One thing is nearly sure in business; there is going to come to a point where things go drastically wrong, and you will need help to survive. Here are three such stories.
The fifteenth mile of a marathon. Three days into redecorating the kitchen.
There are many times when we can feel like just throwing in the towel and giving up. This is especially true for entrepreneurs who are starting a business. The stages between establishing your company and becoming the next Mark Zuckerberg are some of the most stressful and challenging times in your life.
We spoke to three entrepreneurs who shared the most stressful moments they encountered while building their businesses.
Laurence Ridge – Splitter
Laurence Ridge, managing director, at Splitter HQ knows how things can change in a second. Tragically, in March 2016, his business partner and best friend passed away. Laurence was just about to take over 50% of the business but was relying heavily on the support of his partner. While he floundered in a state of shock and denial for a few months, Laurence eventually decided to take over 100% of the business in July 2016. But things were far from perfect.
What had happened?
By July 2016, a lot of things had expired – domain names, support systems, and even the website hosting. Due to this disruption, 80% of his customers had left. Splitter had lost some big accounts.
How did he fix it?
Laurence decided to refocus and restructure. He cut back on marketing spend, looked at where he could cut other costs, and perhaps most importantly, looked at where he could start to gain revenue. Fortunately, a Portuguese betting company signed with the company in September and Lidl Denmark joined in December 2016. These wins massively helped both the business and himself, get back on track.
He also reached out to successful entrepreneurs
