Alex Quin is CMO of award-winning Digital Marketing firm UADV. He is a full-stack marketing expert, global keynote speaker & podcast host.
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There is no doubt entrepreneurship comes with a lot of benefits: the ability to be your own boss, the sense of accomplishment when you see your business grow, and the flexibility to work from anywhere are just a few examples. However, there is also a psychological toll that comes with being an entrepreneur. Many talk about it, but not enough understand it, much less do something about it.
According to research from the National Institute of Mental Health, nearly three-quarters of entrepreneurs are affected by mental health issues, compared to just 48% of non-entrepreneurs. This is a sizeable statistic, and it’s one that can’t be ignored.
Being an entrepreneur myself, I have faced these issues countless times. However, I have overcome them time and again by categorizing the issues affecting my mental health and finding solutions to them that work for me. In this article, I will share some of the most common psychological issues that entrepreneurs face and some ways that have effectively worked for me in minimizing them.
Fear Of Failure
One psychological challenge we face as entrepreneurs is the fear of failure. This is understandable, as a lot is riding on the success of our businesses. However, the fear of failure can negatively impact the psyche. It can make you second-guess yourself and your decisions. Additionally, the fear of failure can also lead to anxiety and depression.
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One of the ways I’ve learned to deal with fear of failure is to resist socially prescribed perfectionism—the belief that we have to be perfect in order to be successful. This is not true! Those who are socially prescribed perfectionists feel that other people expect them to be perfect and will criticize them if they don’t live up to these expectations. This can cause a lot of pressure and lead to anxiety and depression.
Accept that you are not perfect and that you will make mistakes. What’s important is that you learn from these mistakes and use them to improve your business. In his book, The Road Less Stupid, author Chris J Cunningham writes: “A great owner runs the business end of the business by measuring results and then either fertilizes the activities that produced the good results or changes the activities that caused the bad ones.”
Don’t repeat mistakes. Don’t pay the “dummy tax” over and over again. It’s helpful to audit yourself and your decisions. Don’t be too hard on yourself!
The Emotional Roller Coaster Of Entrepreneurship
Another psychological challenge a lot of entrepreneurs face daily is the emotional roller coaster that comes with running a business or multiple projects at the same time. There are days when you feel on top of the world because everything is going well, and there are days when you will feel like a failure because things aren’t going as planned. This can be especially challenging for those who are not used to dealing with negative emotions.
For me, the key to managing the emotional roller coasters I face in business is to adorn a positive mindset. Don’t let the bad days get you down—instead, use them as an opportunity to learn from your mistakes and improve your business.
You can easily fall into a negative mindset cycle and stunt your professional and emotional growth. Success requires emotional growth. If you’re feeling uncomfortable, it most likely means you’re growing. Ask yourself the right questions so you can better understand how to move forward. Identify the obstacles blocking your progress.
It is also important to have a support system in place, whether it be your family, friends or fellow entrepreneurs. These people can help you through the tough times and celebrate with you during the good times.
Work-Life Balance
Maintaining a work-life balance can be tough at times—especially when the business is always on your mind and you never really switch off from work. As a result, you may find yourself working long hours and neglecting your personal life.
I’ve found that setting boundaries you can adhere to is key. I make sure to schedule time for both work and personal activities every day and try not to let work interfere with my personal life.
One major tactic you can employ is time blocking, where you schedule blocks of time for specific activities. So, you might block off an hour for work, two hours for personal time and so on. This can help you stay on track and ensure you are giving both work and your personal life the attention they deserve.
Isolation
Another psychological challenge that entrepreneurs face is isolation. This is because you are the one in charge, and you may not have anyone to bounce ideas off of or share your concerns with. Additionally, you may find yourself working from home, which can further contribute to the feeling of isolation.
Dealing with the feeling of isolation involves reaching out and socializing with other people. Human beings are a social species that rely on cooperation to survive and thrive. Try reaching out to your network of family and friends. These people can provide support and advice when needed. Additionally, there are many online communities for entrepreneurs that you can join. These communities can provide a sense of belonging and allow you to connect with other business owners who understand what you’re going through.
The Bottom Line
Entrepreneurship is not for the faint of heart. It takes hard work, dedication and a thick skin to succeed. However, it is also an incredibly rewarding experience that can provide you with immense satisfaction.
If you are facing the challenges of entrepreneurship, remember that you are not alone. There are many people who have gone through the same thing and are willing to help.
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Author: Alex Quin, Forbes Councils Member
