You might have started a venture as a part-time thing because you thought your idea has potential, however, it has gained massive popularity and the success might be unnerving.
These situations are common for entrepreneurs who hadn’t planned very far ahead. However, coping with small business success can be difficult and very stressful and requires various qualities and a structured format.
To cope with your success, follow the points listed below:
1. Make required changes in your business plan
It doesn’t matter if your business is small or big, a business plan is a basic requirement. A good business plan has the marketing plan, industry details, executive summary, risk and contingencies listed and they need to be revised from time to time. If you have achieved a certain target, it is time to open the original plan and document the development and add new targets for the coming time period.
2. Don’t be a slave to technology
In modern times, where everything is ruled by technology, don’t let yourself fall prey to smart phones and laptops so much so that you lose connect with the real world. Currently, there’s an app for everything, it is still important for you to maintain the quality of relations you did with your employees, VCs and customers. You might be big today, but, once you start ignoring people, you might start digging a ditch for yourself.
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3. One man show is overrated
Being a one man show might seem appealing but after a point, it can be very taxing. Hence, you should build a team of dedicated and talented individuals and work towards a common goal. Also, you should have confidantes and mentors who are there to guide you through every walk of life. This will help you cope with the success better as your process of decision among will become more structured and easier.
4. Build alliances
It is very essential for growing small companies to build relationships with other companies. This can be in form of partnerships, mergers or acquisitions. Acquisitions are mainly done to kill competition in a certain market.
For instance, if I am soft toy maker, it will benefit me to have a strategic partnership with a cotton vendor or take over another soft toy making firm to gain monopoly in the market.
5. More rounds of investment
The initial investment made might not be enough to sustain a growing and successful company anymore. As you revel in the successes of your venture, you also need to keep in mind that you have to cope with the growing expenses of the same business. To manage the finances, more investments might be necessary to sustain. Hence, more VCs need to be pitched to and more profits need to be pumped back into the business to keep it running.
6. Don’t be afraid of failure
You’ve done beautifully well with your venture and there is nothing to be afraid or ashamed of. Failures are not hindrances; instead, they’re valuable lessons which stay with you all your life which is exactly why you shouldn’t be afraid to face them. Also, make your own mistakes as you’re bound to learn from them and the training and experience gained hands-on is the best kind of teaching.
Just like you’ve managed fine with till now, you can succeed further by only following these basic rules in your career.
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