The Business Owners’ Mindset Pitfalls – Part 1
Starting out in business almost always begins as an exciting and liberating journey. Being your own boss is a fantastic option for forward thinking, hardworking, passion-driven individuals who are not afraid of taking risks. However, not many people anticipate how being in business will change their life. It’s an unavoidable part of the package, regardless of success or failure, and you need to be ready for it.
From the moment you say goodbye to your regular paycheque, you’ve become solely responsible for everything. You now literally own your own destiny. Your stable and dependable salary is gone, and so is the banter with your workmates. Everything you do from this point will determine your future. For many people starting out in business, this takes the stress up to a whole new level.
The Gallup Wellbeing Index showed that 2020, most likely due to the global pandemic, is officially noted as the most stressful year in recent history. Business owners and CEOs reported to be much more stressed than other workers and worried a lot more.
Business owners often juggle many roles and face countless setbacks, including lost customers, disputes with partners, increased competition, and staffing problems, all while struggling to make payroll and keeping the business afloat. Being in business can be an emotional rollercoaster and the old saying “fake it until you make it” really is easier said than done.
Society idolises successful entrepreneurs, the Mark Zuckerbergs and the Elon Musks, and as a business owner you’re expected to always be “on” and perform at your best. The expectations are high. Many people who run their own business have experienced huge internal struggles and have seen times when it felt like everything was about to crash down and crumble.
That’s why it is hugely important to approach business with the right mindset, get help and support when you need it, so you can Be Bold in Business. Achieving wealth, freedom and keeping your sanity at the same time is the trifecta of business success. But first, let’s dive into the challenges and opportunities you may face when becoming self-employed, or when you’re growing your business.
Worries about money
Everyone worries, but after starting a business you are likely to worry about things on a different scale. Worrying about money is a common problem, not just for business owners. In the beginning, you may worry that your savings will run out quickly, that you’ll be turned down by potential customers, or that you will not get paid what you are worth.
Uncertainties about money can add to your stress at home and cause arguments between you and your partner. If you have put significant assets into the business or borrowed from family, the fear of losing everything can be almost overwhelming. Conquering that fear and putting flexible strategies in place around cash flow and business growth are hugely important when moving forward.
Strain on your relationships
If you’re married or in a relationship, self-employment can place your relationship under strain. The long hours and stress of running your own business can bring out the worst in you, and your physical and emotional fatigue can leave your partner feeling isolated. Because you are tired, you may overreact to the smallest things. If your spouse works with you in the business, it may be difficult to separate home and work life. If you’re single, the time commitment can make it difficult to meet a potential life partner. You also may not see your friends or socialise as much as you did before, or you may feel like your friends and loved ones don’t understand why you do what you do.
Rest assured that with the right mindset, it’s doable to combine business with successful, healthy relationships. Even if you are crazy busy, don’t let the meaningful connections outside of work slide. Remember that if you can’t be a good friend or partner to the people who matter most to you, you’re unlikely to be the relationship builder you need to be to run a successful business either.
Feeling alone or misunderstood
For solopreneurs, and those working from home, the company safety net doesn’t exist. Networks don’t get established without time and effort. If you have staff, you may feel that they don’t take things as seriously as you do, or that they take less responsibility than you’d want them to. Being responsible for other people’s wellbeing and income is also no easy feat.
Overseeing everything and everyone is a big responsibility, and all this can take a psychological toll. Isolation and “feeling alone at the top” is often cited as one of the biggest challenges faced by business owners and CEOs. Loneliness is a slippery slope, but here at Love Your Business, we know that feeling alone doesn’t have to be an inevitable side effect of being successful. When you learn and apply the right methods and tools, it doesn’t have to be the norm.
Out of kilter work/life balance
If you are in business, you probably thrive on the “hustle culture” but don’t forget that a healthy work-life balance is extremely important. While you need to find a way to stay driven, you also need to make time for yourself, the things you enjoy, and the people close to you. New business owners often make themselves less resilient by neglecting their health. They eat too much or too little, don’t get enough sleep, or sacrifice exercise for staying on the grind.
The work/life balance struggle is particularly real for female business owners who aim to be a good mother, wife, and businesswoman. They have often started their own business to have more freedom and time with their kids and family, but in the start-up phase that’s often not the reality. It’s important to understand that a fulfilling life outside of work actually improves performance and reduces stress. It doesn’t have to be 50/50 work and play, but you must make it a priority.
Starting your own business is empowering, challenging and exciting all rolled into one. No one said it was going to be easy, but with the right mindset and support, the possibilities for you as a business owner are endless. Running your own business allows you to create your own definition of success.
If you love what you do, you can create a life you don’t feel you need a holiday from. It doesn’t feel like work when you’re doing exactly what you want to do. It means you can reach your financial goals faster, live a happy and fulfilling life, and enjoy it every step of the way.
Sure, some days will be better than others. You will have moments when you feel confident in your decision to start your own business, and others when you may doubt yourself. What do you do when the wheels fall off? You put them back on! You reset, figure out what’s most important, and get back in action.
Keep telling yourself that you are capable of great things, ask for support and help when you need it, and stay focused on achieving your goals. For clients that I’ve been working with for a while, putting the wheels back on and staying in flow has become second nature. The Be Bold Mindset is the base, and applying the tools offers the solution.
Love Your Business offers a variety of coaching programmes. The Be Bold in Business Kickstarter group programme, is followed by an Accelerator group programme. This includes weekly accountability, learning and inspiration calls with additional 1:1 coaching. If you would like to find out more about the Be Bold Mindset, Love Your Business, our 1:1 or group programmes, or our coaching style, feel free to drop me a line. When the principles of what you’ll learn are consistently applied, you will get unstuck, destroy your inner critic, and can be happier and grow your business much faster!