Have you ever got into your car, to drive to your favorite new restaurant and saw a sign hanging outside, that says “CLOSED” (Out of business)? Gasp!
Or did you discover this really amazing online boutique, you've been telling everyone how you love their outfits for work and weekends, then suddenly they just faded away into cyber space....
You start to wonder why...what happened?
Seeing businesses closing soon after opening, may deter you from starting your own.
Running a business requires you to start thinking like an entrepreneur, which can be very emotional, because of the responsibilities, decisions and obstacles you never had to experience as an employee. There are things you didn't learn in school, no one taught you at work and you cannot "Google". So it makes sense why so many new businesses fail.
If I had $100 for every time someone told me “My biggest fear is failure.” I’d be Kardashian rich!
This fear of failure, can be so paralyzing, that people fail at a new business, after only a couple years and some before they even launch. "Only about half of small businesses survive passed the five-year mark, ranging from 45.4% to 51% depending on the year the business was started."1 Of course, multiple factors go into a failed business, however, it all begins and ends with the mind of the business owner.
Some of the feared consequences of being a new entrepreneur are failure, ridicule, rejection, and regret.
Business ownership is emotional . No one talks about ALL the emotions that come up when you start a business.
Especially, if you are the only one of your friends, family or colleagues, who has chosen to pursue entrepreneurship FULL-TIME. You are different. And you'll need to be okay with some of the possible emotional challenges of being "different". (exceptions not the rule)
Possible changes in your relationships.
· An unsupportive spouse/partner.
· Friends or family changes in interaction.
· Feeling unsupported by your friends and family.
The probing questions.
· How’s your business going?
· Are you still doing your lil business?
· Are you going to look for a real job?
AND your own doubts.
· Am I good enough?
· Can I truly pull this off?
· Will people invest money in me?
Some of my clients, feel so deflated by these situations, as a new entrepreneur. I tell them, "People are inquisitive about what they don’t understand and about things they themselves are too afraid to pursue."
As if, you did not already doubt yourself, your friends and family can increase your anxiety about being successful in business.
I will admit, when I first thought of starting a business, it brought up feelings I did not even know were there, like low self-worth and poor confidence which were in a tug- of -war with my ambition and drive. I wanted to be accepted, to be loved, to be validated, emotions that you wouldn't think were connected to "business". I wanted the safety, security and accolades that I easily got as a star employee. I felt alone, I felt like all my failures were on display, I felt unsupported and insecure.
However, these thoughts and feelings were negative and kept me from “showing up”, doing the work, promoting myself and REALLY running my business 100%.
You can’t Google “How to run a successful business?” and wing it.
I know. I tried.
I was FAILING, failing miserably. I struggled the first two years of business, to get consistent clients or repeating clients and I thought of giving up every-single-day, but I was terrified of the alternative a F/T job (I had not worked a 9-5 since 2014).
"Some of the most successful CEOs today had some help from someone in their industry. Steve Jobs mentored Facebook’s Mark Zuckerberg."2
I’m certain you want to avoid failing miserably. You also don't want to miss out on amazing opportunities to be discovered, to get clients, to make more money. You don't want fear, to hold you back from getting paid to do the same exemplary work, that you do for your company. And the worst feeling ever, is realizing that while you were avoiding, hiding and procrastinating, someone beat you to a similar business idea (it's happened to me, TWICE).
So what do you need to do…
1. Develop a growth mindset.
2. Improve emotional intelligence.
3. Learn about business from someone whose doing it.
Fact: If you didn’t go to school to run a business, you will need to learn how to run a business.
At some point, you WILL have to invest in your business development, this means hiring a coach, joining a mastermind group or attending a business program.
Don’t fool yourself, by thinking that because you are SUCH an excellent employee, you’ll be a successful business owner. You can be employee of the month every month, and still never become entrepreneur of the year.
Business coaching is not just for learning business techniques, it's so much more. You need to learn to work on your mindset and how you manage your emotions as a business owner. "A mentor can help you increase your emotional intelligence."2
Seneca Williams, LMHC, Mental Health Therapist and "Entrepreneur Mindset & Performance Coach". I also have an online therapy practice (NY/FL) and international coaching practice, for you to overcome your doubts and fears to start and grow your new business (career) with confidence. "Grow through emotional mess to achieve business success."