The uncertainty of starting a new business: Are you prepared?

Let's start with the paradox that the only certainty when launching a new business is uncertainty. Managing and directing a new company from the very outset is a constant daily struggle with the unpredictable.

You'll have done your homework, read the many pages and visited the hundreds of sites that tell you how to become an entrepreneur. However, the information you'll have is generic, while your case is unique.

That's why you need to confront your challenges and overcome the obstacles on your path. So, are you ready to manage the uncertainty of starting a new business?

Recognise what you're taking on

During the initial launch stages, you may ask yourself: "What's the next step?". But this question will arise continuously. Unfortunately, the answer isn't easy because your business won't necessarily start as planned, your resources are limited, and your budget is tight.

Here's when frustration kicks in. Nevertheless, don't let this make you behave irrationally. This time is when you need to use your resources and energy wisely to help your business succeed.

You've become an entrepreneur because you've chosen this path. Yes, entrepreneurship brings some uncertainty and concerns, especially in the initial stages. But, ultimately, you decided to be independent, be your own boss, and accept ups and downs.

When uncertainty does kick in – and it will – a good tip is to think about what you've done up to now. Be proud and learn how to manage your concerns.

Personal stability

This should be one of your primary goals. What personal stability means is making sure you have a pleasant and well-structured life outside of work.

By leading a balanced life – including regular and healthy nutrition and a challenging but straightforward routine, among other things – confronting the worries of a new business and daily uncertainty will be easier for you.

Patience

Your new business could be challenging to launch even though you might be on the right path. Uncertainty is relatively standard and although it may cause you concern you need to learn to live with it.

Take a deep breath and a step back. Trust in your knowledge, don't forget your goals and be patient until you get the results you want.

Advice from other business owners and organisations

As part of managing the uncertainty of starting a new business, you can also use this as an opportunity in life. So why not take some advice?

There are lots of sources and people you can learn from, including experienced entrepreneurs or business organisations (like Enterprise Nation!). Later, when your new company is more developed, you can turn to a business consultant if you face further unpredictability.

An excellent way to manage uncertainty is through a consultant's expert advice or by speaking to someone who's been through the same experiences you have.

Working together

Times of great uncertainty bring with them the opportunity to change. We need to work together and avoid becoming too polarised.

This context is broader than your new business, and the crisis may have affected you. The worldwide uncertainty after COVID-19 is significant. Now's the time to collaborate, contemplate and act together.

If you have employees, strengthen your links with those team members and share your concerns. Together, you'll be more substantial.

Key takeaways

Uncertainty is inevitable when you're working to launch a new business. Every entrepreneur like you must believe enough in their idea and their venture to work through difficult and uncertain times.

Occasionally, only you will know what's going on in your mind and whether you can continue. Keep your goals in sight even if you're the only person who believes in you. You'll face uncertainty every day and, just when things become stable, be prepared for the unexpected. Recognise this, learn to manage it and move forwards. 

Relevant resources

• Starting a new business: A step-by-step guide

• How to overcome fear and anxiety when starting your new business

• Starting a business: Frequently asked questions