Being an entrepreneur is a roller coaster. There are wonderful ups…and then there are the downs….the supplier who lets you down, the cashflow problems, hassle from your nearest and dearest to stop talking about your business, no support from Government bodies is a big one and one I often hear about. I have actually heard a few stories now of others robbing ideas too. This can deflate an entrepreneur so much and drive them to the edge. This is why I created #irishbizparty – so that we could all assist one another and even if it’s just a listening ear this can help so much!
Most Entrepreneurs would admit that the Stress of owning your own business never really outweighs the advantages and excitement of it all….But if it is getting too much for you …it might be time to look at your business properly and see where the stress is coming from.
You are getting anxious, can’t sleep, want to burst into tears.
- Stop. Ask yourself….Why are you feeling like this?
- Take things a day at a time – don’t try to do everything at once.
- When you start to feel stressed, take time out, close the laptop. Get out of the house or office, sit in the garden, make a cup of tea, eat some chocolate!
- Learn something new to improve your mind or do something out of your comfort zone.
- Do a good deed for someone else! When we help someone else it can take our minds off ourselves. And make us feel grateful too for things we actually DO have in our lives.
- Save yourself from 2 pests: Hurry and indecision
- Improve your environment. You would be amazed how a bit of a makeover or tidy up can improve your mood.
- Talk to someone. Share what is bothering you with someone who is experienced or has had the same types of challenges.
- Ask….ask for help if it all gets too much. There are plenty of people who would be happy to sit down and have a coffee with you and lend an ear.
- Stick with positive people. Stay away from the negative ones.
On the other hand…..ask yourself why is your business making you feel like this? Are there reasons to look at your business and what is really going on?
The first step in determining what you should do if your business is struggling is to assess whether you have a “good business” to begin with! Whether you’re running a business that’s been around for five years or one that’s been around for a month, it’s important to take an honest look at what you have. It’s sad to say, but some businesses shouldn’t have been started in the first place, and some businesses that were great at the beginning can have a short sell by date or be doomed to failure due to lack of potential for upscaling or poor management, or both.
IS IT TIME TO MAKE AN HONEST SELF ASSESSMENT OF YOUR BUSINESS?
- Remember, owning a business isn’t easy, if it was, everyone would be doing it!
- Has the business taken a turn in a direction that we don’t have the equipment or skills to move with?
- Has your competitor got more business than you because they are better? Do you think it is time to admit defeat?
- Are you still making money or are the margins squeezed to a point that its impossible to make money on the bottom line
- Do we have the right team behind us?
- Should we be looking at a different part of the market?
Some options could be:
Close the business
Downsize the business
Sell the business
Change the market focus
Upgrade the manufacturing capabilities
Upgrade the senior management, etc.
The Key here is to do Something
Remember, if the business fails…it doesn’t mean that you have failed.
“Don’t worry about failure; you only have to be right once.” —Drew Houston, Dropbox founder and CEO
If none of these things apply then perhaps you are just having a bad day and you need a little break!
Take action. Stop procrastinating….do something. Remember the reasons you set up in business in the first place. Your family need you. So make sure that Stress isn’t taking over …you are no use to them if you make yourself ill.