While society focuses mostly on the ecstatic highs of entrepreneurship, such as launching your first initial public offering or getting acquired by a larger company, few are prepared for the downsides of business ventures. Just like life, entrepreneurship has its lows. In fact, if you keep count, there will be a lot more downward movement than upward movement when building your business. Nonetheless, if you want to succeed as an entrepreneur, it’s important to learn how to effectively deal with the lows of entrepreneurship. Only then can your business survive long enough for it to start making money. Here are seven tips on how to do just that, and more:
Get a Cofounder
Some of the most successful companies of today were built not by one pair of hands; they was brilliantly choreographed by multiple people all working together with the same passion and interest. A cofounder is someone with whom you celebrate during the euphoric moments of your business venture but more importantly, it’s someone who supports you in your business’ darkest hours. Of course, finding the perfect cofounder takes time and deliberate effort. Take the time to look for a cofounder who understands what your vision is for the business, has strengths that complements your weaknesses, and has a personality and attitude that aligns with yours.
Building and running a business can be extremely stressful. By practicing meditative techniques, you can learn how to live harmoniously with the daily stressors that surround you. Meditation can help form habits that ultimately improve focus, organization, and productivity. It gives you peace of mind and helps you become more appreciative and attentive to everything that happens in life. Begin the day by doing deep breathing exercises; inhale then count “one”, exhale and then count “two”. Repeat the step at least 10 times.
Find a Hobby
Hobbies help distract you from negative thoughts. It prevents you from entering that idle state of mind where you dwell on regrets, failures, fears, and other negative emotions. Effectively dealing with the lows of entrepreneurship sometimes takes distractions. Unfortunately, some people slide into video game addiction, binge eating, and other unhealthy habits to try and distract them from the harsh realities of running a business. Find a hobby that makes you happy and one that allows you to relax and de-stress. This could be anything from knitting to rock climbing.
Get Pharmaceutical Help
The use of medication can be another viable solution to dealing with the depressing lows of entrepreneurship. Medication, such as Viibryd, can help in treatment of major depression disorders. This drug neutralizes chemical components in the central nervous system that boosts mood, appetite, and energy levels. Use a Viibryd discount code to give you a better deal on your antidepressant supply. Of course, administering medication at home for a physical or psychological ailment should be accompanied by the advice and approval of a licensed medical professional.
See it as an Opportunity
Opportunities lie best within failures. If you get to one of those hard bumps on the road, try to dissect and learn from it. See the opportunities that it affords. For instance, if your business runs out of cash and you are knee-deep in debt, try to remember the financial decisions that led you to that hole. When you learn how to process problems as opportunities; to learn and evolve as a person and entrepreneur, these times of low can lead to your high points.
A lot of people don’t know how to deal with negative emotions and bad news. They shut everybody out and build an emotional wall to protect themselves. Bottling everything over time will only lead to more frustration and stress, which prevents you from actually achieving anything. This becomes a downward spiral until you run out of capital and eventually have to close shop. Share your problems with people who are willing to listen. This could be family members, immediate relatives, friends, and even your employees. Unloading this emotional baggage allows you to come to work and tackle your problems with a clear mind and light head.
Take a Rest Day
In times of trial, entrepreneurs are advised to work harder to try and pick up the slack. Unfortunately, this leads to more stress and possible burnout. Instead of forcing yourself to piece together everything that’s been broken, step back and take a break from everything. Take a much-deserved rest to clear your head and regain focus. Once everything is sorted out, then you can throw yourself back into the game.
There are no certainties in entrepreneurship except one – there will always be lows. It doesn’t matter if it comes a day after you launch the business or 10 years from now when you are about to hit your profit target.
About The Author
Mark Alvarado is an experienced and resourceful travel writer and entrepreneur. He began his journey in 2008. Since then, he has embarked on countless adventures and experiences that gives him a unique and healthy perspective in life and business.