Being self-employed comes with its own set of challenges. You’ll be betting almost everything on your own abilities. Starting a business is a thrilling experience. It’s also excruciatingly stressful. It will most likely be the most stressful thing you will ever do, aside from parenting (if you are or want to become a parent).If something goes wrong, you will be the only one to blame. You may be required to work long hours, and things may become overwhelming at times. Consider how you might react in the following situations:
- To finance the business, you may have to go into debt which will need repaying. Will you be able to maintain your faith in your company in the face of doubt and negativity from others, particularly family and friends? In addition, going into debt could place additional stress on your family. If you have dependants, you need to carefully think about how long your finances can support both you and your family.
- If you have employees, you must always be optimistic and exhibit leadership, even when you don’t feel like it. Will you be able to be stern with troublesome employees or make strict demands on your suppliers?
- There will be times when you feel alone, isolated, or even threatened. Will you always be courteous and helpful, even if a difficult customer is bothering you? This may sound like a nightmare, but you must be the type of person who can overcome obstacles in a positive manner. Above all, you must have a high level of self-confidence, as well as the energy and tenacity to get through the difficult moments.
eu-startups.com tackle the question of business start-up stress by isolating some particularly important points that contribute to stress. Ask yourself how you would cope with these unavoidable stressors.
Entrepreneurs know how to communicate their dream and inspire others to join them on their journey to achieving it. (entrepreneur.com)
- The “I am my company syndrome”: Entrepreneurs can easily lose their identity as an individual when they put all their passion and effort into making their business a success. There needs to be a balance in life.
- Fear of failure: We all have a fear of failure to some extent. It is a common human trait. However, starting a business and the financial pressures this involves can result in failure that can lead to financial ruin (or financial success!).
- Anxiety: Pretty much all the problems commonly found among people living in a society can be magnified when the stress of starting a business hits home. The entrepreneur may second-guess their judgments and overthink worst-case scenarios because to their drive to succeed. Anxiety, like stress, can evolve into a bad behavior pattern that becomes a burden, draining our emotions and wasting time, energy, and resources that we need to run our business. You also need to be aware that the additional pressures of starting your own business may trigger or aggravate problems that were already lurking below the surface.
- Uncertainty: Because ups-and-downs are common in the early months of a new organization, the ability to imagine the future and expect job security is sometimes more difficult to attain for entrepreneurs. You’ll have sudden surges in consumer interest followed by droughts, unforeseen critical expenses will arise, key team members will leave the company, and even if you think you’re ready for all eventualities, you may not be.
- Isolation: When entrepreneurs establish a company, they usually have a million tasks to perform in order to realize their goal. They often spend less time with family, friends, and significant others. As a natural response to an emergency, we are prone to doubling the quantity of work we take on as the company’s stress level rises which turns into a vicious cycle where the entrepreneur is increasingly isolated from ‘normal’ everyday life.
- Burnout or overloading: Entrepreneurs can easily fall into a never-stop-working mindset, foregoing opportunities for leisure, fun, and connection, leading to sleep deprivation, excessive caffeine consumption, and emotional disengagement. Managing the pressure and the emotions that come with it can be difficult.