We are still on the subject of getting through tough periods in your business.
I promised to reach out to more of my friends who are entrepreneurs so they could share their own experiences with us. (learn what Israel had to say here)
Let me get right into it.
The next friend I reached out to was Toritse David @gbichie, what she had to say was also interesting. She currently works a 9-5 while running a few of her businesses, after being a full-time entrepreneur right from her university days.
The reason for this switch from full-on entrepreneurship, to a 9-5 and part-time entrepreneurship, was that; she needed funding and consistency. Let me give you a short backstory;
Toritse’s target audience is the everyday man and she aims to give quality but affordable services to the everyday man. These services range from consultancy to a cake advertising business, to a shoe business, to a shirt printing business, events planning, and lending to SMEs. I honestly admire her ability to run multiple businesses concurrently.
Everything was going well for the longest, until her shoe business crashed, followed by others. She also experienced a plateau the more popular her businesses became, and the more people knew what she did. This was her tough situation.
She insistently tried to make me understand that businesses require funding for the downtimes however the funding may come. I agree with her to a large extent. She’d rather go for stability in her entrepreneurial journey to cover up for the highs and lows than run on just passion. That is why she sought out to get a 9-5 to fund her business until she’s stable enough to go head-on in business again.
What was her Bounce back plan?
-she retreated to re-strategize.
In her words
“Entrepreneurship is not for everybody and neither is it for anyone, if hitches can make you back down then you should back down forever. Tough times will come in every entrepreneurial journey but you need to keep at it. The dilemma of an entrepreneur is that -they are constantly thinking about tomorrow because tomorrow is uncertain for both the richest and the poorest, so brace up for these tough times and run with them. There might be things which you’re doing wrongly and initially, you were winging it because you were not at a critical point in your business, but crisis amplifies what you’re doing wrong and what you’re doing right, and in such a time –you learn and re-strategize”
Here’s what I took from her experience; She would have forged ahead and crashed or given up in the absence of funding and her business crashing. But she took a step back and found out what worked best for her and made a recovery plan. It’s safe to say that knowing what works for you and why it does, would save you from a lot and direct your path. If you don’t have the resilience to go head in, in a time of chaos please Retreat. Edakun!! (To my non-Yoruba readers –Please)
I served you “the tea”.
And maybe I’ll consider reaching out to a few more entrepreneurs. You can suggest an entrepreneur who you’d like to hear their bounce-back story.
So until next time, I remain yours in this entrepreneurial journey.