The emotional price of being your own boss
While Make in India has encouraged many to build their own companies, not many have been able to turn their dreams into reality. The ones those who have, though, obviously stand out from the crowd. An entrepreneur is always willing to take risks and start their own business, instead of working for someone. They play the risky card even when the stakes are high. That is what makes them who they are, and stand out from the crowd.
The emotional price of being an entrepreneur
“It took me 17 years and 114 days to become an overnight success” – Lionel Messi
Entrepreneurs begin their journey from scratch and it doesn’t end with the launch of their product. It takes immense hard work to accomplish your dreams, and entrepreneurs seem to have got it just right. However, things can go wrong for various reasons, either professionally, or at a personal level. And once failure strikes, it is not always easy to get back on track.
There are more psychological risks than financial when it comes to being an entrepreneur:
- The fear of failure - the first and the greatest fear of an entrepreneur is that of things not working out the way they thought they would. Things never go as planned, and it is when it seems that everything is falling apart, things just might be falling in place. Reminding of past successes and taking one task at a time can help overcome this fear.
- The fear of fear itself - as silly as it sounds the fear of incapability in managing the fear sometimes eats up an individual. Therefore, it is imperative to conquer the fear and confront it rather than being afraid of it. Mindful meditation is very effective in controlling fear and anxiety.
- The fear of losing creativity - at the heart of every entrepreneur, lies something creative as well as innovative. It is that creativity that leads someone to create something. Fear of losing creativity can be scary. Being innovative and creative at the new work being done helps alleviate this fear.
- The fear of acceptance - in a world where we are constantly being judged by others, finding acceptance is tough. Social media is now a hub to either brag or to raise voices regarding various issues but new ideas are sadly ignored. Moving one step at a time helps control this fear.
It’s a psychological storm that goes inside the mind and the heart of an entrepreneur, but giving up is just not an option.
What makes a start-up successful?
- Social Composition:
It had been discovered through research that peers in the workplace and one’s social compositions were slightly correlated to entrepreneurship. Social composition influences entrepreneurialism by demonstrating their possibility of success, and even stimulating it.
The zeal to make their dreams come true is the driving force for all. They put their whole life at stake just to bring out something new for people. Entrepreneurs closely survey the market and observe what people need and what they want, as well as the difference between the two.
- The desire for change:
Entrepreneurs are enthusiasts, excited to gear up people for a change. It is this energy, combined with creativity and an appropriate amount of motivation that gives a kick to the services they provide through their products. Thus, entrepreneurs are unique as they are capable of bringing together money, machinery (if needed) and employees or interns who are capable of marketing, sales, and distribution of that product or service.
Apart from hardwork, another thing that distinguishes them from others is their optimism. Entrepreneurs are optimistic and future-oriented. To them, their work is life, and their life is work. So, work-life balance stands to remain a myth for them.
Though self-oriented, entrepreneurs follow the growth of their fellow competitors closely. However, in order to attract customers, they tend to subdue the competitive spirit and emphasize on the uniqueness of their products and services. Along with catering the customers’ needs, they also point out how their initiative is changing the mindsets of people and how the product or service that they offer is more attractive than that of others
Overnight success is a myth
As appealing and exciting as it seems, it doesn’t always come the right way to the entrepreneur themselves. As a decision maker, they can decide what, how, and how much of a goods or service will be produced. The pressure of passing orders to the employees as to how the work is to be done and what it is that needs to be done often takes a toll on the entrepreneur leading others to think that they are being ungrateful.
Witnessing less fruitful results than expectations may get demotivating. The risk of losing stability and a constant paycheck can leave the entrepreneur in a tough spot. There are times when we feel like all our efforts are going waste, and entrepreneurs are no aliens when it comes to this. Anxiety and stress are the likely results of the same.
Talking about your negative thoughts with your co-founder, life-partner or a close friend helps a lot. If mood remains depressed or anxious for more than 2 weeks, it is advised to seek professional help immediately.
Some individuals have to go a really long way to accomplish their dreams. As the decision maker, the entrepreneur decides everything from the name of the company to the entire game of how things are to be worked out. The entrepreneur, therefore, has to be that authority sometimes, monitoring each and everyone’s work which is, of course, tedious and a little overwhelming.
There often comes a breaking point where all their patience is flushed and they want to give up, but they don’t, and that makes all the difference.
With inputs from Shruti Gupta.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)