No time for negativity: From adversity comes opportunity

With stories of inflation, the ongoing cost-of-living crisis, travel disruptions and more, it is difficult to avoid the negativity that is dominating the headlines. 

The economic downturn is also having an impact on the world of business as investors adopt a more risk-averse approach in response to market uncertainty and rising prices. 

The statistics go some way to support the notion that startups are more likely to fail than succeed with over 20% failing within 12 months of conception and 60% going bust within the first three years.

These factors create somewhat of an imperfect storm that can put entrepreneurial spirit to the test. I have been there as an entrepreneur where it seems like securing a full-time position and the reliable income that comes with it is the sensible approach. However, I would implore you not to give up on your business aspirations. There is an abundance of opportunity out there waiting to be seized.

In striving to reach the full potential for your business, there is no time for negativity.

Don’t be afraid to ask for help

Whilst it isn’t the most prolific time for startup investment, investors will always be ready to get behind the right ideas and the people driving them forward. 

If you are looking to secure investment for your business, it is important to position yourself, and your business in a way that stands out and will make investors take notice. Naturally, profitability and business longevity will be key factors, but investors often look to the people behind the business. Successful founder-investor relationships are based on a human relationship with trust at the core from the start. 

Don’t be afraid to share your challenges and what support you require in order to overcome them. They are looking for driven, motivated, aspirational individuals who will have the determination to overcome challenges and make a business successful.  

Bring the energy and positivity and it will likely be replicated by potential investors.

Asking for help

Investment isn’t the be all and end all. It is important to consider the types of support that can be gathered outside of financial investment. In today's startup market, investors are looking to add value both in terms of equity and knowledge to maximise their return on investment, so looking to the additional value that investors can bring can be the key to achieving your business goals. 

For investors and advisors, the challenges that you are facing will likely be nothing new. They are in the position they are because they have been there themselves and seen it all before. With that, founders who seek guidance, advice and expertise, in addition to financial investment, benefit from unlocking the true value that investors can provide and accelerate business growth with the tools necessary to do so.

From adversity comes opportunity 

For the reasons already mentioned, it can be difficult to remain optimistic about the prospect of starting, running and growing a business in the current economic climate. However, it is important to remember that from adversity comes opportunity. 

A quick look back at recent history tells us that from adversity stems opportunity. Global tech giants Facebook, AirBnB, Uber and more were all born out of the 2008 financial crisis. In each of these cases, founders identified innovative ways to deliver value to customers.  

Consider how your current business or perhaps a new idea can help to provide added efficiency or cut costs for your target audience.

Control your reality through your outlook

It may be hard at the moment but try to see the opportunity in everything. It may not always come to fruition but by adopting a positive outlook, you will maintain a level of control over the future of your entrepreneurial journey. 

The most successful entrepreneurs and business founders are those who adopt a glass half full approach but with an underlying degree of realism. Pessimism will only result in missed opportunities and a career plagued by worry, stress, and frustration. To coin a phrase by famous sports coach, Wayne Gretzky, you miss 100% of the shots you don’t take. 

Be aware of the market conditions but don’t let unfavourable ones stop you from striving to achieve your aspirations in both life and in business.