Most
of us, who have started entrepreneurial ventures, have gone through several
self-doubts on whether we took the right decision to pursue our dream venture
and start-off on one’s own. We have also faced self-doubts when we have taken
decisions through our journey of building our companies.
So
if you have self-doubts and questions about why you took the plunge as a
startup entrepreneur, relax. You are not alone. Self-doubt is a very normal
human response whenever we are faced with challenges that initially seem
insurmountable. How you handle these self-doubts, face your internal challenges
and build your business will be the key differentiator between success and
failure of your dream venture.
Accepting
that you are not alone is a great start to addressing your own self-doubts.
Here are some pointers from my learnings addressing the challenges I have faced
in my entrepreneurial journey.
When
faced with challenges, look back at your successes
Think
of all the successes you have had in the past whenever you are faced with
self-doubts and concerns. Positive thoughts will help you prepare better for
each day’s challenges.
Stop
worrying about what others think of you
You
have embarked upon your entrepreneurial journey to achieve your dreams.
Worrying about what someone else is thinking about your business or what your
friends may think about how you are building your company is only harming
yourself. Remember that others are too busy facing their own self-doubts and
challenges to think about you and your challenges!
Dream
Big. Think Small
As
an entrepreneur, dream of the big picture and where you hope to take your young
business five years from now. However, your tactical plan to achieve your dream
must be to set “bite sized” goals for yourself and your teams on a weekly,
fortnightly and monthly basis. Only when you start to achieve your small steps
will you be able to run towards your dream.
Get
great people in your organisation and delegate effectively
Putting
together a good management team always helps in better decision making. Once
you have a good team, empower them and delegate effectively. Remember that you
only have a finite amount of time every day and you do not have the skill sets
to handle all the work. At the same time, remember to set up strong systems to
seek accountability from your people.
Do
not be afraid to take decisions – right or wrong
When
confronted with challenges, your people are looking towards you to take tough
and well thought through decisions. Hesitating, procrastinating or deferring
decisions can only harm the long-term interests of your business and your
people. Not taking a decision is worse than taking a wrong decision. An
incorrect decision can be corrected but a management team, faced with an
entrepreneur who does not take decisions will be directionless.
Keep
evaluating yourself
As
the person who has the greatest stake in your business and your success, keep
evaluating yourself constantly. Keep thinking of the worst-case scenarios that
you could be confronted. Once you recognise and understand your downside, you
will be able to take better and well thought through decisions.
Remember
to carve out personal time each day
I
have met many entrepreneurs who just cannot find time from their busy schedule.
They are so immersed in their business that they fail to find time for
themselves to introspect and they fail to find time for their family. Personal
time, every day, gives you the much-needed breather from your hectic work
schedule. If you can add an exercise schedule in your daily routine, you will
be helping yourself with a fitter body to face your challenges.
Learn
to forgive yourself
I
have met many entrepreneurs who keep regretting an incorrect decision and hence
keep punishing themselves for what “may have been” the direction if they had
taken another path. Will not forgiving yourself make a difference? Will you be
able to turn back the clock? If the answer to both these is no, then you are
wasting your time. Forgive yourself and move forward with a correct decision.
Do
not wallow in self-pity
Mistakes
will happen. Either you can run with the ball or you can wallow in self-pity. A
weak entrepreneur transfers his uncertainties and self-doubts to the entire
team very quickly and this can have snowballing consequences on the health of
your young business. Pessimism in an entrepreneur is very visible to everyone.
Discuss
with family
Remember
that your biggest supporter throughout your entrepreneurial journey will be
your family. Keeping them advised of what you are going through will get you a
lot of support at home. Moreover, you will be surprised at how valuable the
inputs you get from your family can be in handling your own self-doubts.
Stay
connected
Staying
connected with friends and the community you live is essential to retain your
sanity. Keeping in touch with what is going on in the World is important to
retain your perspectives. An all-consuming business can never be a recipe for
long term-success.
Emotional
involvement
While
it is good to take strong ownership of your business, getting emotionally
involved with your business is never advisable. Every entrepreneur needs to
learn to distance himself from his business.
When
you look back at the end of a few years, you will realise all your self-doubts
only made you a stronger entrepreneur. Finally, remember that it is a lonely
job at the top as an entrepreneur and keeping yourself motivated to keep
pushing ahead will be your first and biggest challenge.
*******************
The author is the founder Chairman of
Guardian Pharmacies and the author of 5 best-selling books, Reboot. Reinvent.
Rewire: Managing Retirement in the 21st Century; The Corner Office; An Eye for
an Eye; The Buck Stops Here - Learnings of a #Startup Entrepreneur and The Buck
Stops Here – My Journey from a Manager to an Entrepreneur.
- Twitter: @gargashutosh
- Instagram: ashutoshgarg56
- Blog: ashutoshgargin.wordpress.com | ashutoshgarg56.blogspot.com
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