Building a Business With Limited Resources? Here’s What You Need to Succeed. | Entrepreneur

One of the most famous quotes of Theodore Roosevelt, which stays relevant up to this day, is: “Do what you can, with what you have, where you are.” It is very much a goal of all business people to work under ideal conditions and have all the resources that they may need, but this is not always possible. This quote is a rallying cry of sorts that encourages one to use what one has now, to take advantage of what is available right now, and to push forward and make the business work even when the odds are stacked against it.

Below is the way of adopting this mindset to change your business management strategy for success.

Related: How These 5 Entrepreneurs Used Their Limited Resources to Grow Their Business Into a Successful Venture

The mindset of resourcefulness

The concept of entrepreneurship is inherently about leveraging the existing resources in the environment. When I first began my business, I had a lot of ideas, but little capital available to help me execute them. The first few weeks of the startup were moving and inspiring, but then the founders faced a lack of money, a small staff and enormous competition. However, instead of waiting for the perfect conditions, I decided to take whatever I had and start working with it.

Embracing constraints

Restrictions are known to foster creativity and act as a notable driver for innovation. In bare-boned circumstances, one is always challenged to reason and search for alternative ways and means of doing things through proper techniques of planning. For example, the lack of a massive amount of advertising funds made me look for other ways of marketing the company, such as guerrilla marketing and efficient use of social networks, which I probably would not have been forced to do otherwise. This was not only cheaper but also brought more credibility to the whole process and true interaction with the audience.

Focusing on strengths

Remember, it is better to work with what you have than to complain about what you do not have. Focus on your strengths, which can be personal and/or organizational, and enhance them. For instance, in my case, it was a very dedicated and good-natured small group of employees. We did not have the personnel strength of a large business corporation, but we had flexibility, a hardworking nature and comprehensive knowledge about our targeted segment. These strengths became our competitive advantage in the implementation of organizational strategies and operations.

Leveraging immediate opportunities

Sometimes, the best things are staring us in the face, and we don’t see them because all our energy is in what we lack. Roosevelt’s advice helps one to look at the opportunities in the vicinity and strive to explore them.

Building local networks

Begin by forging good relations with people within your region or state. The moment I started my business, I introduced myself to the local chambers of commerce, participated in business fairs and partnered with other small businesses. They enabled valuable support, generated opportunities for further development and contributed towards future growth.

Utilizing available technology

Today’s modern world would not be imaginable without the use of technology. Still, some of the strategies designed for the early stages of company development require no significant investment and involve the following key points: Tools used included Google Workspace for teamwork and document sharing, Canva for designing graphics and social media for advertising. These tools made it possible for us to work with optimum efficiency and productivity and were relatively cheap.

Related: 4 Resources You Already Have Are Enough to Crush Every Challenge

Adapting and iterating

It has to be understood that business environments are dynamic and not stagnant. Flexibility and regular improvement should be considered among the key factors for long-term success.

Starting small and scaling

A common mistake that business owners often make is that they plan and wait for that perfect moment to start. But first, begin with a small scale, and when you have gained some data regarding your ideas, expand your business. The first product that I brought out was far from ideal. Yet, by delivering it to the customers, I was able to get it back, refine it and rush through iterations. This enabled us to not only improve the offering but also adapt to the market more efficiently and expand.

Learning from failures

It is worth underlining that failures are natural in the process of entrepreneurship. Some people see them as setbacks and losses, but they should learn from them. Every failure has its own lessons that you can learn from and that can help you improve. In my experience, some of the greatest advancements that we made were after we had some of our largest misfortunes. Taking what went wrong as the basis and making specific changes allowed the improvement of the situation, and transitions appeared to become stepping stones.

Maintaining a positive and proactive attitude

One of the most critical factors in the entrepreneurial field is the attitude that a person develops. The quote by Roosevelt emphasizes the need to possess positive thinking and a proactive attitude.

Cultivating resilience

It is very important to understand that entrepreneurship is all about the roller coaster ride. Resilience must be grown to manage this ride of emotional ups and downs. Each time I encountered any form of difficulty, I was so inspired by Roosevelt’s words. They guided me on how to have good focus, maintain a good attitude and keep on going regardless of the circumstances that may seem to be hopeless.

Celebrating small wins

When engaging in large projects, one risks failing to see the small successes. However, these can appear as valuable strides, and the best way to counteract this is by implementing other strategies that increase morale, energize your team and give them momentum. Each time we advanced in our progress, no matter which level, we always stopped to note progress and then had a party. This practice enhanced healthy motivation amongst the team members, implying success in cultivating a positive organizational culture.

Related: 6 Characteristics of Resourceful People That Bring Them Success

With what you know, where you are and what you have to work with, you can ensure great, monumental change, heal and overcome obstacles while pushing your business forward.

Adopting this mentality was the secret ingredient in my entrepreneurial pursuits. I was able to understand the importance of being creative, taking a shot at what lies ahead in the near future, being consistent in embracing changes and being optimistic. These principles are not theoretical, they are practical strategies you should adopt to completely change your business outlook and achieve success.