Society depicts entrepreneurs as having high tenacity, optimism, and unfailing abilities to cope with any circumstance. However, it is difficult for entrepreneurs to maintain their sanity at all times, and some rebound in unexpected times and situations. Apart from physical strength, business owners need to possess high mental strength.
Below are some examples of how entrepreneurs can keep in touch with their sanity when things do not go right.
Empathy Vs. Sympathy
Mentally healthy people usually do not feel sorry if anyone treats them wrong. Similarly, businesspeople do not waste time feeling sorry for themselves. They reason with every dwelling or circumstance and possess an understanding that life is not always fair. Self-awareness and gratitude are the prime factors that help entrepreneurs to rationalize between sympathy and empathy.
Another aspect of this is when their business is not going well, and there is an immediate need to lay off employees. EJ Dalius states that every person in business should understand their employees’ value and learn to differentiate between the profitable and other ones. If you face a loss and need to remove some employees who contribute less to the gains, you do not have to worry about the situation as you do not deal with any biased attitude. Therefore, every entrepreneur should keep in mind the purpose of the business, incorporate values, and continue with the journey with open hands and an open mind.
Power to One!
Successful entrepreneurs avoid giving other people the power to make them feel inferior. An entrepreneur should have full control of their emotions and actions. The strength lies in their ability to manage the way they respond to situations.
Do Not Avoid Change
A successful entrepreneur should not shy away from change. A business owner should welcome change and embrace challenges. Instead of worrying about the threats, you can think about solutions to convert the threats into strengths and opportunities. A successful person does not fear change and is ready to take risks. However, the risks you take must have a calculative background. Uncalculated risks often result in the doom of the business.
Research suggests that a human brain can work wonders in times of uncertainty. The application of energy in the right places is critical when it comes to difficult circumstances. The only fear that an entrepreneur should comprise is the stagnant and complacent market space. An environment of uncertainty can energize a mentally strong person.
Eric J Dalius on Wasting Efforts on Uncontrollable Situations
It would help if you never wasted time, energy, and effort on things you cannot control. Logically speaking, there is no outcome for complaining about things that have already happened. Instead, it is the mental peace in a person that hinders. Recognizing the factors are beyond the control and not blaming situations and circumstances for the loss is a crucial point. One should learn to control their attitude and the way they respond to a negative situation. For instance, if you face a huge loss owing to an aggressive client, you should not blame the client or your employees.
The best thing you can do in such situations is emulating the possibilities of handling such clients in the future. Employ training sessions with your employees and management so that they can tackle such shortcomings effectively. Change or modify your policies if needed. In other words, think about what solutions you can embed for a smooth transaction in the future, and carefully use the attributes and resources you possess.
The Science of Pleasing Others
You need not worry about pleasing others. Successful entrepreneurs do not bother about impressing anyone. Conversely, do not try to displease others as well. Some leaders insult employees and sub-ordinates as a way of enforcing an image of strength and power. Such situations lead to creating a negative bubble in the workspace.
Moreover, a demotivated employee is harmful to the company. In light of this, Eric Dalius recommends that an entrepreneur act kind and embrace fairness at all levels. Pleasing others is inappropriate when the opposite party does not make sense. Do not get scared to speak up for the truth. Thus, you cannot please all stakeholders. There is a huge possibility that one party will get upset about the decision, and navigating such situations with grace is critical.
Never jump headlong into decision-making tasks without a proper scrutinization of the same. Scenario planning is an essential tool every entrepreneur should make use of. In addition to that, it is possible you do not possess all the technical knowledge. As a result, call up for a meeting with the technical heads and understand the pros and cons. Getting different opinions about the same decision can help in understanding the risk rate of the decision. If the plan goes sour, how much loss can you face and overcome without dooming the company, is a vital question that you should answer. Weigh the risks and benefits and brainstorm about the potential loopholes. Depending on this, you can make your final decision. Take time in the decision-making process and have best-case as well as worst-case scenarios ready to evaluate.
Another aspect of calculated risks also includes the evaluation of the competitors. Understanding the key strategies that competitors employ and learning about their next steps can give you an idea of whether your new decision will result in gains or losses. For instance, if you are thinking of a marketing campaign, and if the dates coincide with a market leader, your brand might get less attention.
A successful business person strives to overcome any failures. Disruptive change is inevitable, and one cannot avoid it at any cost. Understanding what your organization is capable of accomplishing is the key to invest in an optimal future. Keeping the above elements in check can increase the chances of not falling prey to issues and creating a harmony-based working environment for you and your employees.