As an entrepreneur, we all know that your journey is riddled with ups and downs, sharp turns, major uphills which are all known as the business cycle/curve. Many have quit or given up due to these ‘curves’ or underestimating the impact they have on your business and your mental health. Henny (Henok) Yeshanew, a Top 40 Under 40 Winner and founder of an award-winning marketing agency can tell you that surviving multiple curves are just part of the process, and being prepared for those obstacles will mitigate the effects. Many of these obstacles include loss of income, working overtime, loneliness, wrong crowds, and many more. Henny will provide valuable tips below on how to mitigate many of these obstacles to come out on the right side of it.
The first curve many entrepreneurs will face is a lack of execution.
The first curve many entrepreneurs will face is a lack of execution. Many will have amazing ideas but too scared of failure that they will never even start. Another reason for not executing is the lack of information or resource to get started. Henny has faced this issue before when starting his marketing agency. He had no idea where to start or execute so he reached out to individuals that have launched their business and asked them to be mentors for his journey. This allowed Henny to create a task list and execute each step one by one without having the stress of failure or mistakes. Failure is not something you can fully avoid, but something that you can learn from for the future. Applying what his mentors advised him on, Henny was able to launch his agency and avoided a curve that would have stopped him from starting his journey.
The second curve entrepreneurs will face is working overtime and the loneliness that comes with it. If you are starting a business for scratch, you will face this curve since because that business is your ‘baby’; you will need to put excessive hours to bring it to life. What Henny learned quickly was the burnout effect is real and can make an entrepreneur give up on the business. Henny decided to take mini-breaks in between work blocks so that his brain can reset and his focus can be elevated. In terms of being alone in the process, that is a normal occurrence since nobody other than you cares for your business at the beginning. What is important is to make sure you are networking or reaching out to people in your industry and creating meaningful connections with them. Henny was able to advance his marketing agency in the early years due to his ability to meet new people, attend events and conferences.
Another curve an entrepreneur will face is the loss of income or clients in their business and not knowing how to grow the business in times of negative revenue. No matter if your business is a product or service, this curve will occur more time than you can anticipate. Henny has used his business coach idea of running a profit-first business to offset this curve before it even occurs. The profit-first method is a system where you allocate a percentage from every revenue that goes straight into a profit savings account. The reason for this method is so in times where you lose clients, business, no revenue, you are still able to operate your business using funds you have saved for. This method also prepares you for an economic downturn or in today’s case, a pandemic situation. This may be a hard method to adopt at the beginning since it takes a portion of what you will be paying yourself but you will thank yourself in dire situations from this profit account.
Another curve that will occur a day 1 and day 500 is the ‘loss of motivation’ factor. Since you have no boss to instruct you or provide guidance, there will be days where you have no motivation to keep going. Henny had his fair share of these in his journey, especially on days where other ‘curves’ were occurring. One method Henny learned quickly is to understand “your why” of being an entrepreneur; why did you even start? Is it for your family? Financial freedom? Whatever it is, it should be written or seen in front of you every single day so in days where you are not motivated, you are able to remind or affirm yourself. Another tip Henny recommends is to create a task list the night before of tasks you need to complete as this will be your motivating factor to complete the list and feel accomplished for the day.
Many of the tips Henny has mentioned, he still uses to this day and it allows him to prepare for the curves and tackle them head-on. It has allowed him to shorten his journey and create a successful business and hopes to soon provide this opportunity to individuals who don’t have the same access as everyone.