Often times we write about the entrepreneurial journey based on the systematic approaches to entrepreneurship, i.e. figuring out your client base, process flow, your marketing plan and how to scale. However, less often we talk about how entrepreneurship feels, aside from the common notion held by many, that entrepreneurship is not for the weak. So, how does entrepreneurship actually feel?
Entrepreneurship has its ebbs and flows of emotions (Sokol, 2020). One day you will feel on top of the world after landing a contract with a contentious bidding process. For just a moment, you may truly believe you are King Midas with a golden touch and maybe even dance a happy dance in front of the mirror. Within just a days’ time, you’ll start thinking about whether or not you should be using the same time and effort you use towards your entrepreneurial ventures, towards finding a traditional, 9-5, full-time job. Sometimes you can become overwhelmed with the level of responsibility required for not only owning a business but also managing it. Even when you hire staff, as the owner, you will forever have management responsibilities. Owning a small business may seem overwhelming as you try to juggle between balancing your client load or customers while handling the administrative day to day functions of the business, such as financial management, legal requirements, buying and purchasing and keeping things organized. These things add additional stressors for many entrepreneurs. Another feeling, guilt. We may not say this to our families, but, if your business is not a family owned business, you may feel guilt ridden by having to borrow from family time in order to build your enterprise. When a family owned business, you may feel burdened by not allowing your family enough reprieve, down time or family time (Davis, 2020). At last the worst emotion yet, the feeling of wanting to just throw the towel in and give up. This feeling normally comes from both frustration and fear. Your feelings of frustration and fear may arise from things not always going as planned and having to mitigate loss of time and resources as well as the extraordinary amount of pressure of having your entire livelihood be based solely on your business and maintaining its success. If you’ve felt any of the above. You are not alone. This is what entrepreneurship feels like, especially within the first few years. However, if you stay the course, the majority of your negative feelings will soon begin to wane and be replaced by positive feelings such as proud, successful, accomplished, strong, able, capable, and to your family, maybe even heroic. So, what are a few things entrepreneurs can remember to do in order to power through?
- Remember the Pareto principal and the 80/20 rule. 20% of your output is related to 80% of your input. If you feel like you are working very hard to see results, you are, be gentle with yourself.
- Self-care, schedule some time to take care of yourself. Not just your physical well-being, but your emotional well being as well.
- Know who is in your support system and lean on them. Your support system should include at least one mentor or coach, you may also consider an advisory board (Davis, 2020). Choose someone who you have a good relationship with, who can be empathetic and actively listen.
- Rome wasn’t built in a day and neither are successful business. Be as patient as can be, this is hard, I know. However, the more patient you are the less frustrated you will be.
- Whatever you do, don’t give up, see it through until the end. What is the end? In my book, retirement. However, this may not be everyone’s end goal. Whatever the goal is that you have set for yourself as an entrepreneur, make it there. What if you are taking a giant loss and the business doesn’t seem viable? Know that at least 90% of businesses fail (Norton, 2020). Consider the three -year rule. Year one is foundation (you lose money), year two (you break even), year three you should begin to see a livable profit. If at year three your business does not break a profit, only then should you consider changing course. This decision being based solely on risk verse gain through strategic and logical evaluation verse emotions.
To reiterate a shared common expression of many entrepreneurs, entrepreneurship is not for the weak, but with a relentless drive and will to succeed, in time your emotional investment will be rewarded.
Davis, S. (2020). Evolution of a Business Owner. Consulting Psychology Journal:Practice and Research, 72(1), 40-49.
Sokol, M. (2020). Mindful design of the sole-practitioner consultancy. Consulting Psychology Journal:Practice and Research, 72(1), 27-39.
Norton, (2020). The business of consulting psychology: Lessons from the field. Consulting Psychology Journal:Practice and Research, 72(1), 68-76.
Dr. Niama T. Malachi – CEO and Principal Consultant at The Social Consult
