Being a boss of your own as an entrepreneur can be bliss and a burden at the same time. Realizing that you are the soul and body of your business and are responsible for critical decision-making to keep your business running smoothly can be challenging.
Then, what happens when the industry is facing a depression generally? Just like the ongoing economic challenge coupled with the new cashless policy facing different industries in Nigeria. That of course, adds to the burden of an entrepreneur, and if care is not taken, it could leave a lasting negative effect on the business.
So what do you do when going through tough times in business?
• Learn how to manage your stress:
How do you prioritize self-care as an entrepreneur? Most times, we are always concerned about working on the business more than working on ourselves. And by working on ourselves, I mean prioritizing self-care.
When the going gets tough, you might want to check your mental well-being to be able to create new ideas and innovations that will put your business ahead of difficult times and bad days.
• Leverage your network: You must have built a good network of like minds and entrepreneurs around you by now. So why not call a mastermind’s meeting with your circle, or go to them for ideas and relatable experiences? Doing the thinking alone can be more draining, especially during difficult times in business. So if it feels like you are facing a challenging time in your business and you’re out of ideas, it might be the right time to check out your network of like minds and leverage their ideas
Revisit your GOALs and WHYs: This always takes us back to why we are here. Why we ever started this business? The source of your motivation these past years and what keeps fueling your actions for the future. Revisiting your goals can really bring back lost inspiration during challenging times in business and help you find a new view on how to do things better.