By: Keith Orlean
Being an entrepreneur is a journey filled with emotional highs and lows that shape not only the businesses we create but also the lives we lead. My own history as an entrepreneur, since starting my first business in 1982, has been deeply affected by these emotional swings that frankly can be hard to manage without the will to succeed. Understanding the mindset required to navigate this rollercoaster can offer valuable insights for aspiring entrepreneurs.
Taking the Plunge: The Mindset of an Entrepreneur
Entrepreneurship is not for the faint-hearted. Only about 12.3% of the U.S. population engages in entrepreneurial activities, according to the Global Entrepreneurship Monitor. This small percentage reflects the significant risk and uncertainty involved. The entrepreneurial mindset is characterized by a willingness to take risks, an ability to handle uncertainty, and a passion for innovation and creation.
Starting a business requires stepping into the unknown, often with limited resources and no guaranteed outcome. This leap of faith is driven by a vision and a belief in one’s ability to turn an idea into reality. However, this journey is filled with challenges that can be emotionally difficult to navigate.
The Emotional Toll of Failure
Failure is an inevitable part of a journey that requires entrepreneurial resilience. Statistics show that approximately 20% of new businesses fail within their first year, and about 50% fail within five years. Failure doesn’t always mean the business shuts down; it can also mean facing periods of downturn, unmet expectations, or unforeseen obstacles.
I recall back in the early 90s when my business hit an unanticipated rough period. It was an experience that began to ingrain the value of learning how to be patient and sticking to what had brought previous success. Dealing with setbacks like these can really affect your emotions. The pressure to succeed, the worry about letting down your team, partners, clients, and family, can really wear on you.
How we handle these lows impacts not only our well-being but also the well-being of those around us. As entrepreneurs, we set the tone for our teams. If we give in to the stress, it can have a negative impact throughout our organizations, affecting morale and productivity.
The Highs of Success
On the flip side, the exhilaration of success can be addicting. Seeing your hard work pay off, achieving goals, and witnessing your vision come to life provides a sense of fulfillment that is hard to match. Success validates your efforts and can boost your confidence and motivation.
I vividly recall the moment when my first venture reached profitability in our third year. The satisfaction of seeing our hard work pay off was indescribable. This emotional high can also positively influence those around you. When a leader is confident and optimistic, it inspires the team, partners, and stakeholders. Success fosters a positive work environment and can lead to further opportunities for growth and innovation.
Entrepreneurial Resilience: The Key to Navigating Highs and Lows
The Japanese saying "Nana korobi ya oki" (fall down seven times and get up eight) perfectly encapsulates the concept of resilience that every entrepreneur must embrace. Failure is not the end but a part of the journey. Each setback is a learning opportunity, a chance to improve and come back stronger.
As a 5th degree black belt in Ryukyu Kempo Karate, I have learned that resilience is not just about physical strength but also mental fortitude. Martial arts teach you to face challenges head-on, to endure pain and setbacks, and to keep pushing forward. This mindset has been invaluable in my entrepreneurial journey.
Sharing My Experiences
Today, I teach sales, marketing, and entrepreneurship, drawing on my extensive experience to help others. My goal is to equip aspiring entrepreneurs with the tools and mindset needed to navigate the highs and lows of business ownership.
One of the key lessons I impart is the importance of resilience. You must be willing to fail in order to succeed. Embrace failure as a learning process, and don’t let setbacks deter you from pursuing your goals. Building a support network, practicing self-care, and maintaining a positive outlook are essential strategies for managing the emotional rollercoaster of entrepreneurship.
The Importance of Community and Support
Having a strong support network is vital for any entrepreneur. Surrounding yourself with mentors, peers, and advisors who understand the unique challenges of entrepreneurship can provide invaluable guidance and emotional support. Networking with other entrepreneurs can offer fresh perspectives, shared experiences, and potential collaborations.
Additionally, seeking professional help, such as business coaches or therapists, can help you navigate the emotional aspects of entrepreneurship. They can provide tools and techniques to manage stress, build resilience, and maintain a healthy work-life balance.
Connect with Me
If you are an aspiring entrepreneur or a business owner looking to navigate the emotional highs and lows of your journey, I invite you to connect with me on LinkedIn. Let's discuss how my experiences can help you succeed. Book a complimentary call, and let's explore ways to enhance your entrepreneurial journey.
Conclusion
The entrepreneurial journey is one of immense emotional variability. The highs of success are thrilling, but the lows of failure can be equally intense. By adopting a resilient mindset and viewing failure as a stepping stone rather than a stumbling block, entrepreneurs can navigate these emotional challenges and continue to drive their vision forward.
My experiences have taught me that resilience, passion, and a willingness to learn from failure are crucial for long-term success. As I continue to share my journey and insights, I hope to inspire and support the next generation of entrepreneurs in their pursuit of success and fulfillment.