Entrepreneurs will spend a lot of energy planning each step of their business plan. The business responsibilities that come with being an entrepreneur are vast and challenging, but the personal responsibilities are just as important. Some of the obstacles that will hold a business owner back are psychological. These are the most common obstacles and how you can avoid them.
1. The stress of working for yourself
Leaving a steady job with a salary and benefits to rely solely on your business can be terrifying and paralyzing. It’s difficult to estimate all of the expenses, and when your small business will start showing profit. Having some sort of financial net to cover personal expenses at the beginning can help to keep peace of mind while you are building your business up. A year or two of savings is best, but is not always practical.
Plan on having a side source of income at the beginning. Preferably side work that can be done on your own schedule. Freelance work, driving for Uber, or renting rooms out on Airbnb can bring in extra income. The financial security that results will allow you peace of mind and the ability to make decisions based on long-term success and sustainability, instead of the kind of desperation that comes from trying to drive short-term profits.
2. Track personal success
Starting your own business is extremely personal. As your business starts to take off, it’s easy to feel that you’re a success. Tying your sense of self-worth to your business’ accomplishments can become a problem. Businesses start off slowly and come with many challenges and missed goals along the way. Keep a list of your personal success and keep it on hand. Whenever you start feeling low self-worth due to your company’s performance, reference the list and reflect on the other positive aspects of your life.
3. Take action and adapt
There will be times when you cannot wait until you have the perfect plan in place before taking action. As an entrepreneur, you need to be quick on your feet, and reactive. Stay informed in your industry and on your competitors to keep yourself ahead of the curve. As well planned and informed as you are sometimes you will need to simply dive in and take a few risks. Be ready to take action.
4. Seek guidance
When you’re running your own business, you must be the one to hold yourself to a higher standard. One simple way to keep yourself on track is to compile a list of all the activities you need to perform for any specific day, week or month, and to maintain that schedule. If you need a little guidance, seek out successful entrepreneurs you know and respect.
If you don’t have any connections, look for a local Small Business Development Center. These centers provide free consultation and mentors who can change your attitude and mindset so you are no longer your own biggest obstacle to success.
5. Overworking yourself
The average entrepreneur works very long hours. Constantly on the run, you’ll end up over- or under-eating. Additionally, you may not have the time to sleep or exercise as often or as long as you’d like. The combination of this lifestyle and stress can cause serious health issues and ensure that you are rarely in a mindset for success. To avoid this, you need to make a concerted effort to invest in yourself. Exercise each day and schedule time to get a full night’s sleep.
By staying vigilant about the psychological challenges described here, and doing everything you can to avoid them, you’ll put yourself in a better place to succeed and enjoy the fruits of your hard work for many years to come.