Is there ever a better time to start a business? Maybe. However, many of us start and grow our businesses in less than ideal circumstances.
The world of today is chaotic and uncertain. Politics are eviler than we can remember. Economic indicators bounce around like rubber balls and there are many differences between the rich and the poor, as well as between the employed, unemployed and underemployed. This makes it more difficult than ever to see the true economic picture. Part-time work with entry-level workers is now available to people who once thought they could retire from “regular jobs”. To make ends meet, full-time workers have started side hustles. The ranks of entrepreneurship are expanding with social entrepreneurs, traditional entrepreneurs, and reluctant entrepreneurs. How do you begin an entrepreneurial venture in this chaotic and unpredictable world?
Get back to basics when it comes to your finances.
Sometimes chaos can create opportunities. However, these times are not the right time to take chances with your survival. Your debts must be paid. For almost a decade, interest rates were extremely low. Many people used credit cards and loans to cover their budget gaps, particularly in the years following the 2008 recession. Higher interest rates are good news for those who save money, but they could be disastrous for people with a lot of debt. A heavy debt load can not only limit your business options but can also make it difficult to think clearly. You need to have the freedom to think and innovate in order for you to be a successful entrepreneur. It is a waste of time to worry about bills.
Another basic financial strategy is to establish a budget and follow it. You need to be able to see where your money is going and where it’s coming from in a world of unpredictable events. You can access a lot of financial planning information, but you should focus on professionals who are familiar with entrepreneurship. Your budget must include a plan to build a cash reserve. A mere half of Americans could handle a $400 emergency. This number is not something you want to be included in.
Create a diverse team.
It is so comforting to surround yourself with people who think, speak, and act in the same way as you do. This is especially important when the world seems chaotic. However, it is not the best way for potential customers to be understood and connected in isolation or echo chambers. A diverse group of mentors and advisers can help you test new products or services for viability. You can practice your pitch with people from diverse backgrounds. Get feedback from a variety of professionals about your business plan.
Create a self-care plan. Entrepreneurs have been advised for years to consider nutrition, fitness, mental health, and other important aspects of a healthy life. I have warned new business owners about the dangers associated with having their office only a few feet from the fridge. And, I also warned them about the isolation that can result from an intense focus on start-ups. Entrepreneurs need to take care of themselves in a chaotic world. Your personal health and well-being will help you deal with stress in today’s chaotic world. You may need to invest in time and money differently than you did when things were easy. Quality food, gym memberships, meditation classes, and therapy are all investments that can help you achieve entrepreneurial success.
Stability is what you should be holding on to.
Entrepreneurs are known for taking risks. There’s still much to be gained by having faith in your idea and taking chances. You need to take calculated risks in chaotic times and keep a solid foundation of stability in your daily life. You might have to keep your job for a while to allow your side hustle to blossom. This might mean that you launch your business in stages rather than one at a time, to allow customers to give feedback and make adjustments. While you are pursuing business success, make sure to maintain your personal relationships. You can find strength and relaxation in routines such as family game night, date night, or movie night with your friends. Spiritual practice can also be a source of stability.
It can be difficult to start or grow your business in an uncertain and unstable world. To navigate a business environment where people are uncertain or edgy, will take energy and patience. To thrive in a world with high tempers and nerves, you may need to improve your communication skills. In today’s chaotic world, entrepreneurs need a solid foundation. This includes solid finances, healthy support networks, a good business idea, and a sensible self-care plan. You can still make it work in today’s chaotic world. But don’t let your guard down.