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Starting a latest enterprise from scratch may be an exciting process. Choosing your first job, narrowing down your small business model, and defining a clear plan of motion are all exciting experiences that entrepreneurs go through. But even these first steps may be a challenge to beat.
My first startup was an web company called Joyo.com, which I co-founded in late 1999. It was at the starting, when the Internet was still very young and filled with undiscovered potential. The first three months of Joyo saw many fierce debates inside my team as we struggled to agree on what we wanted our startup to attain – with so many possibilities available in the online space at the time, from e-commerce and online portals to travel web sites and games deciding on the best plan of action was difficult.
In moments like these, a founder must trust in his or her ability to make difficult decisions and follow them. This style of steadfast resilience can assist entrepreneurs navigate the early stages of a business. So, in late February 2000, I finally decided to build Joyo.com as China’s first B2C e-commerce platform. Joyo then became the largest site of its kind in China, and in 2004 it was acquired by Amazon and renamed Amazon China.
My second enterprise, DHgate, was much tougher. As China’s first B2B e-commerce platform, it was extremely difficult to prove our business model and attract investment. I discovered how truly cold and heartless the business world may be when we almost ran out of funds just before launch in 2004. The investor who had signed the agreement to finance us suddenly reneged on his promise at the eleventh hour, which meant I needed to turn to my very own savings to pay the remaining DHgate staff, not knowing whether this week is likely to be our last.
Not having enough funds, we gave up the office and moved to a 20m2 conference room next to the toilet of a friend’s company. My office chair was broken, but my hope was strong. I have found a technique to focus on the positives and possibilities. Most importantly, I used to be looking for strength and confidence in my business.
Apart from lack of funds, the biggest problem we faced in the starting was that no one trusted us. This took place in the mid-Twenty first century, when traditional trade was still flourishing. No one believed that the entire complex technique of international trade could possibly be done online. Validating our business model was like running a marathon – a long and difficult ordeal.
Most entrepreneurs experience win-or-go-home moments. Mentally, the early stages may be the most difficult time in building a business. However, we didn’t quit and today DHgate is one of the world’s leading cross-border B2B e-commerce platforms.
The hardest challenges bring the biggest rewards
(*3*) the financial liquidity of a young company is a every day struggle. Challenges and obstacles come from all sides – it’s possible you’ll be faced with limited access to capital, a team that is too small and overworked, lack of recognition in a potentially overcrowded market, and lack of mass understanding of the business or technology, among other aspects.
All of your employees and investors have high expectations, and that you must set high standards for yourself, too. (*3*) high motivation and energy in the office is a constant challenge, especially when everyone knows you are feeling exhausted and anxious. This puts incredible pressure and stress on the shoulders of founders who already struggle with self-doubt every day.
However, running your personal business will also be extremely rewarding. Every entrepreneurial journey has its ups and downs; If yow will discover the right path and persevere in overcoming obstacles, you possibly can achieve things that no one has ever done before, and your efforts pays off a hundredfold. These growing pains are value it for your personal development too.
Strong founders who make it through the early stages of entrepreneurship often have certain key characteristics. New founders can profit from adopting these three key values or standards to carry themselves to:
1. Talk to your heart to follow your passions
Your founding journey will turn out to be even easier if you follow a dream you are truly passionate about. As a bonus, you will have the opportunity to make your team much more passionate. When you are faced with difficult decisions, discuss with your heart for guidance. I have done this many times in my life to assist me select a path that can capture my imagination and sustain my interest.
2. Be brave and dare to do difficult things
If you take heed to your heart, you’ll hear the answer and your next plan of action will turn out to be clear. So take motion! Start looking for opportunities and you’ll find them – it’s virtually inevitable if you look hard enough. As long as you know what your goal is, it doesn’t matter if you possibly can’t see the path from the starting. It’s necessary to start out down this path.
3. Be persistent
Eventually you’ll stumble on your way. Everyone does it. The most vital thing is to enjoy failures, draw conclusions from them and move on. Perseverance just requires showing up every day to pursue your goals. If you take heed to your heart and follow your passions, optimism and confidence in your projects, your success can be much easier. It may sound cliché, but I consider that while it is probably not magic at first, steadfast persistence in pursuing any goal can create magic.