While we hope you turn your business into a big success (we believe in you!), every company goes through tough times. As the founder and owner of the business, whether you make it through to the other side or crash and burn depends in large part on how you manage your psychology through those difficult periods.
Take some time to plan and reflect on how you stay even-keeled and motivated before you hit those choppy waters, so you're well prepared to weather the storm.
Anticipating Challenges
The ancient Stoic philosophers like Seneca, Epictetus, and Marcus Aurelius emphasized preparing mentally for life's inevitable misfortunes. Rather than reacting impulsively to setbacks, they advocated anticipating challenges with rational perspective.
Take a page out of the stoics' book: anticipate all the ways that something could go wrong, not just so you can work on making sure those problems don't crop up, but also so you're not taken by surprise when they (inevitably) do. Visualize worst-case scenarios playing out, then calmly strategize your responses. This mental preparation fortifies your resilience.
Preparing for Challenges
Create a list of the things that you're most worried about: write them down and share your worries with someone you love and trust: the simple act of vocalizing your fears can have a profound effect - they may not even sound so bad! An outside perspective can reframe risks as manageable hurdles.
Create comprehensive plans: think about solutions for the most likely or most difficult challenges that you've identified - stick those in a desk drawer (or a folder on your computer) so that you know where to go if things do start to take a turn for the worse. Having ready-made contingency plans prevents panic during crises.
Keep a rainy day fund: if you're able to, keeping a bit more cash on hand than you expect to need can help give you peace of mind. A financial buffer provides runway to withstand temporary cash crunches without rash decisions.
Preemptively build relationships with funding options: whether that's having a good business credit card, relationships with inventory lenders, or small investors that might be willing to float your business for a few weeks while you sort things out, cultivating those relationships can ensure you get through tough times. Optionality begets confidence.
Managing Your Psychology: You'll Get Through This
Do some introspection: how do you typically react to challenging situations? Becoming overwhelmed? Springing into action? Know your tendencies during stress to counteract unhelpful responses.
Think about what centers you: exercise, time with family, just solving the problem? Identify coping outlets to recharge when the going gets tough.
Relationships: who can you lean on to give you advice and support during tough times? Having a sounding board of trusted advisors, mentors, or even other founders prevents isolation.
If everything fails: take a deep breath, try to get some sleep, and take care of yourself. When all else fails, self-preservation allows you to live and fight another day.
Final Thoughts
Know that you're not alone - all business owners go through this at some point (and some go through these challenges frequently!). What separates persevering entrepreneurs is psychological preparedness.
Reach out to us at Small Business Nation, or tap into the digital community, or your local community for support. Connecting with others who've been there provides empathy and guidance.
You've got this! With the right mental framing, no setback is insurmountable. Anticipate roadblocks, prepare contingencies, manage your psychology - and you'll emerge from the tough times even stronger.
