Know your limits

One of the common mistakes for people trying to start a business is overcharging themselves with duties and responsibilities. We tend to set goals too high and then lose confidence, when they appear to be impossible to achieve. So it is crucial to understand that not everything depends on us.

Sometimes we get tired or overwhelmed with stress. And find ourselves incapable of performing even the simplest work. It is natural and happens to everyone.

Sometimes things just don’t want to go our way. In some situations there is not much we can do. No matter how hard we try. It is natural as well.

Being an entrepreneur means accepting reality and understanding your limits. Simple logic says that you cannot do what you cannot.

 

Mental stability

Professional athletes use some simple mantras to stay cool in overwhelming situations:

“I do what I can, with what I have, where I am.”

It might not help you to win or achieve the needed result, but it can definitely help to keep calm and perform at the highest level of your current abilities.

The point is not to be able to deal with any situation, no matter how demanding and complicated it appears to be. The point is to stay focused and functional in an untenable position.

 

Chance to become an entrepreneur

We wrote before that the risk of financial loss is one of the main reasons to deprive people of starting their own ventures. And let’s be honest, the relevant statistics is pretty straightforward: in the first ten years of business, 70% of startups will fail. Meaning that if you organise a company today, then the chance that in the following ten years this company will go bankrupt is 2/3. And in fifteen years it will be 3/4.

Still, a slight risk of failure is not an excuse not to start your own business. You should never forget that being an entrepreneur is your natural state. And your current employment is only a lead-up time.

 

Organise your business

The main question here is whether you are able to produce commercial value. The value which you can exchange for money. Another question is whether you understand who are the people to exchange their money for your value. What is the right way to approach them. What kind of proposal will work the best in converting prospects into customers. Will their money be enough to cover all business-related expenses plus your reasonable income.

These are the subjects to pay attention to, instead of thinking about whether you will be able to fit into 30% in 10 years.

Better think about your team. Do you have a skilled and reliable people to handle challenges and organise work? How will you manage tasks? How are you going to distribute workload and guarantee quality? Is it easy to find a replacement if some team member moves out of the project?

And those are only the basic questions, just to start with. There are many more of them. Do you recognise all the questions you are going to answer?

 

Personal efficiency

We see now that our abilities are restricted. There will definitely be situations which will demand the best of you to stay balanced and focused. And even if you manage to keep inner peace, the chance of business failure is still pretty high – 90% in ten years. There are a lot of questions to be answered, including those questions you are not aware of and you cannot even imagine they will play any role in your company activities.

So the only thing we can do – gradually improve ourselves. This is just what professional athletes do. Allowing fails and losses is a part of a normal routine – you still proceed with your trainings and contribute whatever you have to improve your skills, knowledge and to get vital experience.

The same works for entrepreneurship – the better person you are, the better you can do.

 

ByCycle

In ByCycle, all your efforts are organised in a very simple, ergonomic way.

Give ByCycle a try, and see how it works for you.

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