This is a day and age of Entrepreneurship. In the initial stage of Planning and strategizing there is a lot of excitement. The starting period is something like a dream. Everyone has tremendous energy, excitement and optimism. At this phase it looks very unlikely that there could be any possibility of Failure especially since at the planning phase, conservative numbers were considered.
However, as the initial excitement wears off it enters a phase when things start to look different than what was planned. The numbers don’t add up and the market, customers don’t seem very excited. The known contacts don’t convert to business and some even begin to behave differently. This start to put doubts in the minds of the entrepreneur, but he does not know what is going on.
It is well known by now that most entrepreneurs or business owners find it extremely difficult and stressful to handle this period which can be still called the initial phase. Add to it if the venture has been funded, the VC’s will begin to put pressure and ask uncomfortable questions. Earlier when working for an organization the stress was different but by and large salary is taken care of and the buck rarely stopped with you.
Unfortunately here it is so and there are no easy answers.
After all the whole idea was, you get to work for yourself, on your own schedule, all while pursuing your passions. However, the endeavours can often feel more stressful than not. Many entrepreneurs find themselves battling anxiety with deadlines, expenses and unexpected setbacks rather than relishing their achievements.
How to deal with the challenges
1. Fear of Change
The Fear of change is one of the most common fears that people face when their fear of change isn’t confined to significant changes, also encompasses relatively minor, daily changes in routine. To change the way of style is difficult for everyone; there are few people that don’t feel somewhat anxious at the prospect of a major upheaval in their lives. When fear of change comes to people they are paralyzed in situations that are not healthy. Learning to accept the unexpected is the starting point of dealing with issues. This mindset needs to be incorporated early in the planning phase.
2. Fear of Failure
Everyone fails, it’s part of life. Never be afraid of failing and be afraid of not starting. We first need to understand what failure actually means, after that we have to find the causes for fear of failure. Being frozen by fear is not an option; we all have different definitions of failure. Fear of failure can be linked to many causes and many of us are afraid of failing, at least some of the time. When we allow that fear to stop us doing the things then things can become very bad for the business. Unfortunately, the fear of failure starts very early in life and is nurtured by experiences throughout the growing up phase.
Being realistic while planning and incorporating failures as possibilities and putting strategies for the same can definitely help. It is also important not to be too optimistic and dreamy while planning. Keeping it real is very important.
Give a short break give some more for creating space in your brain from everything that it’s been holding onto, from all the thinking. A clear framework is needed to choose a guided meditation for your thoughts can be very helpful while relaxing your mind.
4. Shift Perspective
It is always worthwhile to either learn to look the situation differently or take help from from external person to provide you another perspective when have facing a stressful situation. Try and build a medium term approach instead of blowing up the current situation. Create a strategy on how you would handle that situation like mapping a picture of the worst thing that could happen and come to terms with it.
Instead of focusing on everything that’s going wrong, turn your mind to focus and make a list of all your past and current wins. This gives back some confidence and positivity. Also when you are feeling stressed, find out what recharges you. Maybe it is based on time spent in nature or mindfulness, meditation, working out, or time with family or a pet. Carve out the time for these things on a daily basis.. There is strong research on the impact of mindfulness meditation for as little as 10 minutes per day.
6. Stop and Breathe
Most people ignore this practice but it is so simple. When stresses are building up, it creates more anxiety than required. By stopping in the midst of stressors to take three deep breaths, your anxiety diminishes, your focus improves and better equipped to lead and handle the situation.
Don’t let fears outdo your entrepreneurial aspirations. Failure happens first in the mind and then in the business. Acceptance of the unexpected and clarity of the mind at all times is necessary to be successful as an entrepreneur. Add to that proper and realistic planning can make a successful Entrepreneur in the long term.
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