Running a business is not easy

There are many ups and downs in the journey of an entrepreneur. There are times when the business does not take off or when a successful business collapses. So what does the entrepreneur do at such a time ? In many cases he loses heart and quits or he tries desperate measures in a last minute effort to avert disaster but these are not very helpful neither are these the wise and sensible thing to do. I have been through some troubled times myself and I have a few words of advice and tips for fellow entrepreneurs for when they are floundering in their business –

What led to the crash

Firstly try and understand what led to the crash of your business – was it not having sufficient funds or were you selling the wrong product to the wrong customer, was there something wrong in your distribution logistics, were your marketing efforts not in the right direction and so on. This list of incorrect actions becomes your guide to what not to do in future.

Get professional help

Secondly, get professional help. Talk to people who have been successful entrepreneurs after a bad experience, talk to venture capitalists, talk to your bankers and fellow businessmen. Listen to what they have to say = some advice will gel with you some will not – take the advice that is in sync with your philosophy and get started gain.

Consider rebranding

Thirdly you might consider rebranding and renewing your business every which way – it will breathe new life into your enterprise. Redesign products, offer variations and extensions of existing lines, revamp processes- production, logistics, marketing etc, retrain staff, maybe retrench those who do not contribute and hire new people, motivate employees with new incentives, do an image makeover for the company, put yourself in the driver’s seat and push change, be it a change in logo or name to indicate the new avatar of your company.

Find investor

Finally you need to find an Angel Investor or Venture Capitalist who believes in you and has faith that you will pull your business out of the dumps onto the path to success.

And underlying all this, remember never to lose faith in yourself and your ideas.

Put all my suggestions into action and you will find yourself striding the halls of success.

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