How to Operate in All-Out Survival Mode as a Young Entrepreneur If the holidays weren't as kind to your startup as you would have liked, here are some tips for helping you withstand leaner times.

By Matthew Toren

entrepreneur daily
Man vs. Wild

When the lines of holiday shoppers recede, some startups will find themselves in the black for another year. In other words, their holiday sales pushed them into profitability for the year. Other businesses likely weren't so lucky. These companies are not only in the red, they've entered into all out survival mode.

Though many entrepreneurs call it quits when this happens, some will hunker down instead -- hoping that the next year will be better. The good news is, like the saying goes, what doesn't kill you will make you stronger. If you make it, you'll be rewarded with fresh confidence and the skills for even more success down the line.

Here's how to get through the hard times:

Don't panic. Tough situations can be made exponentially worse if you start to make rushed decisions. If things aren't picking up speed as quickly as you thought they would, it doesn't necessarily mean you need to scrap entire projects and start over. If you've got a solid plan, step back and look at the big picture. Tweak as needed and stick with it. You've got to give yourself a chance to succeed.

Related: Whatever You Do, Don't Not Delegate: 8 Tips for Cultivating Keen Employees

Prioritize. It may seem like you can't afford even the slightest error when you're operating in survival mode. To keep errors at bay, carefully write out the situation at hand. See exactly what you need to do and the order in which you need to do it. If something isn't absolutely necessary at the moment, put in on the backburner for a while. Check things off your list one at a time until you start to gain a little breathing room.

Related: 6 Essential Time Savers for Overworked Young Entrepreneurs

Sacrifice. No one is going to determine your success but you. If you're struggling, it may be time to make some personal sacrifices. This may mean a month without a weekend. It may mean pushing back that trip to Las Vegas by a few months. It may mean late hours, early mornings and cooking dinner at home for a while. This shouldn't faze you. If you were weak of heart, you wouldn't have started your own business in the first place. Stay positive and stay motivated. Look forward to the times ahead. Nobody realizes his or her dreams by taking it easy.

Related: How to Tame Your Over-Distracted Entrepreneurial Brain

Don't cut corners. While you may have to make personal sacrifices, don't sacrifice your business. Of course you should always be looking for ways to cut costs. But don't make the mistake of trying to cut corners like scrimping on ingredients or jettisoning your key -- but pricey -- crew members. In the long run, your business will suffer for what is essentially a quick fix. Remember, you business is a reflection of your dreams and desires. Keep fueling your investment and it will reward you in the future.

Don't despair if business is slow or expenses are high. While survival mode may be stressful and even frightening, ultimately it will make you stronger and even more driven to succeed.

What tips or recommendations would you make for those in survival mode? Let us know in the comments section below.

Matthew Toren

Serial Entrepreneur, Mentor and co-founder of YoungEntrepreneur.com

Matthew Toren is a serial entrepreneur, mentor, investor and co-founder of YoungEntrepreneur.com. He is co-author, with his brother Adam, of Kidpreneurs and Small Business, BIG Vision: Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right (Wiley). He's based in Vancouver, B.C.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Related Topics

Growing a Business

The Truth About Achieving Exponential Growth in Business, Exposed

What's preventing your business from scaling exponentially? Learn about the factors, and see how you can achieve your desired results.

Business News

Here's How Much Amazon's Typical Customer Makes, Plus How Much They Spend on the Platform Per Year

A retail snapshot from data company Numerator paints a picture of who shops at Amazon and where they usually spend their money.

Business News

Are You at Risk for Burnout? This Psychologist-Created Quiz Lets You Know in 5 Minutes

The burnout assessment tool was tested in seven countries using more than 10,000 survey responses.

Business Plans

Outsource or DIY? 6 Signs It's Time for Virtual Assistance for Your Business

When you start feeling overwhelmed and can't focus on strategic work, it's time to outsource non-core tasks to virtual assistants.

Marketing

The Rules of SEO Are Changing — Here Are 5 Powerful Strategies to Help You Rank in 2024

Do you need help to rank well on Google due to new algorithm updates? Discover five SEO strategies that work in 2024.