Overcoming entrepreneurial anxiety
Compared to non-entrepreneurs, entrepreneurs are more prone to mental health conditions. They suffer from anxiety attacks, triggered by their lifestyle, which has workdays with no structure and boundaries. The journey to success never did run smooth, it is normally filled with situations that fuel anxiety. For entrepreneurs, learning how to deal with anxiety is very important as it would help them to achieve their goals and build a successful business.
Given below are some practices that would help entrepreneurs pull through panic and manage anxiety successfully:
Self-reflection as a tool
Introspection or self-reflection helps to develop emotional intelligence. It helps people to feel more connected to who they are. Self-reflection can be done one hour before bedtime by asking questions such as, ‘Why did I feel anxious?’. The reason could have been too much caffeine or alcohol which might have disturbed sleeping patterns. Spending too much time on social media might have led to less productivity. The key to self-reflection is not to judge thoughts and beliefs as that might limit the information that one has to get a better understanding.
It is important to stop doing ‘everything’. One has to select a few areas where one can deliver exceptional results. Expectations have to be realistic. Unrealistic expectations can kill motivation. Too much optimism can be harmful. It is very important to be grounded in reality as that is an important step towards being aware of one’s progress.
Avoid people who trigger anxiety
Other people can be a source of anxiety. It is important to be surrounded by positive and supportive people. It is not always easy, but one can select the people they choose to spend their time with. When acquaintances or clients add to tension and negativity, it is vital to make changes. People also judge other people on the basis of who they hang around with. The goal should be to interact with as many like-minded people as possible. Befriending entrepreneurs in similar or related ventures can be helpful.
Make cash flow a priority
Making a cash flow budget should be a priority. There should be an estimate of annual expenses. A business cannot do without cash flow. If the cash flow dries up, a business will die. One should take into account big-ticket items such as updating computers or buying expensive machinery. There should also be an estimate of annual sales and the time when customers pay to make sure that there is enough cash flow throughout a business year. One should also be prepared for contingencies. Initially, any excess fat should be cut away from the budget. A simple remedy can be to open a business account that will have nothing to do with personal accounts.
Entrepreneurs don’t have to do everything themselves. They should hire and train people. It can be a daunting task and it is definitely a financial commitment, so one should set aside time to find the right person for the right role. People who have the right skills that are aligned with a company’s core values should be hired. If the values of a company have not been defined, they should be before making the first hire.