Many entrepreneurs struggle to change, because they have fallen in love with their business idea. Passion is important, as it fuels an entrepreneur’s drive. But you need to test your vision against market realities continuously.

Be on the lookout for signs that your business needs to change:
• Customers suggest modifying your product.
• Some of your customers have switched to your competitors.
• New technology makes doing business faster, cheaper or easier.
• You have a hard time retaining good employees.
• What if, no matter what you do, your business doesn’t seem to work?

Do you give up on your dream? You know the answer is an emphatic “no.” Entrepreneurship is a rough-and-tumble pursuit!

Starting a business means doing something new and taking risks. Such an endeavour rarely goes exactly as planned. If sales don’t materialize, stay meager or start falling or dwindling, you have to critically look at what might have gone wrong: Perhaps your customer acquisition projections were too optimistic. Or maybe you don’t control your expenses strictly enough. Or your management is poor. Once you pin down the reasons for your business troubles, take corrective actions and change course to avoid repeating mistakes in the future.

Just don’t keep doing the same thing that got you in trouble. If you do, you will likely get the same usual result. Remember, your business will not look the same in a year or two. It may change radically, or it may give rise to an entirely different set of ideas. Your business is a work in progress, and so are you.

The Merciful Merchants