August 16, 2010
Upbeat in a Down Economy?
You've put together your dream business and even survived the Great Recession – but as any other business, tough times must be dealt with. Trying to secure financial support and seeing your business in jeopardy can affect your emotional health.
"Lots of people told me to throw in the towel, but entrepreneurs never did," says Penelope Trunk, CEO of Brazen Careerist. "Because entrepreneurs know that having a successful startup is really about not quitting. You never get the business model right on the first try. You never feel like you know what you're doing, and you always have to adjust until you find what works. If you have passion and energy and faith, you keep going."
Here's how to keep going:
Focus on what you can control, accept help, talk about what's still going strong within your company and remember that it's OK if you are not, well, OK, says Brazen Careerist.
To prevent being cash strapped again, Inc.com advises to barter early and often, map out a budget and stick with it, and don't outsource prematurely. Plus, before starting out, make sure you have enough cash to stay afloat for a few months without profit to pay bills and taxes on time.
Bonus PINK Link: Maybe it's time to sell your business. Here are a few things to keep in mind.
By Muriel Vega
"Optimism is the faith that leads to achievement. Nothing can be done without hope and confidence." Helen Keller