Statistics show that about 90% of startups fail. The reasons for failure include money running out, lack of research, being in the wrong market, bad partnerships, ineffective marketing, and not being an expert in the industry.
James Ziegan entered the entrepreneurial space when he was 18 years old. And today, he is the president of Ohio Energy Management with over a decade of experience. He is a forward-thinking individual who solves companies’ biggest concerns with green energy “cost”. He is experienced and has demonstrated a history of working in the Energy industry. His skills in renewable energy systems, energy industry, sales, energy efficiency and energy management are incomparable.
Below are pieces of advice he shares for someone starting.
What happens when startup entrepreneurs go into debt? Debts can sometimes have a great danger. Why? Because they will require repayment no matter how well or bad you are doing. Making debt service payments or committing to regular repayments can affect one’s cash flow. Startups often experience cash flow shortages that make regular payments difficult. Unless you have a guaranteed way of paying, debts can lead you into bankruptcy.
Creativity is the mother of innovation. As a startup, creativity will help you become a better problem solver and connect with your community. It will also help develop a sense of time and self-awareness. Creativity will open your mind and allow you to view and solve problems more openly.
Strive For Delayed Gratification
Self-control refers to the ability to resist temptation and stick to your objectives. And guess what? Delayed gratification is often the central part of this behavior. As a startup, you can choose to put aside what you want now to get something that is better.
Success Does Not Just Happen; You Create It
James’ journey has not been a walk in the park. He has fought the fear of failing to get to where he is. He started with low capital, which was a huge impediment to his success as a startup. Also, fighting an already saturated market was an uphill task to climb. When James felt distressed, he would always talk to someone. To avoid burnout and stressful days, he would have his diet right, do some exercises, have a good sleep schedule and have healthy relationships.