A great half term, a brilliant family holiday and – like my trip to Australia – absolute confirmation of why I run my own business.
But as I wrote two weeks ago, it’s time to consider the darker side of being an entrepreneur. How to cope when it’s all going wrong.
So my Google search was fairly straightforward – and back came the regulation 26.7m results. Almost without exception they failed to address my query.
Coping with failure is the key for entrepreneurial success. Don’t see it as a failure; see it as a learning experience.
That’s all very fine. It’s easy to trot out the old clichés, and all successful entrepreneurs have had their share of failure. Equally, you’d expect the vast majority of articles about entrepreneurship to be unremittingly positive.
But this blog has always sought to address the real world. Entrepreneurs are by nature optimistic people, but everyone running a business will – sooner or later – go through tough times.
We’ll go through times when we wonder if we’ve made the right decision, we’ll go through times when the old security of the corporate world seems remarkably seductive – and we’ll go through times when we wonder if the price is worth paying, both for us and the family we’ve dragged along on the journey.
And once or twice in our entrepreneurial careers, we’ll go through times when the ship seems to be heading for the rocks.
So the question is, how do you cope? I’m not talking about the practical here – solving the immediate problems, keeping everyone informed, stringent cost control – I’m talking about you.
How does the entrepreneur cope when the easiest decision might be to wave the white flag? How do you stop yourself going mad? How do you put on a brave face and focus on sports day, not on what is – or isn’t – happening back at the office?
If that’s what you’re going through right now, here are five strategies that work. These themes are remarkably common in talking to entrepreneurs who’ve ‘been there, done that’ – and eventually steered the ship away from rocks.
Remind yourself why you started
…And remind yourself that if it was easy, everyone would be doing it. You started because you wanted to build something and you wanted to define your own future. Creating anything that worthwhile will involve some pain – and remember the old adage: ‘the only thing harder than carrying on is giving up.’
Take the opportunity to make changes
Tough times can be an opportunity as well: take the chance to make some hard decisions about what’s really working and what’s not working. That might be parts of the business – or it might be people. Sometimes difficult times force you to make the decisions you’ve been putting off for far too long.
Keep the end in mind
This is self-explanatory. Remind yourself why you started this journey – and remind yourself where it’s going to end. That can be incredibly difficult when you’re fire-fighting, but force yourself to do it. Lift your eyes up and look at the eventual destination. Trust me, when the fires are out, you’ll be more determined than ever to reach it.
Do some exercise, release some endorphins. No problem was ever solved by eating junk food and gaining half a stone. Get out there in the fresh air, walk up a hill and somehow it puts problems into perspective – and often presents a solution.
You’re not the only parent whose teenage daughter has just slammed the door and walked off into the night – and you’re not the only entrepreneur who’s ever had this problem. There is an absolute wealth of experience around any TAB boardroom table, and I’d be amazed if one of the members hasn’t experienced – and solved – whatever problem is facing you right now.
And next week I’ll take a look at one of those problems – one that everyone building a business faces sooner or later. Until then, have a great weekend.