Growing a business takes time and patience. Don’t be tempted to make rash decisions that may be detrimental in the long run.
Entrepreneurship might be exciting, but it is often difficult and requires personal risk and sacrifice on the part of the businessperson. Michael Hess at CBS MoneyWatch has advice for entrepreneurs who get impatient as their businesses grow too slowly: stay the course.
Remember Your Passion
You started this business for a reason and with a passion. When times get tough, the best advice is often the same as when watching investments in the stock market: stay the course and don’t make rash decisions. A new business often requires sacrifice, but you knew that when you started.
Make Short-Term and Long-Term Plans
Draw up business plans that span short and long periods of time. One plan should focus on goals just for one year. Another plan should look at where you realistically expect your business to be in three to five years, and draft a third plan that focuses on five to ten years into the future.
Look over the plans every morning to remind yourself of where you are where you are going.
Consider Change When Necessary
If something is truly not working, change it if you can, but avoid rash decisions made in panic or despair.
You started a business because you had a vision. In order to realize that vision, you developed a plan. Stick to that plan as much as you can.
Tell Us What You Think
What business would you love to start? Join the conversation on Twitter.
More from PayScale
(Photo Credit: Matt Seppings/Flickr)