Featured on Entrepreneur’s website, contributor Daniel Wesley discusses how new businesses can survive the early years in the article, “5 Ways to Help Your Business Survive Its Adolescence.”
“Nothing compares to bringing life into the world. But a close second might be building your new company. After all, there’s a reason we coined the term business ‘life cycle,’” writes Wesley in the article.
In the article, Wesley shares new ways new businesses can survive the “awkward adolescence”:
- Go against the grain. Many people will offer advice to new owners on how to run their businesses, but sometimes it’s better to “go against the grain.” Wesley says in the article, “To succeed, I had to do whatever it took to keep my company alive, even if that meant exposing myself to some financial risk. You should, too.”
- Don’t micromanage. For many, the “coming-of-age” power struggles with parents trying to run their lives are all too familiar, notes Wesley in the article. Relate this familiar feeling to how your new employees might feel if you micromanage. “So, instead of setting one-size-fits-all policies, manage your team members in a way that brings out their best. Some might need rigid parameters, while others might think best after shooting a game of pool between coding sessions,” explains Wesley in the article.
- Don’t fall for relationships too quickly. New prospective business partners are like a new crush when in high school. “If you want those industry contacts to turn into long-term relationships, you have to ensure a record of integrity and success,” says Wesley in the article. Do not make promises or deals you can’t keep; this can risk your business.
- Accept failure. Learning to deal with disappointment is important in life and in business. Successful business owners will take their failures and grow from them to better perform next time.
- Focus on the future. Find solutions and learn from the situation when an obstacle arises — and move on. “Being a business owner means having the maturity to let your organization evolve naturally, even if — as happens with parenting — your ‘child,’ [grows] up, looks different from your original vision for the brand. Otherwise, your company’s ability to grow and thrive will be constrained,” reports Wesley in the article.
You can read the entire article on business survival in the early years here.
