Why entrepreneurs need mental stability to succeed?
That may sound fascinating and enticing initially but a great deal of self-discipline, risk management, and hard work goes into making things work. To save yourself from taking commands you have to forego many things which require you to follow the 3 C’s,i.e. CONCENTRATION, CONVICTION & CONSISTENCY!
The journey involves many highs and lows but success comes to very few. But then, there is an island of opportunities in the ocean of tragedies and those who recognise this island well in time, make it big in their lives. Let’s have a quick look at some psychological factors that every startup entrepreneur should keep in mind to make it big in the long term.
Dig in Your Heels; Manage Your Funds Well
Be firm, clear and precise with your objectives, have a plan and religiously stick to it. Ambiguity in terms of your objectives and motive will hurl you down in long term in terms of both productivity and performance.
Also, never be bothered by the size of your organisation. It’s always good to play safe and go for smaller business loans during the initial phase and invest the smaller chunk of investment than taking the extreme risks of making major investments.
Be Patient, Flexible & Wisely Calculate Your Risks
Patience is virtue and requires practice like any other art. For any entrepreneur to be successful a prime factor is patience. Since there is no leader, no boss and no one to bear the brunt of loss for a startup venture, so one needs to be patient and optimistic. Keep the bigger
the picture in your mind, be flexible and don’t mind incorporating some changes in the process that can help you succeed!
Also, “No pessimist has ever discovered the secrets of stars or unraveled the mysteries of the past.” Foresight, optimism and patience will take you miles ahead of your contemporaries.
Avoid Being Thin-Skinned; Take Criticism in Your Stride
For your startup to be successful it is important to realise the value of the reviews of your customers and associates. No power point presentation can ever leave an impact on your future investors than the real life feedback from your customers and present associates. Positive reviews help to garner your business a good start plus takes the investors out of the dilemma of collaborating with you. If the reviews turn out to be negative, take them in your stride, work harder and realise where you need to work more.
Go Easy With Your Partner; Take Your Ego Away
Working with a partner requires a huge amount of sacrifice, understanding, and tolerance. You 2 need to have vested interests and common objectives. Then, there should be equivalence and understanding between you 2, there should not be the element of being bossy and dominance per se. You need to take your ego out of the equation, analyse each other’s pros and cons and optimise the results.
Entrepreneurship is Social Construction
To some extent, entrepreneurship is about the personal traits of the entrepreneur but that’s not enough. It is about social construction, it is a phenomenon where individuals react to the circumstances based on the ecosystem they are backed by. This includes family members, colleagues, investors, competitors, etc. The interactions between these bring out the combination you are looking for. Hence nurturing this ecosystem and interacting with it is extremely important!
This article has been contributed by Ananya Gulati, Content Writer LegalRaasta – an online legal services portal for services such as copyright registration, etc. LegalRaasta is an online technology driven portal for tax filings and provides legal services like GST Registration, TDS return filing and several other services to make it simple for entrepreneurs.