Becoming an entrepreneur is not an easy career path. Entrepreneurs need to face several hurdles before they can expect any signs of improvement or progress.
Entrepreneurs need to deal with several daunting tasks such as product development, marketing, administration, etc. Entrepreneurs also need to deal with various psychological issues, as well. They need to understand the psychology of their target audience, their clients, their staff, and themselves before they can expect to run a successful business.
Starting a business is no easy task. It takes time and patience to launch your venture. Entrepreneurs need to deal with a copious amount of stress.
Entrepreneurs need to be mentally strong. Without mental fortitude, an entrepreneur will not be able to make decisions at the right time.
Tony Robbins, author and famous life coach says that “Business success is 80% psychology and 20% mechanics. And, frankly, most people’s psychology is not meant for building a business.”
Here are the biggest psychological hurdles in becoming an entrepreneur:
Dealing with instability.
Having a 9 to 5 job is reasonably stable. You clock in, work, clock out, go home, and you repeat. But running a startup is an entirely different story.
You need to work 24/7 if you want your business to prosper. You need to identify problems and hurdles that might come your way and prepare adequate countermeasures.
Entrepreneurs need to find stability while being surrounded by instability if that makes any sense. They need to make the best out of a given situation and achieve some form of security.
Too much instability can shake a business so much that it might not be able to recover.
Some days you might get several sales and conversions; on others, you might not even be able to break-even. Startups go through these ups and downs more frequently than other traditional businesses. A successful entrepreneur knows that his startup will go through these changes, and be prepared for whatever might come later on.
New entrepreneurs need to work for extended periods before they can expect some form of stability. This fear might scare away people who want to become entrepreneurs.
Uncertainty is scary for a lot of people.
Not knowing where your next meal is going to come from can frighten even the most courageous person. If you have a regular job, you won’t need to deal with facing uncertainty.
Entrepreneurs have to deal with uncertainty daily. They need their business to prosper; otherwise, they’ll be in serious trouble. Most of the startups fail because of running out of cash flows and this can be greatly reduced through utilizing free tools online such as Skype and live chat app for providing customer support.
Entrepreneurship is a risky career path. There are only so many measures that you can take to minimize risk.
Successful entrepreneurs know how to handle risks and deal with uncertainty. It takes time to get used to dealing with such a high level of uncertainty.
Entrepreneurs can deal with uncertainty if they are prepared before-hand. By identifying any problems that you might face later on in your journey, developing adequate countermeasures will provide you with some cushioning.
Entrepreneurs that start on their own have this overwhelming sense of loneliness.
These entrepreneurs need to get things done. They don’t have anyone who they can vent their feelings out to. Friends and family can’t understand the obstacles entrepreneurs have to face daily.
Being lonely for long periods can lead to depression and other mental and physical illnesses that can severely hinder the growth of an entrepreneur.
To combat loneliness, entrepreneurs should reach out to other entrepreneurs inside or outside of their industry. Having a chat with other entrepreneurs would allow them to vent out their pent-up frustrations to a person who knows exactly what they’re going through.
Low self-esteem is an issue that a lot of people are facing these days. The online world has shaped how we see ourselves and others.
Starting a business takes a lot of courage. You need to be brave and be prepared to face numerous hurdles and difficulties. A lack of self-esteem can prevent you from taking the first steps in your entrepreneurial journey.
Entrepreneurs need to have their heads in the game at all times. Business is so volatile these days that constant attention and focus is required. A lack of self-esteem can severely impact an entrepreneur’s career.
Low self-esteem can cause stress, and this stress then leads to substance and alcohol abuse. An entrepreneur cannot afford to take these risks. He’ll lose not only his business, but also himself.
Lack of trust.
You need to trust people if you want to be successful in business.
A lack of trust can severely negatively impact your business.
Building meaningful and mutually beneficial relationships is necessary for entrepreneurs if they want to have a competitive edge over their competition. They only way to nurture and develop these relationships is to trust the other person.
The internet has created these fantastic opportunities for entrepreneurs to capitalize on. But some people are uncomfortable dealing with people they haven’t met in real life. That fear is valid, but there is nothing that can be done about it.
The more connected we are becoming, the less we’ll need to deal with other people in person. Why fly 8 hours when you can have a meeting on skype?
Here are some tips and techniques that entrepreneurs can use to develop trust amongst their team and clients:
- Being honest. If you’re honest, you’ll have nothing to hide.
- Give value first. By giving importance to the person in front of you before expecting anything in return, you’ll be able to cultivate respect for yourself as a leader and individual.
- Be authentic. Be yourself in front of other people, and you’ll immediately gain confidence.
Psychology plays a significant role in how we see the world around us. Entrepreneurs need to think out of the box and come up with solutions that no one else has thought of yet.
Being an entrepreneur takes a hefty toll on your body and mind. Entrepreneurs need to be mentally healthy if they want to stay in business for a long time.
Taking time out of your busy schedule and focusing on yourself will prove to be extremely beneficial for you in your entrepreneurial journey.
Hamzah Adil is a young content writer who is passionate about the startup life. Other topics of interests include psychology, business, social media, viral trends and technology. He is currently working with a that startup has developed a new live chat application called SwiftChat. A live chat software allows its users to cater to visitors on their website in real time and provide excellent customer support.