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3 Types of SaaS Businesses Likely to Thrive in a Post-COVID World

At this point, it seems safe to say that the novel coronavirus represents one of the most significant business disruptions in the past several decades. Although a transition to remote work and e-commerce was already in progress, the pandemic moved that shift forward with breakneck speed, forcing it on many businesses that were in no way prepared. Unsurprisingly, many of them have had a great deal of difficulty adapting.

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In a survey released in April, insurance agency Main Street America found that two-thirds of small businesses would have to shut their doors if the lockdown had persisted for five months or more. Another 30% of businesses indicated they would be unable to even survive a two-month lockdown. 
That isn’t to say that all industries have suffered from the pandemic, mind you.
Many Software-as-a-Service (SaaS) businesses, in particular, have thrived in the new climate created by COVID-19. Even when the pandemic eventually ends, it is likely that many of these organizations will continue along at their current momentum, as both businesses and consumers turn to the digital realm for support and entertainment. Those particular businesses include:
Digital collaboration platforms
Gaming and media
With that in mind, here are the details as to why we believe these SaaS companies will perform incredibly well in a post-COVID world.
1. Digital collaboration platforms
Business to Business (B2B) software is arguably the biggest winner of the pandemic, a trend likely to continue as the world gradually returns to some semblance of normalcy. 
As mentioned, COVID-19 forced many organizations to move, nearly overnight, from a traditional office to a fully distributed, remote workforce. Most lacked the necessary in-house infrastructure to support this transition. As a result, they turned to digital collaboration tools.
Platforms like Zoom, Slack, Uberconference, Clockify, Notion, Fuze, Quite, Microsoft SharePoint, and Google Drive have experienced a massive surge in usage over the past several months. Zoom, in particular, saw usage up approximately 300 percent in the early days of quarantine, per JP Morgan analyst Sterling Auty. Microsoft, meanwhile, mentioned in a March blog post that it saw a 775% increase in calls and meetings on Microsoft Teams, its business communication platform.
While subscribers and usage will likely decline at least slightly once people begin to return to the office, remote work is nevertheless here to stay.

Research and consulting firm Global Workplace Analytics, for instance, predicted in a recent survey that by the end of 2021, as many as 30% of employees will work from home multiple days a week, while 80 percent of respondents indicated a desire to work from home “at least some of the time.”
It’s not just in the business realm that this software saw increased usage, either. In an effort to cope with the isolation and stress of quarantine, many people began using videoconferencing tools to stay in touch with friends and family. Digital date nights, movie nights, and meetups became common.
It went beyond even this, however, as noted by The Wall Street Journal.
Fitness courses offered via Facebook and Instagram live. Trivia games played via smartphone apps. Board games played over video chat. Digital concerts, webinars, virtual conferences, and online events.
While it is likely that many will return to physical gatherings and events the moment it is safe to do so, some experts have predicted that virtually connecting with people will, for many, become the new normal. Large video chats present a compelling alternative to physical meet-ups between busy adults, many of whom might otherwise be unable to meet and speak with their friends and loved ones. As a result, though usage will likely decline in the consumer space just as in the business space, online social gatherings are here to stay.
2. Telemedicine
Telemedicine isn’t exactly a new field, nor are the underlying technologies particularly revolutionary.  It has, for years, allowed individuals living in remote regions to gain access to medical advice and diagnoses which they might otherwise be unable to receive. With the fears surrounding the spread of COVID-19, however, telemedicine has seen an even sharper upturn in usage than collaboration software.

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In April, for instance, software & services review site TrustRadius measured the number of impressions each SaaS category had received since the beginning of the pandemic. Telemedicine led the pack by a massive margin, seeing a 613% increase in usage. Although the site acknowledged that this sharp growth had likely already reached its peak, it will remain an incredibly useful tool even post-COVID.
To that end, the American Medical Association has predicted that moving forward, virtual healthcare could account for approximately $250 billion of health insurance spending in the United States, up from an estimated $3 billion. For many, telehealth is a matter of significant convenience, allowing us to phone in from the comfort of our own home instead of waiting for several hours in a doctor’s office. It will also allow mobility-impaired far easier access to physicians and by association the medical care they require.
The AMA also reported that, according to consulting firm McKinsey & Company, 57% of healthcare providers view telemedicine in a more favorable light than before the pandemic, whilst 64% indicate that they would be more comfortable using it in their own practice.
As such, although the barrier for entry into the SaaS telemedicine space is relatively high and saddled with myriad regulatory requirements, it nevertheless has incredible potential for growth.
3. Gaming and media
We need not tell you how much online gaming and media streaming services increased in usage during the pandemic. You have likely experienced this surge firsthand, at least in part. After all, when one is stuck in their own home, what else is there to do but find solace in digital entertainment?

A major decline for theaters as streaming platforms grow (Image Source).
Analyst and consulting firm Deloitte predicted early in the pandemic that media streaming services would greatly benefit from the pandemic, noting several significant increases in both viewership and usage. Multinational financial services firm J.P. Morgan, meanwhile, noted the increasing expansion of the streaming landscape in May, with countless new streaming platforms coming to market. Video games, too, received a mention in the firm’s analysis, with both increased usage and increased viewership on streaming platforms like Twitch.
It is important to note here that not all game developers and publishers count as SaaS companies.  At the same time, however, SaaS has strong roots in the games industry, from digital distribution platforms like Steam to online games like World of Warcraft and League of Legends. And given that the vast majority of gaming is making the shift from offline and single-player to online and multiplayer, the future of gaming and SaaS are inextricably linked — and gaming is, by association, a fast-growing SaaS sector with a great deal of revenue potential.

A pandemic-fueled jump in video game streaming (Image Source).
Many of the associated apps have uses beyond this space, as well. Apps like Netflix Party and Discord, for example, help people experience movies and media together. And more people are creating digital content than ever before. Online content creation was already reaching a fever pitch, and COVID-19 has resulted in a surge like never before —meaning there is an opportunity for content hosting here, as well.
Again, once the worst of the pandemic has finally passed, we may see a slight decline in usage for both gaming and streaming media. At the same time, with such considerable surges in users and viewership, the outlook for these two entertainment sectors is highly positive. As we move from 2020 into 2021, expect digital entertainment to continue along its current growth path.
Adapting to a newly digital world
The coronavirus pandemic didn’t just change the world. It continues to do so. As a direct result of COVID-19, we’ve seen the rise and fall of multiple industries and sectors, alongside a massive shift in how we both live and work.
These shifts, as are many of the changes that result from periods of great turmoil, are permanent. Just as the recent Great Recession led to the creation of companies like Uber, Airbnb, and Venmo, COVID-19 will see the rise and fall of many new businesses, and lasting changes across many industries. The SaaS businesses described above are the clear winners in this shift, but they are not the only victors.
SaaS businesses of every category likely have a positive outlook moving forward. As does any organization that can effectively leverage SaaS. This software is, after all, one of the driving factors in digitization, and will continue to support our march towards a virtual future, even once the pandemic is finally behind us.
About the author
Christopher Moore is the Chief Marketing Officer at Quiet Light Brokerage, an entrepreneur-led organization that aids in the preparation, marketing, negotiation, and closing on sales and acquisitions of six, seven, and eight-figure online businesses. He has a strong background in non-profit management and media.

Meet Lily, the 3-Year-Old Girl Who Explains How Bitcoin Works With Sweets

‘Lily’s Show’ is an online program that explains everything from animal characteristics to the basic principles of Bitcoin.
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February 17, 2021 2 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Lily, just 3 years old, has her own program in which she explains simple things to her followers on Facebook and Twitter (for now). In her fifth chapter, she explains how Bitcoin works with the help of sweet Skittles , her stuffed animals and of course, her parents.
She started Lily’s Show in August 2020, but on February 2 she posted a video of just over two minutes explaining the basics of Bitcoin , something that many adults still have doubts about.
The information is based on Michael Caras’ children’s book, ” Bitcoin Money: A Tale of Bitville Discovering Good Money.”

#Bitcoin explained by a 3 year old
– Lily’s Show (@LilyKnightShow) February 15, 2021
The little girl begins by saying that Bitcoin is “decentralized digital money!” In other words, it does not need a bank to exist, in addition to the fact that there are only 21 million of them in the world and it was created by Satoshi Nakamoto, whom he identifies as “a mystery”.
To explain how a transaction works, he uses wallets with sweets and pieces of wood, which represent bitcoin wallets and the blockchain . The various purses belong to her, her Teddy bear, a unicorn and Dolly, her stuffed animals.
In this way, each that a sweet ( Skittles ) passes from one bag to another, it represents a transaction that generates a piece of wood and when several of them are stacked it symbolizes the blockchain , which no one can see because it is anonymous.
Lily wonders “why is it so expensive?” . So he explains that it is because of the security he has; Money cannot be stolen, bank accounts cannot be hacked, only you have access with a 12-digit code, but if you lose it you are in “trouble” and you can lose all your money .
To finish little Lily takes off her glasses and tells her mother that she doesn’t need them to look smart, “silly mommy .” Besides mentioning that he loves bitcoins… and skittles .
The video ends with a QR code so people can donate to Lily’s college fund.

What's Your Financial Personality?

Use this online quiz to identify your strengths and challenges when it comes to managing money.
Free Book Preview Money-Smart Solopreneur
This book gives you the essential guide for easy-to-follow tips and strategies to create more financial success.

February 17, 2021 1 min read
Personality researchers at The Myers-Briggs Company teamed up with Marcus by Goldman Sachs to create a Financial Personality Quiz to help you get in tune with your money mindset. Are you way too eager to take risks with your funds or way too cautious to get to the next level? The hope is that this quiz will help entrepreneurs identify their strengths as well as their blind spots when it comes to managing their cash flow and investments.
Take the quiz here and find out how you can avoid pitfalls and double-down on your strong points in 2021. 
Related: How Millennials Are Changing Stock Investing

Learn Project Management Fundamentals to Help Your Business Through Tough Times

Give your business the opportunity to operate a little more efficiently.
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February 17, 2021 2 min read
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.
In the pandemic economy, many small businesses are struggling to get ahead. Now, it’s crucial to be sparing with every dime spent and every minute invested in new projects. Many businesses and business owners would benefit from learning project management principles. Project management can help you hone existing processes to be more efficient and institute strong guidelines to manage new ones successfully.
Not sure where to start? Look no further than the Project Management Fundamentals Course.
This course hails from Shaw Academy, a live online education program that has spent years making personalized education more available and accessible to everyone. In this extensive online course, you’ll gain access to more than 100 hours of content, as well as interactive webinars, bonus Q&A sessions, recorded lessons to access on your own time, and much more.
Shaw Academy will introduce you to the world of project management and the many different processes and methodologies that guide the industry. You’ll understand the different roles and responsibilities of team members within a project and cover the fundamentals of being an Agile project manager. You’ll also experience the full life cycle of a typical project, examining each step in-depth. From learning how to initiate a project with strong foundations to developing a sound project management plan to executing and controlling project progress successfully, you’ll gain invaluable skills that will help you lead your business through even the toughest times.
Learn project management principles that will pay off. Get one-year access to Shaw Academy’s Project Management Fundamentals Course for 79 percent off $99 at just $19.99.
Prices subject to change.
Don’t forget to check out DiversyFund to start investing in private real estate in 2021. You don’t have to be in the 1% to get started. Invest today for as low as $500.

Simon Crowe is the founder of The Make Money Online Blog and is on a mission to help as many people as possible kiss their bosses goodbye.
Get his free Affiliate Marketing Guide For Newbies to learn exactly how to build a real income online and make your dream business a reality.

32% of Small Businesses Have a Month or Less in Cash Reserves

One of the biggest challenges small businesses face is shoring up their cash reserves. And the February 2021 Alignable: Road to Recovery Report, highlights this very issue.  According to the report, 32% of small businesses only have a month or less in cash reserves. Even more distressing, more than 15% don’t have any cash reserves at all. And the numbers are worse for minority and women-owned businesses.
The data for the Cash Crisis portion of the February 2021 report comes from a survey of 3,316 small business owners. Alignable asked these owners to share the amount of cash they currently had on hand and how long they believed it would last.

Alignable Report: Small Business Cash Reserves During COVID
The fact that 32% of businesses have a month or less of cash reserve and 15% have none at all is cause for concern. This is because cash reserves solve many problems for small businesses. So, the higher numbers for minority owners is a bigger challenge.
When it comes to minority-owned businesses almost half or 47% of them have a month or less cash reserves. But almost a quarter or 22% say they are running with no cash on hand. For women entrepreneurs, the number is slightly better at 39% with 19% operating with no cash reserves at all.
When it comes to industry segments, retailers (consumer goods) are dealing with the biggest cash crunch. Restaurants (food & beverage), creative categories (designers, entertainers, and artists), and gym owners and others in the sports and fitness industries follow.

Why You Need Cash Reserves
Cash reserves is the money a business keeps on hand to meet its short-term and emergency funding needs. Without these reserves, any unforeseen emergency will require getting a loan, liquidating assets, or even temporary closing the business in worst-case scenarios.
Finding a good balance of cash reserves will allow you to better handle emergencies, make purchases, or cover unexpected payments. The key is to not have too much cash, because you can always make better use of the money. Especially when interest rates are at zero percent.
The Alignable: Road to Recovery Report is the result of the research carried out by the Alignable Research Center. The center was established in March 2020 to track and report the impact of the Coronavirus on small businesses. Additionally, the report monitors recovery efforts, informing the media, policymakers, and its members.
Make sure to catch the rest of this timely report.
Image: Depositphotos

Work Productively From Anywhere with This Portable Dual-Monitor Laptop Attachment

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February 17, 2021 2 min read
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.
A lot has changed over the past year, but for entrepreneurs, the biggest change has likely been the office. You’re not going into one anymore! Once upon a time, you had that great multiple monitor setup in your fancy corner office; but today, you’re sitting in the living room or kitchen plugging away on your laptop. With fewer monitors, you may even be less productive.
Get back that dual monitor setup no matter where you work with the Mobile Pixels DUEX Pro Portable Dual Monitor.
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This monitor lets you enjoy dual-screen functionality anywhere, anytime. The DUEX Pro is a completely portable laptop accessory that can boost your productivity and help you efficiently multitask no matter where you choose to work. Whether you’re moving around the house or traveling, the DUEX Pro clips onto your laptop easily and provides flexible rotation and dual-sided sliding with 270-degree rotation. It also has the option for a 180-degree presentation mode. It’s lightweight, energy-efficient, durable, and can be attached to the back of any laptop, making it perfect for those times you really have to cram. When you’re in charge, you really never know when you’re going to have to hustle.
The DUEX Pro raised more than $1 million in funding on Indiegogo – for good reason. Normally $249, you can get the Mobile Pixels DUEX Pro Portable Dual Monitor for just $180 when you use coupon code SAVEDUEXPRO at checkout.
Prices subject to change.
Looking to diversify your investments in 2021? Check out DiversyFund to start dipping your toes in private real estate for as low as $500.

The Critical Thing Entrepreneurs Rarely Consider…Until It's too Late

February 17, 2021 5 min read
Opinions expressed by Entrepreneur contributors are their own.
You may have heard the phrase, “Starting something is not as important as finishing it.”
This axiom holds true for virtually every element of life – whether it’s physical, emotional, spiritual, personal or professional. 
However, “finishing” is one of the last things that entrepreneurs and business founders consider when starting a business and running it. They typically don’t give much thought to succession planning until they’re ready to retire. 
Entrepreneurs – great at business planning, lousy at succession planning
In fact, a study conducted by Wilmington Trust found that nearly 60 percent of privately held businesses have not even considered succession planning. Additionally, a statistic from Wisconsin-based estate planning firm, the Walny Legal Group, found that 60-70 percent of small business owners want to pass their operations on to their progeny, but less than 15 percent ever do.
The Wilmington study also found that owners who have considered an exit strategy for themselves want to ensure the following three priorities are addressed during any transition:
Making sure the company remains viable in the long run.
Ensuring that employees continue to have jobs and a future with the organization.
Continuing to seamlessly meet customers’ needs without any disruption of delivering products or services.
Given these needs and the lack of succession planning for more than 8-out-of-10 owners, what options does a founder have for something they’ve spent all their life building?
Related: Succession Planning: How to Ensure Your Business Will Thrive Without You 
Sale of the business in part or in full
If no one in the owner’s family wants to run the business, selling all or part of it is usually the first exit strategy that comes to mind for most business owners since it’s the most obvious option. However, timing is a critical factor for this strategy, and selling now does not appear to be the best time.
According to the 2020 BizBuySell, 68 percent of surveyed business owners believe they would have gotten a better value if they had sold in 2019 compared to 2020, which is nearly double the response percentage for the 2018 survey – and 7-out-of-10 owners blame the pandemic for their lower estimates in business value.
Related: Family Succession: How to Do It Right 
Business closure or asset liquidation
Small businesses that have been able to pivot, re-invent themselves and survive during the pandemic have been gobbling up struggling competitors, distressed assets at deep discounts and the corresponding market share.
It’s definitely a buyer’s market for small-to-medium-sized companies trying to stay open through the pandemic cycle. The BizBuySell survey found that 57 percent of prospective business buyers believe they can now acquire a business for a better value than the same time last year, that’s a dramatic jump from 17 percent in 2019. 
Additionally, closure and liquidation at fire sale prices could be difficult for owners to consider in light of the impact to their lifelong work as well as their aforementioned priorities of keeping the company running, keeping workers employed and customers happy.
Related: How to Plan for Succession When There is No One to Succeed You 
Employee-owned alternatives
However, there is another owner exit strategy that increases the chances of keeping the company operational, keeping employees on the job, maintaining business continuity for customers as well as providing a tidy ROI to the founder – conversion to an employee ownership model. The most popular employee-owned options include either an employee stock ownership plan (ESOP) or a worker cooperative model.
Employee-owned corporations are companies where the majority stake is held by the “rank and file” workers. For either an ESOP (pronounced EE-sop) or worker cooperative, the purchase of the owners’ shares of stock on behalf of the employees is accomplished by a loan underwritten with the company’s assets and future profitability. 
The specific provisions of an ESOP can be customized to the organization’s needs, but the workers’ shares of stock are held in a retirement trust in all cases. Shares of stock are allocated to employee accounts in the trust each year, and the allocation formula is typically based on their wages and/or years worked. The value of the shares in an employee’s account increases or decreases each year based on profitability and overall market conditions.
Once an employee resigns or retires, they cash out the value of their vested shares by having the company “buy back” the vested shares from the departing employee. Depending on the plan design, the money from the purchase goes to the employee in a lump sum or equal payments over time. Once the company purchases the shares and pays the employee, the company can redistribute the shares to the remaining employees. 
In a worker cooperative, in addition to the corporate loan used in an ESOP to get it going, there is also normally a small financial buy-in by each “worker owner.”  This buy-in gives the worker cooperative its distinct “1 share, 1 vote” characteristic, which provides more democracy within the workplace than most ESOPs. A focus on the annual sharing of profits rather than the allocation of additional shares of stock is also a unique feature of worker cooperatives.
Ask your accountant, lawyer, or financial advisor about whether an ESOP or worker cooperative might be right for your company or learn more from the Employer Ownership Expansion Network, a nonprofit organization committed to advancing ESOP adoption and educating owners about the benefits of an ESOP to their businesses, employees and customers through its network of State Centers for Employee Ownership.

Little Known Tricks to Source Top Talent Globally

February 17, 2021 5 min read
Opinions expressed by Entrepreneur contributors are their own.
Covid has rattled the talent pools for most jobs. On one end, extra time at home has driven motivated individuals to further develop the skill sets they can learn at home. For others, extra responsibilities or stress have made that impossible. The switch to remote has also abdicated the hands-on element of learning how to do a job or build a skill-set in-person, alongside others who are doing the same. 
On the whole, the shift to virtual work has actually expanded the potential pool of applicants for any given role significantly. Depending on company policy, now someone based in Michigan can work for an L.A.-based company, or someone in Alaska could be working for a company based in Singapore. Companies are quickly getting the hang of communicating virtually and adapting across multiple time zones when they have employees and team members they know and trust. 
Related: How to Hire for Talent, Not Geography
However, when it comes to sourcing this talent for hiring purposes, it’s a different story. Of course, too big of a pool has its advantages, but this abundance of options can be overwhelming and lead to decision-fatigue. If you’re struggling to source, consider these little known tricks to help you find and cultivate relationships with top talent on a global scale.
Play a role in educating the talent
There’s another component to Covid that has presented struggles for hiring: the lack of proper education as colleges suddenly shifted to virtual. Most did this well, but still, certain skills are much easier learned in-person, such as computer science. According to the ITProPortal, the next few years may see a shortage of computer science graduates. How can this be fixed? TLM Partners may have an idea. They’re a cloud studio that innovates new technologies and publishes cross-play indie games, and they’ve been sourcing top talent across 18 countries. Their secret? Building “Centers of Excellence” at universities globally, where their team teaches students these hard skills.
“We are starting with education, and working with the new game developers right when they are learning the necessary skills,” said Jacob Hawley, CEO of TLM Partners. “2021 will bring more opportunities to work with universities to support their game development programs and create events that teach real-world skills to help the next generation of developers.” For TLM, this has a global reach, as part of their mission is to empower talent within their own communities so they can enhance their local economies. Consider applying this concept to universities that are based near you. For example, if you are hoping to only hire in the Pacific Standard Time Zone, plot out a plan to bring programming to top universities on the west coast. This builds trust with students and long-lasting relationships.
Related: Struggling to Hire Top Talent? Change the Way You Recruit
Rely on employee networks 
We’ve all heard a version of Jim Rohn’s famous quote, “you are the average of the five people you spend the most time around.” Like attracts like. So, if you have star employees, consider asking them to tap their networks. Think about it. The majority of their networks are probably from their same degree of education, likely in the same field, and around the same age. 
Offer a referral bonus to employees if they refer someone who ends up getting hired. This will take them from passively spreading the word — posting on their LinkedIn or Instagram — to actively recruiting; contacting old friends and colleagues who could be a good fit. They likely know more people than they think, and may even have the perfect idea of someone who is on the job hunt or looking for a change of pace. 
Create a folder for past candidates 
Some application seasons are better than others. Perhaps you were hiring for just one role, and so many talented applicants came out of the woodwork that it suddenly became quite competitive. Harver noted that the average corporate job position receives approximately 250 job applications. Since the job can only go to one person, that leaves 249 potential candidates. A large percentage of these were probably stellar candidates that could’ve easily landed the job and performed well. 
Many hiring teams assume that these 249 other candidates are a complete wash — but that’s not true. Sure, many of them may have found new jobs, but in today’s market, anything could happen. And, since they’ve shown interest once, it’s likely that they’re still interested (if they’re available). For future reference, keep all the applications that were promising somewhere safe, like in an HR Google drive folder, and always encourage applicants that made it through most of the interview rounds to keep an eye on your job board or available positions. 
Related: Get Creative to Uncover Top Talent When You’re Hiring
Ultimately, sourcing top talent is about relationships, if you’re going to do it right. A stellar resume is one thing, but getting to know candidates through your employee’s networks, through past interviewees, and as students of your programs is the best way to determine a real, true cultural fit. Luckily, there is an abundance of ways to do this virtually before the hiring process.

Managing Start-Up Business Blues

February 17, 2021 5 min read
Opinions expressed by Entrepreneur contributors are their own.
Entrepreneurship is such a rewarding life adventure and creates such an excitement in the new entrepreneur due to their accomplishment and/or level of success. Entrepreneurs are more than likely individuals with minds that go like a Duracell battery — self-motivated individuals who are goal-oriented and results-driven. However, despite the adrenaline rush, some entrepreneurs have learned that the beginning stage can also be a battleground for ambitious founders.
Many new brand and business builders who are seeking to create a legacy and construct a solid business foundation can become overwhelmed about the future of their hard work. There can be many concerns that emerging entrepreneurs are faced with in building a business from scratch, including funding solutions and proper mentorship and coaching to aid in growing the business. Other issues may include the hiring of staff and concerns of whether the business will succeed or flop. 
Despite your personal growing pains, pressures of this world and data such as the Bureau of Labor statistic that 2 out of 10 new businesses fail in the first year of operations, your business can thrive. What should be done in order to sustain a positive mindset, passion for your growing business and an energetic entrepreneur spirit despite setbacks and contrary evidence? Here are a few tips to help you stay confident and effective so that you have a flourishing brand and/or business venture.
Related: Starting a Business Isn’t What You think. Here’s What to Expect Instead.
Three tips to help you stay focused on your goals
1. Grind. Remember that you are a leader, and leaders assess and initiate creativity and responsibility in ever-changing situations.
It is imperative to put in the hard work and necessary amount of effort and labor that is needed to achieve the level of success that you envision. Your business does not have to fail within the first or second year. It is said that “you cannot separate the brain from the body.” Likewise, you cannot separate an arising and profitable business from hard work and dedication.
Crush all obstacles, move strategically and keep your skills sharpened in the process of forming or growing your business. Have a targeted objective of your business goals and make adjustments daily. Execute the necessary quality time and attention to your business and watch the rate of return on your investment pay off.
2. Network. There are going to be times when the doors will be slammed in your face and you will hear, “no,” “not qualified,” “not in business long enough,” “revenue unsubstantiated,” and the list go on and on. This is one of the main reasons why networking with other successful business owners and brand builders is helpful.
Their knowledge, challenges, obstacles and expertise can be an excellent benefit to your success and likewise. Forming business relationships and partnerships can provide you with the encouragement and mental support you need when you feel like giving up after encountering roadblocks. Others can assist you with how to build personal credit, business credit and scaling your business.
Every proprietor needs accountability partners, celebratory updates when you win, and those who can keep you from failing and stand with, aid and assist you if your business heads in the wrong direction. Networking is about sharing with others in a genuine manner and not having selfish motives and ill intentions.
Having a professional network can help you gain new insights and advancement opportunities on growing your business. The transferring of information can strengthen every owner’s business etiquette. This is a chance to offer and receive impactful instructions, opportunities and be resourceful. In this manner, the tables can turn and now the answers are “approved and yes.”
Related: How Networking and Relationships Propel Entrepreneurs to Succeed
3. Stay patient and hopeful. Ups and downs are a part of every aspect of life and the start-up process, and growing and maintaining a business is no exception. But, as an entrepreneur, having a positive mindset and a daily “go get it” attitude will take you a long way.
You’ve come too far to give up on your dreams and aspirations. When things seem overwhelming and out of your control, focus on what you can do today and embrace every step of your progress. Reward yourself for your small accomplishments, because every step of achievement matters. Seek calmness in the face of negative outcomes, adversity and frustration. Believe in your products and services and trust the path that you are on. 
Related: 10 Ways to Stay Motivated as an Entrepreneur
I have learned that with starting and growing a business it is not a prerequisite to be submerged in defeat and doubt. It is not law that every start-up will fail. Every success first begins with a thought of success. As entrepreneurs, we must constantly analyze every detail of our business, not act too swiftly and prepare for the inevitable. When things seem to go haywire and steps taken to grow appear to stagnate, this is the time to reflect, research and be prepared to reign. Don’t let business blues get you down but learn to manage them well.