Archive for Entrepreneur

How to Recover from a Setback in Business

business setback

The world of business can be a tricky thing. It can and often is very rewarding and enjoyable, but sometimes it is also very difficult and unkind too. Being in business certainly does have its ups and its downs, with the main goal being to ensure that there are more ups than there are downs in the bigger picture of things. When one is in business, there are goals, ambitions, and decisions that have varying degrees of effects on the business itself. A businessman or woman is always pushing to have more positive effects than negative ones. They always have their eye out for an effort to be the most successful that they can be and the most focused and on top of things that he can be.

Sometimes, in business one can experience a business setback, which will literally put one down a bit and cause either a full stop in forward motion or an actual retrogression potentially. When this happens, things can certainly look grim and unpleasant, but it is important to not get too distraught about the whole thing. A setback is a perfectly normal and to be expected aspect of being in business and is simply a part of the whole package deal. How you learn from it is key for future success.

Business

Success and motivation in business are more about knowing how to conquer and move past obstacles and difficulties than it is about building the actual business itself. When tackling a business project, one might find that they are being held up by something, or that they are being fully stopped and actually pushed back by something. When this happens, things might look pretty tough, but I assure you, you can deal with and resolve the setback. Here are some quick tips for when you are dealing with a setback of any kind:

  • Learn from the setback. I always say that you can learn from any and all situations in life, all the time. When you are faced with a setback, it is possible to learn and grow from it and understand the steps that you have to take to prevent that setback from occurring again in the future.
  • No matter what happens, keep making forward progress. Despite how tough times are, they say you do not fail at something until you actually stop moving forward. So, when tackling a setback you also have to make sure that you keep pushing forward with your business plans, with your sales, and with your targets and projects.
  • Seek help from others if you can’t seem to remove the setback on your own. There is nothing shameful in getting outside help from people. When you are suffering from a setback, it often becomes necessary to branch out and away from it and to do what is necessary to overcome it by adding to your arsenal of solutions, including the additional help of others.
  • Put the setback into perspective as far as the bigger picture goes. A lot of times, we tend to exaggerate a setback and make it appear to be a more traumatic, upsetting or difficult problem than it actually is. This is understandable and is a part of human nature. However, if we are instead able to learn from and get past a set back with ease, without blowing it out of proportion, we will be a lot better off for it. Every mistake or problem is a chance for change and growth.

When all of the cards are on the table, just keep on pushing and you will overcome any setback that comes your way. It is all part of the adventures in business.

Entrepreneur vs. Small Business Owner: What’s the Difference

entrepreneur

There has been a lot of talk lately about small business ownership and entrepreneurs.  What I have seen pretty consistently is the two areas getting pretty heavily mixed up.  What I have seen more so than any other terminology confusion in business lately has been the incessant confusion between the description of a small business and the description of an entrepreneurial venture.  I’d like to write about these two, and create some clarification on the key differences between them so the new generation does not make the mistake of confusing the two.

First off, let’s look at the definitions of the two terms, as the Merriam-Webster dictionary defines them:

  • “An entrepreneur is a person or group of people (Entrepreneurial Venture) who organize and operate a business or businesses, taking on greater than normal financial risks and potentially difficult tasks in order to do so.  Usually, the business is a new idea, and does not follow a model or plan that has already been proven workable before.”
  • “Small businesses are generally speaking privately owned entities such as corporations, partnerships, or sole proprietorships that themselves have fewer employees and/or less annual revenue than a regular-sized business or corporation does.  A small business differs from entrepreneurial ventures in that small businesses usually follow an already workable plan.  Such plans usually go along with a franchise, or they follow a model in whatever market that they are in that has already been proven to be workable.”

Key Differences Between the Entrepreneurial Venture and the Small Business

There are a few key differences between an entrepreneur and a business owner.  I can lay these out, so any doubt or uncertainty on what one is will be well understood.  The primary differences are things like:

  • Small business owners usually (about ninety percent of the time) deal with known and established products and services, whereas entrepreneurial ventures are for new and innovative offerings and products and services that are in their own way new and unique and to a large degree designed by the entrepreneur.
  • Small businesses aim for limited growth and continued profitability that is reliable and to a degree stable.  A great example is a local, privately-owned paint store that sells brand name paint products.  On the other hand, though entrepreneur ventures target rapid growth and high productivity returns on their new, innovative, special ideas.
  • Small businesses deal with known risks within their own field or marketplace.  Regardless of how the business owners are able to deal with those risks, the risks themselves are still relatively well known and predictable.  On the other hand, though, entrepreneurial ventures take the plunge with a lot of unknowns and a lot of big risks.
  • One of the most interesting differences here is that entrepreneur ventures generally impact economies and communities in a pretty big way, especially in the niche market that they are in or the community in which they are located.  This inevitably results in a pretty big, cascading effect on other sectors like job creation and job growth in the specific market or area.  Small businesses are in a lot of ways a lot more limited in this perspective of big change and such businesses remain confined to their own domain and group that they are a part of.

I hope this clears up some of the confusion on these subjects.  I want this area to be really well understood, as people should know well the terms and the truths about whatever venture or project it is that they are trying to get into.  The best way to succeed at something is to really understand that area very well.