There is no doubt that being an entrepreneur is challenging. We are tackling big problems with limited resources. The hours are long and it often takes what seems like eternity to really get things rolling. I have yet to meet an entrepreneur who hasn’t at some point asked “what am I doing?” The ups are great, but how do you handle the downs (and there can be many early on in startup life)? Here’s some of what I have learned personally and from advice I have received from other entrepreneurs:
1. Use the Downs to Fuel Your Fire. Don’t fall into that woe is me mentality. Rather, find that energy you used to start your business and get motivated to prove everyone wrong. For inspiration, check out Bessemer Venture Partners’ Anti-Portfolio (the companies they passed on): http://www.bvp.com/portfolio/antiportfolio. I particularly like the rationale behind passing on EBay – “Stamps? Coins? Comic books? You’ve GOT to be kidding,” thought Cowan. “No-brainer pass.” Ha! Maybe your company will be added to a list like this someday.
2. Celebrate the Ups. It’s human nature, and particularly in the blood of entrepreneurs, to need to feel productive and accomplished. There are so many challenges we face as entrepreneurs. We need to remember to stop and celebrate the ups (however few they might be at times). They don’t need to be big accomplishments. They can be as simple as a new customer tweeting something great about your company. And if you’re having trouble identifying the ups, just remember that just taking the leap into entrepreneurship is a huge accomplishment. You learn a lot about business and about yourself (including how gutsy you are). You need these celebrations to help keep you going through the challenging times.
3. Remember the Big Picture. It’s easy to get caught up in the day-to-day tasks of running a company and forget why you started your business in the first place. Remember the big problem you saw and the solution you came up with. While you may need to make some tweaks and/or pivots along the way, don’t forget that real people have real problems that you can help with. Tapping back into that higher purpose will reconnect you to your passion and help energize you.
4. Take Breaks. It’s tempting as an entrepreneur to work 24/7. There is always more work than you can handle. And working constantly is easy at first. You finally have a vision and have fine-tuned your mission and you’re ready to jump in. But be careful. Starting a business is a marathon, not a sprint. While hard work and long hours is part of the territory, you need to find time to engage in things (hobbies, family, friends) outside of your startup. Small breaks will help keep your mind sharp, keep things in perspective and help you remember the big picture.
5. Have Fun. Don’t forget to try to have some fun along the way. You likely have a lot at stake with your startup. You are sacrificing a lot of your personal life, your reputation, your finances and other opportunities to make your venture succeed. It’s hard to remember to have fun. Taking breaks will help you remember to have fun, but it’s also important to find fun in the work you are doing. Make sure to include some fun tasks everyday.
Good luck and please share what has worked for you.
No comments:
Post a Comment