Most of the questions I get are usually associated with the hardships of being an entrepreneur.
“Chase, my business is struggling with…”
“Chase, our sales have been going down…”
“Chase, we can’t…”
I understand that. I know better than anyone else that times do get tough. That’s the price you pay for being an entrepreneur. Nobody said it’s going to be easy – if you want easy, go find yourself a day job and enjoy the ‘security’ that comes with it.
What I don’t understand or acknowledge is thinking that if business gets rough, it means you’re doing something wrong. That’s it’s not for you. That something’s essentially flawed with the whole system.
Business Success Is a Process, Not an Act
Let me remind you – nobody comes into business knowing all the answers. For many businesses, there are no playbooks available. You need to explore the waters yourself, see what works, and what doesn’t.
Generally, when times get rough, there are two things that I always do:
- Take a step back. If I can’t find the answers to my most pressing questions, and I can’t even see the light at the end of the tunnel, my first thought is always this: perhaps I’m asking the wrong questions. Take a step back, and start thinking in more general, macro-level terms to recognize that perhaps something is indeed broken in your strategy.
- Keep pushing through. No matter what I come up with after the first exercise, I always, without exception, wake up the next morning and keep grinding. Working is not an option for me – it’s a survival condition – because I know that whatever issues I’m facing now, they can be solved, I just need to figure out how.
For example, some time ago, we at PayCertify were trying to land a big 7 figure merchant to use our payment solutions.
We agreed to a trial period, and the merchant started using our software.
However, it turned out that the software didn’t fully match their needs – it wasn’t ready. We lost that merchant – a client that could mean a six-figure monthly cash flow for our business.
For most people, this would be it. They would quit their business, calling it a failure.
But I used this opportunity to learn and adapt our product to the feedback we got from the merchant. A couple months later, we started landing clients even bigger than that first one, with a product that was just what they needed.
Remember: every single business failure or difficulty is a lesson. But you’ll only be able to reap the fruit of what you learn if you stay in the game long enough to see your business succeed. If you quit before that point, it was all for nothing.