By Jon Uriarte, CEO, Ticketbis
Great businesses can come from deep recessions. The right idea, drive and investment can be what is needed for one company to succeed, even in times of economic turmoil. What is vital is a decision to keep pushing, to keep striving and to understand that ambition can’t be thwarted even if the timing doesn't create the best environment.
Entrepreneurs often fare well in economic difficulties. They are single-minded and driven by an idea that has to be fulfilled. It’s never going to be easy but there are several steps budding entrepreneurs can consider and should take to help them put their best foot forward.
1. Joining forces
Setting up alone can be daunting but setting up with the wrong partner can be fatal. Ensure that any person you work with at this early stage complements rather than mirrors your business skills – you need to make sure the range of needs is covered. And never underestimate the importance of trust in this relationship. If you don’t trust them with everything you already own and love, then don’t entrust them with the business you are about to grow.
2. Build a strong local presence
If you are expanding beyond your own territory, you need people on the ground, who understand the culture and speak the local language. Registering your company early for web addresses with country code top level domains will ensure you retain your brand identity – even before you are ready to launch in a new market.
3. Stay focused
Starting a new business is an exciting time but be careful not to get carried away with too many ideas. Do your research and play to your strengths – this will help make sure your idea is unique in the market. Successful products or services on the market are designed to make people’s lives easier. And if your idea can improve your community, that’s an added bonus.
4. Believe in your team
When you launch your own business, you must be involved in every single decision, whether that is marketing, distribution or customer service. When your business expands, it’s important that you have a team of talented people whom you can trust, delegate to and rely on for their expertise to grow the business.
5. Never give up
Be prepared for failures but always stay optimistic. Many start-ups fail at the first huddle and quit, but the only way to achieve your goal is to follow your dream every single day. Always make time for families, peers, and friends. They will give you the strength, inspiration and courage to carry on.