THE EMOTIONAL UP’S AND DOWN’S

 

THE EMOTIONAL UP’S AND DOWN’S

OF ENTREPRENEURSHIP!

May, 2008

 

What makes some people seek to make their own way in this world of “survival of the fittest”?  We all have to eat and keep a roof over our heads, so why do some people become farmers while others choose and become content with being the farm hand? 

 

What is the motivation behind becoming the policy maker instead of being the person who has to follows the policies?   Is it the same as being the  “leader”  or the “follower”?  The questions just go on and on. 

 

What are the emotional characteristics of an entrepreneur? 

 

• They are high achievers and sometimes over-achievers
• Strong belief that they control their destiny
• Are self-confident
• Attraction to challenges
• Are innovative and possess high energy and drive
• Risk takers
•  Have the ability to easily adapt to change

 

Can you imagine trying to live up to that list of job requirements?  These are the people who have the courage to “fire their boss” and then become “the boss”.  Entrepreneurs are faced with the full gambit of emotions sometimes on a daily basis.  Whether they admit it or not, the entrepreneur feels the joy and independence of being responsible for his own fate and that of his employees while also facing the fears of the uncertainty of the business world.

 

Imagine how someone mentally survives when they are depending on bank loans and accounts receivables to ensure that their business runs smoothly and is profitable.  And further, how do they deal with their emotions when the loans payments become delinquent, when the accounts receivables are not paid on time, or when payroll cannot be met.  Don’t even talk about the pressures of making sure that obligations to the IRS are met.  People commit suicide because they get into financial troubles and cannot support their families as they wish.  The burden of the entrepreneur is multiplied by the number of employees employed because the company failure will not only affect their own family’s livelihood but the employee’s family also.  

 

The entrepreneur has to be the person who can weather the storm, and except the little failures along their path to success.  One has to be able to emotionally take the downsides to being their own boss and stay in the game for the long haul.  Entrepreneurs need to have the mentality of seeking risk as a challenge and not a negative.  In other words as they say “we fall down but we get up”.    Entrepreneurs have to appear to remain calm and confident while sometimes existing in the midst of uncertainty and constant change.  They have to be dressed for success inwardly and outwardly.  Are you emotionally ready for the challenge?

 

By Arleen A. Wilson, Principal Executive Business Coach

     AW Enterprises, Inc. (AWE)