3 Tips for Handling Startup Hiccups Business consultant Joshua Medcalf on the importance of embracing the unknown.

By Joshua Medcalf

Opinions expressed by Entrepreneur contributors are their own.

Q: What are your tips for dealing with unexpected events that tend to happen when you're starting up that may cause you to scramble?
- Jordan Bowerman

A: Regardless of how well you prepare, there will always be setbacks when you're launching a business from scratch.

That's why it is so important to start small and prove an idea in the marketplace first. This way, you can more easily pivot and adapt. Unforeseen circumstances are inevitable, so rather than being scared of them, here are three tips for confronting them head on:

Related: Stop Searching for "The Next Big Thing:' Tips for Building the Best Business for You

1. Adopt a growth mindset. No matter what happens to your business once you hit the market, believe that everything is a chance for you and your business to learn something new. Too often, young entrepreneurs run from obstacles, rather than recognizing tough times as opportunities for growth. You don't have control over everything that happens, but you do have 100 percent control of what meaning you give those events. Ask yourself, 'How can we learn from this? And how can we provide more value to our customers based off of this information?'

Related: Are Your Eyes Bigger Than Your Budget? 3 Tips to Rein in Your Startup Costs

2. Map out different scenarios. How many sales-per month would you need to break even over six months? A year? Two years? How would you use $150,000 of funding if you had it in month one? I would try to think through ten different scenarios and make your best guesses as to how you would handle them. Make sure to come up with situations on all ends of the spectrum.

3. Be excited for the unknown and unexpected. Many times it is the unexpected events that reveal an opportunity for a game changer in the marketplace. If you are excited for these unknown and unexpected events, you will be in a better position to capitalize on them. We live in a world that is constantly changing and we can never plan for everything, but we can be enthusiastic about future opportunities.

Have a question for YoungEntrepreneur's experts? Leave a comment below and tune in next week to hear from our new Ask the Expert contributor.

Wavy Line

Joshua Medcalf is an entrepreneur who founded Train to be CLUTCH, a business and life consultancy through which he works with top performers all over the world from many different professions. Medcalf has created some of the first mental training apps in the world for soccer, basketball and golf and started a nonprofit that trains athletes in one of the toughest housing projects near his home in Los Angeles. He is also the director of mental training for UCLA women’s basketball. And when time permits, he travels around the country doing workshops for a variety of business, sports and school groups.

Editor's Pick

'Catastrophic': Here's What You Should Know About the Debt Ceiling Crisis — And How a Default Could Impact Your Business
Lock
I Helped Grow 4 Unicorns Over 10 Years That Generated $18 Billion in Online Revenues. Here's What I've Learned.
Lock
Want to Break Bad Habits and Supercharge Your Business? Use This Technique.
Lock
Don't Have Any Clients But Need Customer Testimonials? Follow These 3 Tricks To Boost Your Rep.
Why Are Some Wines More Expensive Than Others? A Top Winemaker Gives a Full-Bodied Explanation.

Related Topics

Leadership

The Real Reason Why The Return to Office Movement is Failing is Revealed in New Study

There is a vivid sign of the disconnect between employees and their workplace, a glaring indication that companies need to revise their scripts to improve their hybrid and remote work policies.

Growing a Business

3 Best SMART Goal Examples and How To Achieve Them

SMART goals create an action plan to help you reach your goals. Read on to learn how to develop and achieve your own SMART goals.

Management

12 Good Reasons to Explain Why You Left a Job During an Interview

Not sure what to say when asked why you left your last job? Check out these reasons so that you have a great answer on your next interview.

Money & Finance

3 Ways to Create Multiple (Big) Streams of Income

Here are three ways to create multiple streams of income. These strategies require effort and resources but offer significant financial potential.

Growing a Business

3 Best Resignation Letter Examples

Are you ready to quit your job? Continue reading for everything you need to know about writing the perfect resignation letter.

Business Process

How to Properly Address an Envelope

Properly addressing an envelope ensures it gets to where it should be. Keep reading for a step-by-step guide on addressing an envelope.