One of Shark Tank’s stars, Robert Herjavec knows a thing or two about dealing with and overcoming challenges.
As are all self-made millionaires (and billionaires), Robert started with nothing. With hard work, perseverance and a great attitude, Robert built an internet software company, and later sold it for tens of Millions of Dollars to AT&T Canada.
That’s no small feat, which was full of roadblocks, setbacks and disappointments.
Here Are Robert Herjavec’s 5 Tips For Entrepreneurs To Overcome Challenges
1. Be Optimistic About The Future
Robert Herjavec’s very first tip is – “You can’t start a business if you don’t fundamentally believe that tomorrow will be better than today.”
I’m thrilled to hear a business icon like Robert, put that in the top of his list.
This is not just about positive thinking.
I firmly believe that your beliefs will either empower and energize you to take action and keep moving… OR… get you down and paralyze you, keeping you in the state of inaction.
No matter what happened today, no matter how many setbacks you might be dealing with right now, if you don’t go to bed with the hope and a belief that tomorrow will be better, you’ll be one miserable entrepreneur.
After launching dozens and dozens of projects in a number of businesses over the years, many of which have fallen flat on their face, I know this to be 100% true.
2. Understand There Are Always Going To Be Challenges
Not too long ago, I launched a new business, in a brand new market for me. I did everything I thought was right.
But when I ran my very first advertising campaign, everything that could have gone wrong did.
I fixed it. Ran another campaign and it did pretty good. So I quickly put more money in to scale it up, and it blew up in my face.
I ran into challenges that I didn’t even know existed.
Lesson learned. Pick yourself up and try again. It took me months to run a campaign that was finally profitable.
In my opinion, preparation is the key. Expecting the best, but preparing for the worst. Understanding that challenges are going to be a part of the process, and preparing yourself for them both mentally and financially.
3. Accept The Fact That Business Is Very Competitive
Your customers don’t care about your product, your brand, and your blood, sweat and tears that went into creating it.
There is a ton of competition in just about every market.
And your customers, especially online, are just a click away from going with the competition.
Robert Herjavec says – “Business is not ‘let’s hold hands and sing kumbaya’. It’s full-on. It’s a contact sport.”
Which leads to his next tip…
4. You Have To Enjoy The Competition
Robert says – “If you don’t enjoy the competition you’re going to struggle.”
Very true. My first 11 years in business, I was in the financial services business. It is as competitive as it can get.
And I got into at the time when mutual funds have started becoming very popular, and many big financial companies started reaching to people in ways they never have before.
Plus, on top of that, I was with a firm, which had tens of thousands of independent reps, and there was a lot of ‘internal’ competition.
So for me, every single day was a competition.
Here’s a little old African proverb I have posted on my desk to remind me how I need to deal with this:
“Every morning in Africa, a gazelle wakes up, it knows it must outrun the fastest lion or it will be killed. Every morning in Africa, a lion wakes up. It knows it must run faster than the slowest gazelle, or it will starve. It doesn’t matter whether you’re the lion or a gazelle-when the sun comes up, you’d better be running.”
5. You Have To Love What You Do
This may sound like another ‘cliche’, but the reality is, if you’re not passionate about what you do, if you don’t enjoy it, you WILL struggle.
Money is great. It’s a big motivator. And I will never say that money doesn’t motivate me. It does, and anyone who says ‘money doesn’t motivate me’ is either lying or will never be successful in business.
However, it can’t be the only motivator. There has to be purpose and passion behind what you do. Or you will never put the time, effort and energy your business requires to be successful.
If you’re only motivated by the money, every challenge (and there will be many) will drain your batteries and make you feel like an emotional wreck. But when you love what you do, you’ll be firing on all cylinders and your energy tank will never run out.
If you’d like to see the original article and video with Robert’s tips, you can check it out right here.
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