When we start a business, we put everything into it – our time, finances, energy, etc. Even more, nothing can be more personal than the business, whether or not it may sound ironic. This correlates a direct connection between the personal attitude of entrepreneurs and their businesses. In other words, when you are struggling personally, it’s hard to drive a successful business, especially since the business environment can be unpredictable.
In fact, approximately 20% of businesses fail in their first year, and 50% don’t make it past the first five years, that’s why we may see hundreds of new startups in the arena every year, but way too less number of businesses with an established reputation and income.
As an entrepreneur, you may see a lot of setbacks, and the sales may float, sometimes bringing a taste of success, and sometimes making you feel like you have failed. This emotional rollercoaster impacts mental well-being, and many individuals lose their motivation. And this is a normal process, like in every aspect of our lives, when after starting strong, we experience burnout. The question is, how do we balance our personal feelings and work on motivation, while the business is struggling, that’s the very moment when talented entrepreneurs show them off and prove that they deserve a place among strong businessmen.
In this article, we’ll discover some tips to help you bring your passion back and stay motivated even through the toughest times.
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Check out the online gaming world; It will make you inspired
The world of online gaming, particularly the significant rise of online casinos, serves as a great example of a case study of how can businessmen act flexibly and find motivation even in challenges. There was a time when traditional casinos used to dominate the landscape, but the internet and smartphones brought a new reality to the field of gambling, as almost everywhere else. Faced with potential obsolescence, the casino industry could have withered. However, some people recognized the market demand and realized that they could create a new gaming environment where although casino games would be on the blue screens, the excitement of every game would remain the same as played traditionally.
This is the short story of how online casino platforms became challenging competitors to traditional gambling variants. Its growth keeps moving in a positive direction also today, given the fact that it is expected for the gambling industry to reach a value of more than $136 billion by 2029.
The casino industry’s digital pivot offers powerful lessons for any struggling business. Firstly, it demonstrates that disruption shouldn’t be equated with defeat. Sometimes, the greatest opportunities lie in the ability to overcome changes, even when they force us out of our comfort zones. Secondly, it underscores the importance of understanding customer needs in an evolving landscape. Online casinos thrive because they cater to a desire for flexibility and accessibility that traditional casinos struggle to match.
Always have a backup plan
Nobody likes the feeling that their whole business could go belly-up if one thing goes wrong. That kind of pressure? It can freeze you up completely. But here’s the thing: every good strategist knows a backup plan is key, and running a business is no different.
What does this actually mean? Maybe you’ve got a skill you could freelance to bring in some extra cash. Maybe there’s a way to turn your knowledge into an online course or something else. Or, maybe another company in a similar boat would be up for teaming up. The point isn’t to have all the answers instantly, but to remind yourself options are out there.
Think about it – even massive companies sometimes need a serious change of direction. Remember Nokia. It used to be the king of cell phones, but smartphones threw them for a loop. But they didn’t just shut down. They switched gears, focused on networks and tech, and now they’re big players in that whole 5G industry.
Sometimes just knowing you’ve got some ‘Plan B’ ideas in the back of your mind does wonders. It breaks that feeling of being trapped and lets you look at problems a little more like puzzles… annoying, maybe, but solvable.
Have your savings for a rainy day
It is hard to imagine a successful businessman who loses his motivation just because something went wrong. In most cases, it’s not because he is a better strategist than others, but because he has some safety cushions and knows that even if not everything is going well, nothing is lost yet. Luckily, there are so many opportunities for business people to save money for future investments. This is something that helps to always stay financially stable as a business, and not to put all eggs in one basket. Strategy starts from here.
