Failing to get funding from an investor can be disappointing, so it’s important to make sure that you remain levelheaded, writes psychologist and author Guy Winch. Rather than allowing yourself to fall victim to feelings of helplessness, brainstorm new ideas and chart a new course forward. “Construct a new and clearly articulated plan that implements lessons learned, the elements that need to be tweaked, and the products of your brainstorming,” Winch commented in his interview with Michael Kogan.
Companies that innovate set the table for collaboration and allow for failures or new approaches instead of trying to manage or narrowly guide the innovation process, commented Michael Kogan. The approach can be seen in companies that share a calling with their clientele and actively include customer perspectives in company values. “Innovative organizations are in motion, the type than eagerly invite others to join in,” Kogan added.
Getting some traction in the market is important for a first-time entrepreneur who is looking to raise cash for a startup venture, commented Wade Foster, co-founder and CEO of Zapier, in his recent interview with Michael Kogan. In general, traction is all about demonstrating short-term growth and presenting “a long term story about growing the business into a company with IPO potential,” he added. Becoming part of an incubator can help move your company in the right direction, Kogan commented.
Business leaders and startup founders shouldn’t expect too much downtime, say members of the Young Entrepreneur Council. Rather than trying to carve out time for yourself, they advise learning to love your job, and using technology to integrate your work responsibilities into your private life. “When I decided to start a business, I knew I was signing up for a life of work-life integration, rather than work-life balance,” explained Lauren Friese of TalentEgg in her recent interview with Michael Kogan.