Entrepreneurship is not an easy road to walk, and there are different kind of challenges that needs to be handled to make a sustainable impact. Some of the fundamental yet complex changes that successful entrepreneurs make include starting the day early, arranging client meetings, and doing all the running around to keep the business running smoothly. In simple terms, sometimes what looks like progress on the outside is actually an accumulation of right efforts in the wrong direction. Hence, it is essential to be aware of the signs that you are working hard, but building the wrong business. Being aware of the signs will ensure that you are moving in the right direction.
Earning is less than hard work:
When a business professional feels that even after putting in a lot of hours, they are not getting the same results, then consider it as a red flag. The scenario happened with the small traders from old markets of Chandani Chowk who are still putting in extreme hard work, but their profits are drying up after the coming of e-commerce giants. Always remember that your hard work must contribute to building momentum, not to mere exhaustion.
No growth in the market:
The second big sign that proves that all your hard work is ultimately getting invested in the wrong direction is when your target market is falling. If you observe that the market in which you serve is dying, then take it as a clear sign that your business will fall too. Some such segments that no longer flourish are DVD rentals and cybercafes. So, if you feel that the market is dry, your growth will suffer.
Emotional disconnection:
It is a fact that when someone has a deep passion for what they do, then even the toughest challenges become exciting. If someone is experiencing the opposite, wherein each task feels heavy, then it is indeed a red flag. Feeling burdened in every task is a clear sign that you are pursuing the wrong business. Such a situation is commonly seen in business families operating in India, where the younger generation is forced to seek an already successful business led by family masters.
In your absence, business can’t run:
A strong feeling that your business won’t be able to run in your absence is a problem area. Many small business owners have this is in common that they feel that it is difficult to handle everything when they are not around. Real growth happens only when you allow your team and the system to take over even when you are not around. A strong business is based on freedom and not complete Reliance.
If you feel blind to the bigger picture:
Another big sign that you’re working hard but building the wrong business is being unable to see the bigger picture. It is no surprise to witness a scenario in which a company is running well, but the whole environment around it has changed, as happened with giants like Nokia and Kodak. Being too involved in giving it all might end up in missing on the future.
Having clarity on the signs that indicate an entrepreneur is putting their long-term effort helps identify loopholes and make changes without delay. Moreover, the signs help determine the most effective tips for building a business from scratch.
Key reasons entrepreneurs stay stuck:
The detailed mention of red flags indicating an investment in the wrong business makes it clear that two primary reasons entrepreneurs stay stuck are ego and fear. The fear here is the fear of starting over, and the ego that restricts one from admitting that something is off. The ignorance towards these issues drains energy and time.
What can save your business?
Learning from pivots:
A successful entrepreneur is not someone who never commits any mistakes, but someone who pivots well in time. For instance, Reliance began its entrepreneurial journey as a textile company but quickly shifted to Telecom, petrochemicals, and Green Energy. On the contrary, if Reliance had stayed in Textiles, it would have never turned into a giant.
Easy to rebuild:
Putting your time, money, and energy into the wrong business isn’t just unhealthy from a business point of view, but is also not considered right for your mental health. Consistent stress is dangerous can often eats up all the confidence. The importance of identifying early signs is high as the longer a business stays, the harder it becomes to rebuild.
Key Takeaways!
Make an informed selection and avoid putting all your efforts on the wrong path by recognizing the key signs. If you feel the rewards, you are getting don’t align with your efforts, something needs to change. It makes complete sense to take help from a professional consultant to identify the signs and take corrective measures. If you are seeking support from India’s leading business consultant, look no further than Dr. Ameet Parekh.
