How Entrepreneurs Can Win Amidst the Global Changes

Sweta Patel

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With the global pandemic and all the changes it has brought, entrepreneurs have faced a lot of turbulence this past year. Many of them are still recovering—or are they? I have been watching the startup industry fall by the wayside because many entrepreneurs are losing their enthusiasm for what they do. This is a test; if you are that passionate about what you do, then everything will eventually fall into place just the way you envision it. I know many entrepreneurs feel like they can never get back to how things were before. It will take massive action to get their businesses going again—not just massive action but also patience and resilience. These are traits that most entrepreneurs are born with: never giving up, creative problem solving, and pivoting and adapting to anything thrown at them.

I want to share a few tips on managing these curveballs that I have learned from my journey. The truth is that global changes are a universal issue impacting everyone. Everyone will have to get back up from this chaos and start their engines again differently.

This year, I was forced to redefine my purpose. What I thought was my path was just not panning out. I felt that I had exhausted all angles, and nothing was coming to fruition. Sometimes, when we put in too much effort, the passion feels forced, but that means that it is not passion. I had to realign myself on the right path again, and again, I was tested. Several circumstances made it nearly impossible to pursue this purpose. It got me thinking: What did I work so hard for in my life, and what was the meaning of life if nothing was going to pan out? Then, I realized that I had to make some hard decisions and sacrifices.

Cottage or the Castle

I had always envisioned myself in a large home with a beautiful backyard around 5000 square feet. I would have it to myself, but then I realized that I would be a total slave to this place. I would be paying money left and right and not be able to enjoy it. I had to decide whether I wanted to be a slave to my home or be the queen of a smaller, more affordable place. It was a tough decision, but I realized that everything can change in a short period and start working in your favor. Life has no guarantees. I wanted to be in a place that didn’t give me problems. I just wanted to enjoy my home and build my venture. It wasn’t like I wanted to show off my assets, so I decided to take the smaller place. Right now, everything is unpredictable, and who knows how long the pandemic may last. It could last another few months or a few years—but as an entrepreneur, how will you make sure you survive it? How can you creatively save more money and use it wisely? These are the two things you must master before building a business.

Fast Wins or Long-Term Service

Many entrepreneurs tend to throw money at their problems and hire based on emotional decisions. These are the two worst mistakes you can make when trying to build your business. When you throw money at problems, you will increase the burn rate, and eventually, the startup will fail. When you make hiring decisions based on how you feel, you will hire people who will manipulate you until you favor them—their goals are not your or the company’s goals. Do you want a person like that to work for you? The challenge is to ensure you have chemistry with the person so that you enjoy working with them. At the same time, your company’s goals should be on the top of their mind or it will be tough to move the startup forward. Many entrepreneurs feel that if they spend a lot of money to hire and “scale” their company, they will make their investors happy and reach their company goals. The truth is that it is more about long-term service and what value customers receive. If they do not receive value, they will not refer you to anyone, and before you know it, the business will fail. This global ruckus had caused many businesses to die because they never took the time to build loyalty with their clients. When you make your customers happy, they will come back.

If it’s not mission-driven, then forget it

Many entrepreneurs have come to me for startup advice. They were money-driven startups. I saw that they had great ideas, but they were not providing a real solution to a problem in the world. They were just trying to get by making money. Yes, revenue is important, but what is your legacy? Why are you here on the planet? If your answer is to live a rich life and make money, it may require more spiritual work to understand that life goes beyond materials. If these global changes have taught us anything, it’s that we must peel away from anything we are attached to because it is holding us back from thriving. Many times, we give a lot of attention to money and fame, but when we provide value, it is just as rewarding. If you have a mission, nothing can stop a person from pursuing their service to the world.

I hope these tips help you make wise decisions when it comes to your startup.

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Millions of women who silently struggle with autoimmune-related health issues have a new resource to turn to for help. Sweta Patel, founder of Healveda is no stranger to success. She has advised and served as an executive for more than 200 high-growth startups in Silicon Valley. She’s the founder of Startup Growth Mode, Best-Selling Author, and an Oracles Member, an elite brain trust of entrepreneurs that include Sir Richard Branson, Tim Draper, and more. Sweta switched from tech to health after successfully dealing with three different autoimmune episodes. Today, she is on a mission to help women all over the world find natural ways to defeat the crippling effects of autoimmune diseases while going after their dreams.

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