The Psychological Price Of Entrepreneurship

Uneasy lies the head that wears the crown – the adage is true for entrepreneurs who are trying to carve a niche in the highly competitive and...

  • The Psychological Price Of Entrepreneurship
    Manish Khanna Image Manish Khanna

    The Psychological Price Of Entrepreneurship

    Uneasy lies the head that wears the crown – the adage is true for entrepreneurs who are trying to carve a niche in the highly competitive and maddeningly crowded marketplace. Although nothing is as satisfying as witnessing your business take giant leaps of success, the associated apprehensions, pressure, anxiety and heated boardroom discussions can take a toll on you.

    Many believe the tension to be a part of the game and continue to live their lives under enormous stress. This constant emotional upheaval destroys their relationships and strains their rapport with colleagues. It is a universal truth that the road to success is filled with hardships as the pressure to perform looms large and makes people cower under its burden.

    Thus if you are planning to purchase a profit-making business for sale in Australia, you need to prepare yourself for the roller coaster ride and understand the psychological price of entrepreneurship. Let us help you decipher this mystery through examples that showcase the emotional challenges faced by business owners and ways of tackling them.

    Juggling Between Work And Family

    Running a business is not an easy feat. For most of the times, you are working throughout the day and the week. You have to bring the important work back home and take calls at your dinner table. In such a scenario, it becomes difficult to spend quality time with your kids, partner, parents, friends and other family members.

    Vacations are scarce and filled with work and other business commitments. You can hardly find time to invest in yourself. It can make your immediate family feel neglected and unloved. Many homes are broken because of the lack of interest shown by the working partner. Ultimately, you become aloof and feel an emotional void which leaves you heartbroken.

    Solution

    The most significant aspect of a person’s life is his social circle. You need to maintain a healthy work-life balance and take out time for your family, friends and yourself in order to de-stress.

    Accompanying your children to the playground or dropping them to school every day or going for a morning walk with your partner are some of the ways of bonding with them within your packed schedule. Do video calls to say goodnight if you are working late and try to be home for supper. Keep the weekends dedicated to socialising and relaxing as all work and no play makes jack a dull boy.

    Bearing The Burden Alone

    Being the owner of the company doesn’t mean that you can rest easy. It is the most complicated job on earth as you are managing a business, its people, customers, suppliers, products, strategies, finances, marketing, branding and much more. Most of the times, you will find yourself working at odd hours and in erratic schedules.

    You will be running against time to meet deadlines and finishing projects. The mental pressure and worry of work are bound to fill your mind with stressful thoughts and nervousness about the future.

    Often entrepreneurs are not able to vent this emotional baggage they carry around. They don’t want to trouble their families with their problems and don’t have people at work who can understand their predicament without getting anxious. Thus they have to keep it all inside which makes them irritable, grumpy and snappy.

    Solution

    To make things better, you need to find a confidant who is not connected to your business such as a therapist or a gym partner or a veteran from the industry who can listen to your problems and help in getting rid of the built-up tension.

    Depressing And Negative Thoughts

    Not all days are the same for an entrepreneur. The hard ones can especially pull you down and make you feel disheartened and discouraged. Lack of sales or failure of a product even after a tremendous amount of hard work and sleepless nights can break your spirit.

    In such circumstances, it is normal to get depressed and feel gloomy. Sometimes the negativity can tear you apart and force you to do unimaginable things. Drowning oneself in alcohol or drug abuse is quite common among depressed individuals.

    Solution

    If you have been going through a rough patch and are unable to deal with the growing pessimism, then you need to make yourself strong enough to tackle such challenges without getting affected. You can’t keep crying over spilt milk as you have a lot of other things to do.

    So get your head out of the negative zone and channel your energy towards a better tomorrow. To heal your mind, you can meditate, read inspiring business books, listen to peppy music, go out with friends, etc.

    Making Hard Decisions

    You might have never given it a thought but being in a powerful position makes you responsible for a lot of things. You might have to sell a property which was dear to you or end your relationship with a business partner because of financial reasons. Such emotionally challenging decisions can make you extremely unhappy and miserable. This psychological price of entrepreneurship can be too much to handle.

    Solution

    You cannot run away from this part of the business, but you can always make the right decision without letting your emotions get the best of you. Follow a righteous approach and do what feels right as a business owner as well as a human being. Take a stand for what is right, and it will give you some peace of mind.

    Adapting To Changing Environment

    This might not sound like a challenge, but, in reality, it is a testing time for the business. Technological advancements make it imperative for businesses to follow suit or become redundant. The change of the entire set-up and the training of the staff can be a taxing exercise. It can enhance the tension of the competition moving ahead and the fear of the losing market share.

    Solution

    Don’t wait for a change in the market to wake you up from your slumber. As an entrepreneur, you should be on top of things and anticipate all the future alterations before they happen. Create a research and development team to work on innovations and stay ahead of competitors. A farsighted approach is necessary to remain successful.

    Conclusion

    There is too little discussion on the mental health of entrepreneurs in our society even though it is a matter of grave concern. If you are planning to pursue an entrepreneurial career by purchasing a business for sale in Australia, then you must prepare yourself to endure the hardships without feeling depressed or dejected. Keep the solutions in mind to stay positive and passionate about work.

  • Author Info Manish Khanna

    Manish Khanna is a serial entrepreneur, philanthropist and genuine Australian success story. In a decade he has built an online empire unlike any other. He is currently the Managing Director of more than 10 individual companies. These include the flagship Business2Sell which operates internationally in 6 countries. The others include CommercialProperty2Sell, Million Dollar Mansions, Netvision, BCIC Pty Ltd and Better Franchise Group, to name a few.

    With more than 21 years’ experience developing web applications plus very successfully creating, managing and growing start-ups, he is forging ahead to turn more of his innovative ideas into future success stories.