadily. There are, indeed, great opportunities from raw talents and intelligence of people for making money leading to being a part of entrepreneurial growth as income generators of economy. Federal government regulations and the reprehensible collectivism, “If You’ve got a business–you didn’t build that. Somebody else made that happen” shouldn’t have a place in our societies.

    Productive financial enrichment endeavors through the fruits of our labor and creativity in building our businesses from scratch should be encouraged. Not shunned.

    You’re right, businesses that start small, but are persistent do thrive their way to success as wealth-generators for the economy of greater good.

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