Are you okay? I’m asking this because I know that a lot of us aren’t. So many of us are facing these problems alone. By starting a business, we take on a whole new range of responsibilities that will, in turn, produce an endless list of problems. At a certain point, we lose focus or ambition. But the worst thing we can lose is our hope. I’m talking in very plain terms here about depression.
Depression is a largely silent problem, at least to those on the outside. Much in part to the shame that sufferers feel and a reluctance to bring it to the forefront. We want to remove the taboo and remind you that it’s okay to not be okay. I recently read a fantastic, challenging article on the overlap between anxiety, depression and running a business by Jessica Bruder and wanted to share my insights on the other cost of running a business: your wellbeing.
The Entrepreneurial Mindset
Entrepreneurial icons such as Elon Musk are idolised and their bullet-train rise to the top is what attracts a lot of aspiring business owners into founding their own start-ups. But what we don’t talk about are the steps we have to take to success. Whether they are the sleepless nights, the anxiety or the fear of drowning in a sea of overheads, payroll and profit margins.
When I started my first business venture, I was quick to earn my first million and just like that, I lost it again. At that time in my life, I was a great salesman, but I wasn’t a great business owner. I wasn’t prepared for the reality of running a business. How that overwhelming assault of responsibilities would quickly pile up. In fact, the rate of start-ups that fail to reach their initial projections is well over 80 per cent.
This is the reality facing business-owners or entrepreneurs. The high risk of failure that faces such a high-risk job. But many of us have the drive to start a business in our blood. We are pushed by a common goal: success. What is it that makes business owners so keen to put their money where their mouth is? And willingly invite the dark cloud of depression?
High-Risk Work
The former entrepreneur Michael A. Freeman acknowledges the similar characteristics that tend to make up entrepreneurial people: energetic, motivated and creative. But when he highlights the tendency for these personality types to have heightened emotional states, a pattern starts to emerge. If you are likely to feel motivated or inspired, then you may also feel hopeless or full of despair.
Now, this is a scary fact. But the reality of the matter is that we are not immune to pain. When your business is thriving then you probably feel unstoppable. But that won’t always be the case. What matters most when running a business is taking care of your own wellbeing. Keeping yourself positive and focused, even in the face of adversity. Let’s face it, running a business isn’t easy. If it was, everyone would be doing it. But only some of us are lucky and privileged enough to run one. And even less of us are able to run a successful one.
Don’t Lose Touch
Launching a company is always going to be a wild ride. There’s no way around it. But there are ways to manage your life and keep it from spiralling out of control. The most important thing: people. Don’t lose touch of human contact. As Freeman says, “when it comes to fighting off depression, relationships with friends and family can be powerful weapons”.
Instead of telling yourself ‘I failed’, try to look at it from a different perspective. After all, if you haven’t tried then you miss the opportunity to learn. When I look back again at my first business success, swiftly followed by my first failure. I was faced with a stressful reality. Going from something to nothing is never something I want to do again, but I wouldn’t change that experience for getting me where I am today.
How to Handle Depression
Many of my clients have faced stress and anxiety as a result of running a business with a lack of knowledge. I have worked with Jake Voelcker of Bristol Bicycles for several years now. Before working with me, Jake struggled with the pressure of running his business alone. Finding himself “bogged down in hundreds of tiny details”, Jake turned to ActionCOACH. Through our 1-on-1 coaching programmes, Jake found a “new perspective” allowing him to see the “long-term and the big picture”.
When I asked Jake what he would say to business owners facing similar struggles, he stressed the importance of getting some external help. All too often, we are afraid to ask for help. Whether it’s from a loved one or a professional. We have helped so many of our clients see the forest from the trees. As someone who has struggled with depression and has faced failure in the face, I know what it takes to run a business. There is another cost to running a business that we try not to face, but truthfully we can’t ignore it.
Take Action Now
If you are struggling to run your business alone, then contact us today. Find out what working with a business coach can do for you and your business. Take a moment to book a free coaching session and we will be in touch with you very soon.
