The Topic in entrepreneurship which we all should talk about

Ever heard a successful entrepreneur talking highly about how easy and effortless it is to build a new company, arrange funds, or find the right co-founders?

. . .

you know the answer!

We all know how much “entrepreneurship or business building” is worshiped and associated with fancy terms such as “freedom” or “self-dependency” but, we usually neglect the emotional obstacles and challenges Founders face.

9 out of 10 businesses fail, with around 50% failing by year three, a study done by Michael Freeman reported that 49% of all entrepreneurs are at-risk of at least one mental illness. Based on Statics, it also becomes evident that entrepreneurs are at least 2 times more likely to suffer through suicidal thoughts, Six times more likely to suffer from ADHD, and Twice as likely to suffer from depression. The stress and amount of discomfort experienced can affect their personal life greatly, while also influencing their self-beliefs and well-being. It’s no denying that the life of a Founder is like a rollercoaster, there are sudden downs followed by quick ups.

This study by business insider also shares the story of Faigy Mayer, a founder who jumped to death from the rooftop.

as a Founder, You feel like everything depends on you, and your start-up takes priority over your basic needs, such as sleep, food, family, and health. Founders have to deal with the risk of losing their business and have to face the responsibilities of their employees or investors. It is a lonely journey at times, there’s pressure to be optimistic and show strength and positivity to your teammates or investors.

WHAT DOES THIS MEAN?

am I sharing this to provoke fear and horror about the failures in entrepreneurship? WHO KNOWS- I MIGHT BE!

But, as wise people say, and you might agree with me on this one- “Every problem has a solution”.

Extreme worrying, anxiety, problems in making decisions, feeling low or being confused, overcoming challenges, are all a part of entrepreneurship. but thankfully, it does not have to stay like that.

OK… WHAT’S THE WAY?

we know the journey of a Founder is not always fresh flowers and rainbows, but we do can find a ray of light and hope in this journey!

HAVING THE RIGHT PEOPLE

The effects of financial stress encountered in entrepreneurship show their existence in personal relations. It may cause problems with others who cannot relate to your experience. While living an entrepreneurship lifestyle, your significant others, or friends may not be able to relate. you may feel as if “No one understands me”.

you might need a different support system in your circle, other than your personal relations.

You would want people to talk to who have already been on this journey or are presently going through what you’re going through, and who can relate to you on an emotional level. Just, people you know, who can give advice or relate, without any pressure.

FINANCIALLY LITERACY

Now, as the journey is hard enough already, not being able to see things from a financial perspective, will only make it worse.

without proper financial education and literacy, you risk your money and welcome failure. There’s nothing worse than losing all of it, (emotionally and financially). Learning money management skills, knowing the marketplace, and basically knowing how money works, becomes essential.

DEALING WITH DISTRACTIVE AND UNCOOPERATIVE THOUGHTS

Having the right mindset is the key, it can be hard to deal with negativity, yours and of others, but most importantly, your own thinking and pessimism, will bring you down faster than anything else can.

developing a positive mindset, and thinking rationally and logically can be the first step towards overcoming inner obstacles.

SELF AWARENESS

You are not your thoughts, so before affirming any negative comment, make sure you are measuring your opinions rationally. Before saying “I will never find the right co-founders” you may try “How can i be more specific towards my visions or goals, by which qualities can i judge the right co-founders”?

in other words, the mental resilience you have becomes highly valuable in this field.

DEFINING YOURSELF

For many entrepreneurs, there is no clear line between their startup and self-worth. cultivating self-esteem from work is not a good metric to judge yourself upon.

when you fail to meet your sales target/produce more reach, it should not result in a very personal outcome. Do not blend any failure at work, with your identity and self-worth.

One of the most important steps entrepreneurs can take, to reduce the risk of bad mental health in the long term is to have an identity outside your work-life.

And here’s something we all forget-

“Nothing should be given more importance than your health. Whether it’s mental or physical health. That’s the only thing you can count on to.”

FINAL WORDS

Building a business is hard, but the right mindset, and taking proper care of your mental health, will help you flourish and rise from any challenges or obstacles you come across.

There are steps, which we can take every day to help us in such extreme lifestyles. surely, as every lock has a key, every problem has a solution!

by recognizing our own challenges, obstacles and lending a helping hand to our fellow entrepreneurs, we doubtlessly can make this adventurous journey of ups and down less troublesome and more enjoyable!