I was skimming through my Facebook feed recently when I particular headline made me stop.
“The Psychological Price of Entrepreneurship,” it read, with the byline:
“No one said building a company is easy. But it’s time to be honest about how brutal it really is – and the price so many founders secretly pay.”
Huh, I thought. That kinda hits home.
I have been running my own company since 2013. There’s been tough times, and there’s been good times, but like most small business owners I live by the mantra, ‘fake it ’til you make it.’ Admitting things are tough are a sign of weakness, and weakness drives away your clients or customers by the droves.
If anyone asks how business is, the answer is always the same – “Great! So busy! But I just love being busy.”
Behind the breezy throwaway line, however, is so much more: sleepless nights, constant financial stress, enduring difficult contracts, and hours and hours of balancing the books.
This is the side of startups and small businesses that we sweep under the carpet, knowing that one day we’ll come good, and the hard slog will be behind us. But what kind of psychological damage are these early years doing?
The attitude of a new business owner is best summarised by young entrepreneur Toby Thomas, CEO of management startup EnSite Solutions.
"It's like a man riding a lion," he says. "People think, 'This guy's brave.' And he's thinking, 'How the hell did I get on a lion, and how do I keep from getting eaten?"
Like a protective seal of self-denial, Inc.com point out that most business owners avoid chatting about their fears or challenges in business, particularly those of the emotional or mental kind.
Top Comments
Thanks for this article. I've recently changed my career after becoming a wreck trying to be an entrepreneur. I had the right mentor and the motivational YouTube videos and the plans and schedules...and it was actually doing quite well. But I still woke up early every morning unable to breathe and feeling like I would vomit. The lack of certainty was killing me. I saw a counsellor who did some tests with me (career tests to find out what kind of job I'd be most suited to) who confirmed that I was far too risk averse to enjoy being an entrepreneur. I would end up jumping off a bridge. I knew she was right. Today I'm a consultant and I love it. I have security and I have freedom - I'm finally doing what suits me and not letting motivational YouTube videos make me feel like a failure. It's just not my bag, baby! :-)
Congratulations on bringing this issue up. Too often we hear of the extremely rare billionaire story which is great for inspiration, but not the reality for most.
Having said that, it doesn't have to be that way. There are ways to overcome the isolation and get help.
I started my business and went through all the hardships most SMB suffer - but somehow I grew to a 30 person company and sold it as a going concern. It set me up financially. The problem was, it took 24 years. Often it was a painful journey too.
I now know that there are fives things a small business owner needs to make their journey lower risk, lower stress and better paying. They are: business skills, business mindsets, help with their blindspots, fresh ideas and accountability.
Organisations offering these things to CEOs of medium to large organisations exist, but are out of reach to small and micro businesses.
I am driven, by my experience in business, to create a organisation to re-engineer the sames tools to help small business (at a small business price). I have the first group running and will launch the website soon so we can start more groups.
If you believe you need help with your business, make contact and I'll make sure I let you know when the next group launches.