A thrilling and gratifying task, at least for some people, is starting your own business. I know it’s not something for everyone, and that’s cool too. However, I see entrepreneurship as an opportunity to realize your idea, have a (potentially) huge effect on your immediate surroundings and society, and possibly become financially independent. But entrepreneurship is also fraught with difficulties, failures, and uncertainty – in other words, the entrepreneurial roller coaster. I’ve been through that as well, and one essential element stands out to me for thriving in this unpredictable environment: your mindset.
Entrepreneurship is frequently portrayed as a path to unending prosperity, where ardent visionaries rule the globe with ground-breaking concepts. It’s important to understand that the road to success is rarely straight. I know a few guys who have started online businesses and were eating Ramen noodles for quite some time. The entrepreneurial journey is more like a roller coaster ride in reality. The ups and downs may both be thrilling and demoralizing. Success and failure are inevitable, and how well you handle these highs and lows depends heavily on your mindset. Just like all things in life, no?
Today, I want to touch on a few thoughts around the influence of mindset on entrepreneurship. A few pointers and insightful advice as well as potentially a few practical tactics for tackling the entrepreneurial road with tenacity and resolve. What I ultimately want you to understand, at least from my perspective, is that it’s not only about the goods or services you provide or the industry you operate in; it’s also about the attitude you bring to the table.
The Entrepreneurial Roller Coaster
As I mention above, I find that society glorifies entrepreneurship as a daring path where ardent visionaries create ground-breaking concepts to make billions of Euros. Well, while that holds a small truth, there is more to that then we see. Unicorns such as WeWork didn’t reinvent the wheel, Adam Neumann, in my view just had a great network – and yes a bit of grit to get it done. However, the truth of what it means to be an entrepreneur is often glossed over, despite the fact that this image isn’t wholly untrue. The entrepreneurial journey is actually much more like a roller coaster ride through unfamiliar territory than it is a straight line to success.
Imagine riding this roller coaster. I somehow love to get on it. You should see the countless times, especially around certain ideas, where I fast forward through the entire ride within a short time frame. However, I take the ride and that is what matters to me. The ride includes those moments when your company accomplishes a huge milestone, wins a significant contract, or is recognized in your field are the exhilarating highs. These experiences can be joyful because they reward your effort and commitment. But you may reach these peaks just as quickly as you can reach the difficult lows. Financial difficulties, unanticipated setbacks, or even the dread of failure might be among these low points. The descents are when your thinking matters the most because the ride can be really disorienting or disheartening. Yet, here are 3 things I have learned along the way.
1. Embrace Failure As A Learning Opportunity
The way an entrepreneur deals with failure is one of the key distinctions between successful entrepreneurs and those who give up. Entrepreneurs are encouraged to adopt a growth mindset, as defined by psychologist Carol Dweck, in which failures are seen as important lessons rather than insurmountable challenges. Every obstacle presents a chance to develop, learn, and adapt. It’s not about whether you encounter failure; it’s how you handle it that counts.
2. Maintain A Positive Attitude
On this roller coaster ride, optimism may be an incredibly potent driving factor. A positive outlook can push you to persevere through difficult times and motivate your team to do the same. Your attitude sets the tone for your whole entrepreneurial path, affecting how you make decisions, solve problems, and even deal with challenging situations. And I don’t mean put a smile on your face all day and be cheerfully fake. What I mean is to shift gears in your head and maintain that fierceness of there “being a light at the end of the tunnel.” I find there is a significant difference in that.
3. The Importance Of Endurance
The entrepreneurial journey is challenging and demands endurance, much like a roller coaster. There may be unexpected turns and twists, and you could feel as though you are hanging on by a thread at points. Your attitude might determine whether you let go or hang on tightly. Get on a treadmill with me, no matter my physical condition and I guarantee you that I will get off last. (Yes, feel free to challenge me). What I have learned over the years, and trust me, I learned the hard way, is that ultimately it’s your mental stamina that will help you weather prolonged periods of uncertainty and keep pushing forward.
The entrepreneurial roller coaster is fundamentally not something to be dreaded or avoided; rather, it is a necessary component of the journey. If you do decide to go on it, I encourage you to embrace it. You’ll be more equipped to meet problems head-on by accepting failure as a teaching opportunity, keeping a positive outlook, and developing the endurance to endure the highs and lows. Even though the road to entrepreneurship is rarely straight, you can use every bump in the road as an opportunity to advance and eventually achieve the heights of success you’ve dreamed of by adopting the correct mindset.
So how do I incorporate the above into the journey? I guess the section title gives it away.
Resilience is a necessary trait in the challenging world of entrepreneurship, not just a desirable one. When the road ahead appears uncertain, resilience enables you to overcome setbacks, adjust to shifting circumstances, and go forward regardless of the situation. Take things head on, not smashing through walls, but fierce. Your entrepreneurial journey will surely put your resilience to the test, and your thinking is crucial to building and bolstering this crucial quality. And that is what I enjoy sharing – tips, ideas, and thoughts around strengthening our minds, because I believe the more we are exposed to something the more we begin to ingrain it into our minds – consciously or subconsciously. Hence, it takes time and effort to develop resilience; it is a continuous process.
Here are a few thoughts and techniques that will help you grow and improve your resilience as an entrepreneur:
1. Mindful Self-Care
Entrepreneurship frequently necessitates hard hours, unwavering focus, and the capacity to balance several obligations – family time, sleep and rest, exercise, business, meetings, networking, etc. But disregarding one’s needs can result in stress, burnout, and a loss of resilience (I’ve had that moment as well). Making self-care a priority is not a luxury but rather a necessity. And you need it. I need it. We all need it and that is cool. It is not rocket science – keep your body and mind in good shape with regular exercise, meditation, and a nutritious diet. This will provide you the strength and focus you need to take on obstacles.
2. Resilience Through Perspective
It’s important to maintain perspective during difficult times. Recognize that hurdles and failures are a necessary part of the journey rather than its conclusion. Your ability to stay motivated and keep your eyes on your long-term objectives will improve when you approach issues from this view. Sometimes we get so focused on granular things that we forget to take a step back and have a holistic view on the situation. We get caught up in the moment and everything makes you want to yell. So keep calm, and maintain that perspective.
This is no-brainer. I find that adaptability and resilience go hand in hand. A resilient entrepreneur has the ability to reverse course and modify their plan when confronted with unanticipated circumstances. Keep an open mind to potential answers and alternate approaches rather than sticking to a tight strategy. I’ve known people in the business world that go head on and are so stuck in their ways – that their way is the only way. However, you (especially as an entrepreneur) may find it easier to traverse rough waves if you are flexible.
Which brings me to number four:
4. Learn From Adversity
Not only does resilience involve overcoming obstacles, but it also involves developing and learning from them. When you experience a setback, take some time to consider what went wrong and how you may avoid repeating the same mistakes in the future. Adversity becomes a step in the direction of progress when approached with a thoughtful mindset.
5. Maintain A Long-Term Vision
Lastly, a strong feeling of purpose and a long-term vision are frequently what motivate resilience. It’s simpler to stay motivated and persevere through challenges when you are aware of your overarching objectives and the (potential) influence you want to have. Your mindset should be in line with this vision and serve as a constant reminder of why you decided to start your own business in the first place.
Developing resilience as an entrepreneur is a strategic need, not an option. But that goes for life in general. Your ability to handle difficulties, adjust to change, and ultimately thrive in business is greatly influenced by your thinking – your mindset. I truly believe that anyone can build the resilience required to succeed among the difficulties and uncertainties of entrepreneurship by putting a priority on taking care of yourself, retaining perspective, embracing adaptation, learning from failure, and remaining laser-focused on your long-term goals. Keep in mind that resilience isn’t just about enduring; it’s about coming out of every challenge you encounter on the route to entrepreneurship better and wiser. Because we learn from experiences – whether good or bad, no?
Your attitude isn’t simply a theoretical idea in the realm of entrepreneurship; it’s the very basis on which your company and business is created. It serves as your perspective on problems, your source of energy, and the compass that directs your choices. If I choose to be negative because something or someone stepped in the way and caused a hiccup, well, that is my choice. And that is your prerogative. However, does it help – no! What I mean is that in essence, your perspective determines whether you regard problems as insurmountable barriers to success or as stepping stones. And this is valid whether you work for someone or you embark on that entrepreneurial journey.
Remember that your entrepreneurial journey is not only about getting somewhere or accomplishing a particular objective. It is evolution, learning, and growth which to me are ongoing processes. Your perspective will have a significant impact on both your personal experience and the ultimate success of your business. So keep my words in mind when you’re riding that entrepreneurial roller coaster: “Embrace the lows as opportunities to learn and grow.”
Enjoy the highs as a reward for your commitment and effort – reward yourself, however, keep your focus firmly on the road and remember that every bend, every obstacle, and every triumph are necessary parts of the journey. In the end, it’s not just about getting to the top; it’s about developing into the kind of entrepreneur who can scale any peak and prosper in the face of the always shifting business environment. To realize your full potential and achieve the success you’ve dreamed of, you must change your mindset. Accept it, take care of it, and see that your entrepreneurial goals materialize.
I will elaborate on this more in the coming weeks through an upcoming blog and video series, however more on that later.
That being said, enjoy your Friday and make it happen.