Forget the Entrepreneurial Roller Coaster. Hit the Emotional Cruise Control.
Remaining emotionally resilient while riding the ups and downs of running a business is a winning formula.
Key Takeaway: Managing business stress isn’t just good for your mental health…it’s good for your business.
Entrepreneurs who ride out the ups and downs of running a business while maintaining an even emotional keel are much more likely to succeed in the long run…both in life and in business.
That’s according to new research published in the “Strategic Entrepreneurship Journal” which suggests that although entrepreneurship is often thought of as a volatile emotional journey, resilient people seem to find ways to remain steady—even when facing adversity.
The research also found that entrepreneurs who avoid mood swings that come with the ups and downs of running a business tend to work harder and longer than others and are better equipped to meet the demands of daily entrepreneurial life.
If that’s not enough to inspire you to find healthy ways to work through the challenges of running a small business, a 2015 study of entrepreneurs found that business founders are twice as likely to suffer from depression as the general population. It’s no wonder, considering the enormous pressure business owners are under.
All of this research points to the undeniable fact that entrepreneurs need to prioritize their mental health and manage the stress that comes with running a business. I recently interviewed Bonobos (men’s clothing) founder Andy Dunn who wrote the book “Burn Rate: Launching a Startup and Losing My Mind.” Dunn started Bonobos in college and eventually sold it to Walmart, but his success came with a price: his mental health. He is currently launching a company called Pumpkin Pie, a social media app designed to take people offline and help them connect in real life. Andy told me he now stays grounded by focusing on finding balance in how he uses his time and reminding himself what’s most important to him: his family.
My personal go-to when managing work-related stress is my “worst case scenario” strategy. This involves developing a mental plan for what I would do if I lost my job or if my husband lost his business. I figure out how much we would need to live on, where we might move that is cheaper and what costs we could cut. This exercise not only alleviates a lot of my fear, I also find silver linings like a simplified lifestyle and the opportunity to spend more time on things I want to do. I highly recommend having a “worst case scenario” plan at the ready to help you through extremely stressful moments in running your business.
In addition to Andy’s book, here are a few others that might help you find some balance and manage your entrepreneurial stress.
“Resilient Founder: Lessons in Endurance from Startup Entrepreneurs" by Mahendra Ramsinghani. This book delves into the mental and emotional challenges faced by startup founders and offers strategies for building resilience.
“The Entrepreneur's Guide to Keeping Your Sh*t Together" by Sherry Walling. Written by a clinical psychologist and entrepreneur's wife, this book offers practical advice for maintaining mental health while running a business.
“Company of One” by Paul Jarvis. This book discusses the benefits of staying small in business, which can lead to better work-life balance and mental health.
I also recommend watching my recent interview with Brian Scudamore, Founder of 800-GOT-JUNK?, who give some great advice on accepting and learning from failure.
Remember: Your business is what you do, it’s not who you are. If things don’t work out, you’ll find another path. You always do.