After a few years of owning your own business, you may feel like maybe your spark has died out. It is estimated that 80 percent of all entrepreneurs close up shop after only one year in business, and it is not always from financial shortfalls. Getting a business off the ground is hard work, and it is all too common for entrepreneurs to burn out after a short period of time. But what do you do when you know that you want to be your own boss, but the fire has died? There are ways to reignite the entrepreneurial fire that burns deep inside you.
Find A Mentor
Many entrepreneurs get their business idea in their heads and it engulfs every area of their life. They eat, sleep and breathe their business, vowing that they will slow down when the company comes to fruition. This can be easier said than done, especially if you are working alone. Whilst striving to reach certain milestones, goal posts can be moved, leading to more and more exertion until eventually, health starts to fade, relationships crumble or poor decisions are made due to burnout.
If you are getting to this point, kudos to you for the enthusiasm and effort, but it may be time to consider taking on a mentor.
Not only is a mentor great to give business advice, informing you of proven case studies and successful practices, it is also an opportunity for you to bounce your business ideas of someone that isn’t emotionally involved with you. (Loved ones are often guilty of telling us what we want to hear) A mentor can act as a devil’s advocate, which can not only assist you in developing a contingency plan, it can also lead to diversification. Focusing on one aspect of your business is like putting all your eggs in one basket and can lead to stagnation. A good mentor will be able to point out where you are going wrong and alter your direction if necessary. They may also have a useful bank of business contacts that can help you increase your network to work smarter not harder.
Take A Break
Sometimes the answers we need to make our businesses successful can be found in far off places that we have never visited before. In some cases, an entrepreneur burns out because they have plenty of motivation, but no inspiration or direction. Taking time out to refuel, recharge and reassess can be just what the doctor ordered. Having a chance to think with clarity is more likely to garner the desired results as opposed to charging round like a busy fool.
When on your break, also be mindful of the people that you meet. Chat to the passengers or hostesses on your plane, other guests at your resort, people you meet on excursions. Study people, assess your target market, get feedback from people, most importantly get excited and reacquaint yourself with the reasons you wanted to start this business in the first place. Establish what your goals are, are you in it to make money, or are their other reasons. Strongly identify with your “Why” and implement a simple step by step strategy on how you can achieve this.
Visiting places you have never been to before can give you a new perspective on the world and help you to find a new passion for your business.
Hang Out With An Entrepreneurial Crowd
If you are the only aggressive and entrepreneurial person in your circle of friends, then that may explain why your passion is dwindling. The truth is that you have no one around you to challenge you and get you excited about your business. It is time to start seeking out positive people who are pursuing their dreams and are excited about the future.
A great way to mingle and meet such likeminded people is to work in a collaborative business environment or shared office space. This has been a real estate boom in recent years, Sydney’s coworking space has seen a massive 30% increase, from 40,000 square metres in 2015 to 130000 SQM in 2019 and the same pattern is happening globally. And there is little wonder why, as the number of entrepreneurs in business is at an all-time high. Start-up businesses are taking this kind of space as a cost-effective solution, but reaping the rewards of learning from and being inspired by others.
There are also many business association meetings in the community, networking breakfasts and online forums where entrepreneurs can share their journeys.
Scout The Competition
Entrepreneurs are, by nature, very competitive people. If you have been working on your own business so long that you have not been keeping up with the competition, then it is time to see what the other side of the fence is up to. You should spend time taking a look at the competition’s online presence and read what their customers are saying. You might even see your company’s name come up in a negative way that will start to reignite those entrepreneurial fires.
You should spend time visiting the competition’s business, if that is possible, and finding ways where you could do things better. After a little time spent scouting the competition, you will start to feel that fire burning again and the strong urge to get your business moving will overwhelm you.
It takes dedication and vision to be an entrepreneur, but even the best entrepreneurs start wondering if they are wasting their time. When the business fire deep in your belly starts to run low, there are several ways that you can fan the flames back to life. If it is truly your dream to make an impact on the world with your own business, then you owe it to yourself to reignite your entrepreneurial fires and get your business back on track.August 1, 2019