In every entrepreneur’s life, there will be a certain day, a specific week, a particular month or a whole freaking year that just won’t go right!
No matter how much you nag your team or neigh about your product, your users may not grow at the pace you desire. That overly enthusiastic investor who had been chasing you down for months might suddenly decide to pass up on you at the last minute. Maybe your core team will desert you for better salaries, Friday night beer and burritos served with smiles at your competitor. Maybe that business model canvas that you drew up so effortlessly, fails completely when practically implemented. Maybe your startup’s burn rate was too high and you are left with no money in the bank.
We’ve seen these moments happen to all successful founders in movies and shows, we’ve read about them in autobiographies, but when it straight up happens to us, we wonder if we were ever cut out for this life and whether our idea is actually as good as our friends and family tell us it is?
Doubt hits. Fear festers. Anxiety overcomes us. Boom – we are stuck forever in analysis paralysis land.
First off, if you are feeling this way, know that you are not alone.
One of our regular Lama users Marco Giannecchini, MD has some tried and tested strategies that have helped him and other entrepreneurs fight through those business blues. Giannecchini is a Flow coach, the Country Medical Lead Germany at Syneos Health Commercial and has attended the Global Neuroleadership Academy.
Get back to your “WHY”
Author and YouTube sensation Simon Sinek has written a whole book about the importance of knowing and reiterating your “why”. Giannecchini agrees a 100 percent with the “why” and recommends revisiting the reason that made you start your business. Maybe you wanted to solve a big problem in the world, maybe you wanted to move out of your parent’s basement and become your own independent person. Whatever it was that fired up your belly, it’s time to reignite it.
Get 3 things done every day
When you are running a startup, you are doing everything from making million dollar sales projections, meeting billion dollar corporate clients to sweeping the floors of your office because you are low on staff. Those are the days when it all starts seeming like a Herculean task. Giannecchini suggests scaling back and picking three very important things to get done each day in order to not lose your focus. Have these 3 things written down a night before so you know exactly what to tackle first, and if you have time and energy left over after doing them, you can give the others a go!
Reward, recognize and relinquish
Often, we keep pushing our personal and professional goals higher and higher and berate ourselves when we can’t reach them. We often forget to look back at how far we’ve come from where we started. We keep looking at the unseeable finish line and get depressed that it will take forever to reach it. Giannecchini recommends creating a log book or a blog where you keep sharing and reiterating your achievements to not just others but yourself as well. This will also assist you in setting new goals for the future.
Care more about what you can change
Unpredictability is such a huge part of running a business venture that we can’t help but become anxious and irritable about what may or may not come our way. That’s why one of our regular users Armin Rau recommends concentrating solely on our circle of influence. This circle is made out of things that we have the power to change. Rau is a business coach and the founder of Blunaranja Capital which is an independent Corporate Finance firm that engages with high-tech businesses. Rau has seen how several businesses and founders that concentrate on their circle of concern get sidetracked and lose sight of their goals.
Persevere, persist and stay optimistic
One of the easiest tips to hand out and the hardest one to implement is working hard, staying positive and committed to one’s goals. Annabel John, a Lama user, and the founder of fashion startup Modestwist knew going in how hard it would be to carve her space in the industry. But even then she found herself in many moments where she wondered why she had started this venture altogether. What helps her is taking a look at other success stories and founders who worked for several decades before they became millionaires with their businesses.
In moments of entrepreneurial confusion, disappointment or regret, talk to another founder, a coach or a mentor. Fortunately, we have several experts and founders in our Lama community working in industries ranging from health, housing, HR to Fintech, AI and cryptocurrencies. Download the app, connect with our community, pose a question and get a succinct answer!
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