An entrepreneur by definition is a person who sets up his own business by taking major financial risks. They often manage to turn the small firm into corporate; nevertheless, it requires a lot of time and patience to get it started. It is not a smooth ride; however, they need to keep themselves motivated to proceed and be competent. Building a start-up is not an overnight journey, as they say, Rome was not built in a day! A consistent source of motivation for entrepreneurs is essential to keep them going in the pursuit of success.
The entrepreneurs must set some rules for themselves and should resolve not to shift from the track or get frustrated with the slow growth. Let's focus on a few basic ways to keep them motivated.
1. Set Achievable Goals and Monitor Progress
They must keep a personal goal and check the little successes and failures to understand the progress. An entrepreneur must keep a tab on the newly developed company's progress. A detailed account of every little progress is to be recorded. They should constantly monitor their journey to detect the flaws and organise accordingly. Let's say some college graduates develop a new start-up; they want to create a chain of restaurants. So they open the first one. The detailed progress report will motivate them to work harder and allow them to detect their loopholes. It will be a reality check as well as a constant source of motivation at the same time.
2. Long-term Goals
Set up a personal mission statement which describes the broader goals of the organisation and for the motivation of the stakeholders with the company's culture as well as the underlying core values. A personal mission statement will act as a miniature model reflecting the ideology and agenda of the company. Because the entrepreneur will be developing a new company in the market, how will it manage to gain the people's trust? These descriptions will define their agenda.
3. A Constructive Plan
It is of utmost importance to chalk out a plan; growth in any field is impossible without proper planning. One must keep a ledger for both personal and professional planning. It gives one a clear notion of the work which is to be done. For example, before building a house, we construct an outline or the outer layout to check what is to be built, without planning the house might never get built. Similarly, before developing a company, the entrepreneur must construct a solid plan from beforehand so the person can move ahead accordingly. The construction of a solid plan will give them the idea of their progress and motivate them to reach the target.
4. Make a Routine
A routine is like the psychological alarm clock; once you fail to reach the goal, it will affect any person. To keep oneself motivated and active one must maintain a routine to keep their activities in check. Let's take the example of a newly developed publishing
house. It is indeed difficult for the entrepreneur to get access with the authors, the person has to follow-up with the other houses, maintain appointments with authors, schools and even the Printing press, and if they manage to get orders, another task adds up -- to check on the printing and the copies to be made. This requires a lot of time and effort. It is also true that a single mistake might lead to a more significant loss. Hence the entrepreneur has to work out a proper timeline to keep the tasks on the check. This will allow them to identify their own pace and the pace required to meet their target. A constructive routine not only will enable them to work smoothly but also keeps them motivated.
5. Take Part in Inspirational Activities
Today every two out of three people are dreaming of doing something of their own, or to become an entrepreneur. The competition is tough nevertheless it is easier to achieve if efforts are put in the right direction. Often the new entrepreneurs lose hope and get frustrated due to the tough competition and tend to give up. So what measures can be taken for the motivation for entrepreneurs? Various institutes host such activities where the new entrepreneurs can participate in the workshops, have a conversation with other fellow entrepreneurs, and gain confidence and inspiration. These activities are like the water on dying plants when they need the most motivation if they get it they will prosper better.
6. Be patient
Success doesn't come to one in a day. It requires a lot of patience to reach to the top. The most important requirement for the entrepreneurs is patience, without patience the entire effort and investment might go in vain. There are high chances for the companies not to get visible responses within a few days of the inauguration; be it a garment shop or an IT start-up, it takes quite a lot of time to get settled out there, to gain the trust of the clients and to create a market base. So, what is required to combat the frustrations developed from lack of recognition? Patience! An entrepreneur under no circumstance should give up hope on the business. The person should remember the amount of time and money devoted to the company and patiently wait and continue with the necessary work to get recognised. For example, a garment recently developed will never attract customers in a week; the person has to display the products and wait for the customers and understand their taste and upgrade or modify accordingly.
7. Listen to the Pro
It is also important for the entrepreneurs to take help from the successful entrepreneurs. A man who has walked through the same path will know the best about the issues related to it. Their experiences will allow new people to venture in the same direction. It is incredibly helpful for the new entrepreneurs to get suggestions from successful entrepreneurs; they will advise them about the pros and cons springing up while proceeding with the business. It's true that not every new entrepreneur can reach out to them. So, to deal with that problem, the person can take help from the internet and watch their interviews or participate in the seminar hosted by various companies. These automatically will give them a clear picture and an outline regarding their ways to proceed.
8. Maintain a Positive Mindset
They should never give-up hope or hard work, they must stay positive. The entrepreneurs under no circumstances should get distracted from their path and think of quitting. They might indeed face many hurdles to get started with their business, go through loss initially, or get no proper responses, but they must keep faith in themselves and move ahead with their plan. They should stay hopeful and optimistic and seize every opportunity to grow; this hope and positivity will allow them to stay motivated towards reaching their destination. In no way they should get into negative thoughts. They must remember that the journey has just begun and there will be plenty of ups and downs.
An entrepreneur must surround themselves with trustworthy people. The new entrepreneurs should always stick to their plan, and keep their eyes open to not miss out a single opportunity. Every action counts, even a meagre amount of profit is essential for their business. Most important way of motivation for entrepreneurs is the stories of their successful counterparts. Inspiring case studies, success stories and experience sharing will help them keep their vision intact and their intent clear.
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