How to maintain an entrepreneurial spirit in your small business

Starting a small business is not easy. It requires dedication, passion, and above all else, an entrepreneurial spirit. Entrepreneurship It’s often this passion that drives small business owners to build something from the ground up, but once their business gets going, it’s easy to get caught up in the day-to-day business and forget the passion that got you started on your small business in the first place.

It may seem like running a small business doesn’t require the same entrepreneurial spirit as starting a business, but that’s a misconception. Entrepreneurship It’s the key to propelling your business forward, overcoming challenges and establishing success long after you’ve launched.

Related: 4 ways small businesses can grow revenue in 2024

Here are three ways to keep the entrepreneurial spirit going in your small business.

Business 1. Try something new

A common trait among successful entrepreneurs is the desire to overcome new challenges and overcome obstacles. To maintain the entrepreneurial spirit in your small business, all you need to do is harness that power and take on new challenges in your business. Improve An existing business. Another option is to launch a new product or service.

For some companies, new product or providing services will not only reignite your entrepreneurial spirit but also help your business grow. Another challenge that some small business owners struggle with is opening new locations. This is a particularly attractive option for franchise owners, as franchising is an industry that is perfect for opening multiple locations.

It’s also important to remember that taking on a new challenge doesn’t necessarily have to be something as large as a new go-to-market strategy. There are plenty of smaller initiatives that can reignite your entrepreneurial spirit, such as offering new discounts, starting a loyalty program, or investing in a community service initiative. Taking on a new challenge can reignite the passion that inspired you to become a business owner in the first place and keep your business moving forward.

Related: 3 ways gratitude can drive business success

Business 2. Put purpose before profit

Successful entrepreneurs are driven by a desire to succeed financially, but they are also often driven by passion. One way to rekindle this passion is to passion The most important thing in small business ownership is to steer your business towards a new purpose. Prioritizing your business activities in line with your purpose will propel your entrepreneurial spirit forward and create business success in the process. In fact, Accenture Survey63% of global consumers surveyed prefer to buy products and services from companies that share their values ​​and beliefs, and avoid those that don’t.

But what does it mean to prioritize your business purpose? Purpose-driven companies prioritize their people and mission over profit goals. This doesn’t mean you have to ignore the accounting, but rather that you lead your goal-setting with your mission in mind, rather than just trying to stay in the black. When you steer your business with your purpose as your compass, it’s easier to find passion in what you do every day. This often also applies to your employees. Deloitte ResearchOnly one in five employees stays with a for-profit organization for more than five years.

To keep the entrepreneurial spirit burning in your business, find a purpose that’s important to you. At The UPS Store, we’re passionate about entrepreneurship and finding ways to support those starting their own businesses for the first time, as seen in our latest additions. Diversity Ownership ProgramNow, first generation business owners can get a significant discount on franchise entry fees.

Business 3. Network with people you admire

For small business owners, networking is a key factor in success and keeps you going in the entrepreneurial spirit. Building a strong network with people from the same background gives you the opportunity to receive support and helps you develop new business strategies for your business operations. Above all, Network with other entrepreneurs It can rekindle your passion for your business – after all, passion is contagious.

Do your research to find opportunities to connect with other entrepreneurs, from LinkedIn to local chamber of commerce events to industry-specific networking events. Make an effort to build a network with businesspeople and entrepreneurs you respect; this will help you better yourself. There are plenty of unconventional opportunities to network as well. Finding a network of people you respect in business will create a support system that will help you get through the challenges. You’ll also be surrounded by other people who share your passion for entrepreneurship.