The title of this article should not scare you. Because, in reality, everything we do, no matter how much we think these things can be beneficial to us, will always have psychological effects on us. So, it is just a matter of managing your thoughts properly and coming up with strategic solutions to find your way out towards what is “normal”.
I believe that entrepreneurs are distinctly a rare breed. I am sure that you know a person or two who have wanted to have his own business, and yet after multiple attempts, success just isn’t that easy to achieve. Did he lack knowledge about his business? Did he lack financial resources? There could be a dozen reasons why businesses fail. But those who did break all the barriers just to attain their goal are extraordinary, and these successful entrepreneurs continuously amaze us with their latest feat.
Entrepreneurs, as you know, need to wear various hats each day. Ideally, an entrepreneur should look into each and every detail of what is happening in his business. But of course, some people have been hired to do these things to make the work easier. But then again, entrepreneurs can get too attached to their business because it is their life.
Entrepreneurs face a myriad of fears and challenges each day, mainly to startups. Unfortunately, not all of them may have prepared themselves for the impossible. Thus when they suddenly come across a hole, some of them may just back off and give up.
Psychological Elements Affecting Entrepreneurs
To become a successful entrepreneur, you always need to expect the unexpected. You always need to be prepared for what is about to come. Therefore, preparing a business plan is essential. However, never just rely on your Plan A. Always have a backup plan just in case Plan A fails.
Anxiety
Anxiety lives among all of us and can manifest in different situations. As an entrepreneur, fear may step at other times during the whole process of starting the business. You can be worried about so many things:
- Can I really make a living from this business?
- Will I be able to hit the target income next month?
- Can I do everything on my plate?
- How can I stay current with the products and services that I offer?
- Who should I rely on for help?
Uncertainty
For first-time entrepreneurs, this can be a huge issue. Although they may feel the need to start a business because they know that it can help them build a better future for their family. Still, there is a certain amount of doubt that they may not be the right fit for the business they intend to put up. The answer for such uncertainty is to be well-equipped with the knowledge about the company, and it wouldn’t hurt to seek advice from others, especially those in the same business as yours.
Stress
Stress can truly make anyone down. With so many things to do each day, 24 hours just seem to be not enough to get things done. Being overwhelmed with so much work can affect one’s health. That is why you need to look for the right people to help you manage your business. Remember that stress is a silent killer. Despite all the work that you need to do, keep in mind that your health is essential, too. All the money you earn from the business may just be wasted if you let stress take over your life completely.
Burdened With Too Many Responsibilities
As your business grows, so are your responsibilities. And being the owner of the company, there is indeed a lot on your plate. All you can do is reduce your decision fatigue by creating a timeline of things that you need to do. Set priorities and assign people that can help you handle these responsibilities.
Work-Life Imbalance
You may think that successful entrepreneurs may have been handed to them the luck they’re enjoying now from the time they were born. Well, for some, this may be true. But for others, it may have taken them more than blood, sweat, and tears. And true enough, being an entrepreneur may provide you more than what a 9-5 job can offer. Still, it would surely let you work more than the usual number of hours that an employee does in a day. However, the difference is that it involves more money and, yes, responsibility. And while an entrepreneur may be hyped up to ensure that his business is going on smoothly, there are tons of sacrifices to make, including having less time with family. An entrepreneur needs to have a very supportive family to run his business without too many hiccups. Guilt may be written all over one’s face because of not attending important family events. Still, an entrepreneur just needs to make these sacrifices and not feel like a failure if he lacks more quality time. Always, always, make time for them when there is enough time to do so.
Obsession
Success can be too blinding sometimes. And some entrepreneurs may not realize how obsessed they have become, ensuring that everything goes on perfectly as planned. No matter how great the business you have created, there will still come a time that you need to do a little tweaking to make the company better or improve. The obsessive behavior of an entrepreneur can drive him insane, to the point of not controlling all his fears, worries, and doubts about the capabilities of his employees. Watch out for such behavior! This can lead to depression. Keep in mind that you can only do so much and that not everything is under your control. Never blame yourself for falling short. Do not expect too much and blame yourself for not giving it all. For as long as the sales are doing good, the people who work for you remain loyal. You continue to provide excellent products and/or services, you and your business will be all right.
Long-time entrepreneurs have experienced so many bumps all through their entrepreneurial journey. The tremendous responsibility of being an entrepreneur is something that you need to be prepared for. If you can no longer handle such pressure, you can always seek someone to talk to and help you be enlightened. You cannot avoid not being hurt or disappointed. Always believe that you can rise above all of these challenges and come home to a loving spouse and children. Just keep the faith. God will always lead you in the right way.
CHECK OUT more advice from Butz Bartolome:
Butz Bartolome: Fears and Myths of Starting A Business
Butz Bartolome: Perfecting The Art of Listening
CHECK OUT the Philippines’ top mentor Butz Bartolome as he discusses business matters and SHARE THIS STORY with entrepreneurs and aspiring entrepreneurs who need the advice.
Good News Pilipinas is celebrating its 15th Anniversary in 2021 by giving away prizes! Subscribe to this website and Good News Pilipinas! TV YouTube channel and enter the raffle by telling us what you like about our stories in an email to editor@goodnewspilipinas.com
