|Yes, it is a bit like THIS!|
Highs and lows are part of being an entrepreneur. No matter how hard you try there will be failures and successes. Finding ways to convert failures to successes generates a great sense of satisfaction. The process can be arduous and create lots of stress, but it is an essential part of developing a business.
It is easy from the start of the endeavor to believe that the company will be wildly successful. You go on the road and try to raise funds. The road trip seems to take much longer than you imagined and the people you meet range from very nice to downright ugly in their interactions. The deal structures for the financing may follow the same pattern of making you feel ill or bringing a huge smile.
Finding partners and getting deals completed can be a huge energy consuming effort. You create marketing materials and send notes to businesses that seem to be a fit. The logic of working together is obvious to you, but they seem to not agree. They may come around or not, yet you must press on and keep trying to find the best partner for you.
Highs and lows come with the successes and lack thereof. In fact, you may experience patterns of highs and low that track the stock market. Markets may relate to your financial stability or potential retirement funds. Even investors have a tendency to change their risk profiles relative to whether markets are up or down. One investment banker working on a current deal says: “When the ducks quack you feed them.” He means that investors wax and wane relative to investment opportunity. The highs and lows may not match your need and timings for obtaining cash investment. This suggests it may be wise to consider raising cash when the markets are good for financings; even if you may not need it yet. Trying to raise capital in down markets can generate deals that are much less than attractive to the business.
Keeping a positive attitude is important. The attitude is needed to ride the wave of highs and lows you will feel as an entrepreneur. You may become depressed when bad things happen, and elated when great things come your way. Keep everything in perspective and retain an attitude that allows you to retain your focus and ability to concentrate on business. Highs and lows can take that focus away or diminish it some. Lost focus can result in errors or less than well thought out actions. It is great to be excited and it feels horrible when you are devastated, but you must continue to drive the business forward. Try to keep the emotions in balance with your ability to Think Agile.
Taffy Williams is the author of: Think Agile: How Smart Entrepreneurs Adapt in Order to Succeed to via Amazon