Psychics of Entrepreneurial Failure.
Our society idolizes successful entrepreneurs but doesn’t understand that these people are few and far between. Some are fortunate enough to escape before things got worse, however, not all entrepreneurs are so lucky. The pressure is often too much to handle. We celebrate the blazing fast growth of the Inc. 500 companies, but many of those entrepreneurs harbor secret demons. Before they made it big, they struggled through moments of near-debilitating anxiety and despair-times when it seemed everything might crumble.
In a report, the entrepreneurs were found to be significantly more likely to report a history of depression, ADHD, substance abuse and bipolar diagnosis when compared to other participants. Focusing in on substance abuse for a moment, it’s important to understand that many entrepreneurs have addictive personalities to begin with. The traits of this personality can be positive when controlled in the confines of a business venture. It’s why many entrepreneurs don’t bat an eye at working 80-hour weeks. However, once a business fails and that structure is no longer there, many entrepreneurs find other ways to channel their addictive tendencies. According to a recent case designed to investigate the prevalence of mental health conditions among entrepreneurs, the rate of many health issues is higher than you’d think.
Nobody likes to fail. However, the fear of failure is the main reason why most of us shy away from investing in our dream project or starting a new business. Now I am proud of all of you who are building their businesses amidst the challenges involved, and you should be too. I give you a thumb up. Failure teaches us more than success and only those who have learnt it the hard way know this. In pursuit of our goal of becoming a millionaire, we encounter several challenges.
Scientists are collecting data they think can answer their questions about the success of people like Bill Gates, after decades of what at first amounted to little more than guesswork. The first steps psychologists took toward understanding entrepreneurs were not experiment but based on anecdote. Some of them interviewed different entrepreneurs for years and came to the dramatic conclusion that they simply did not feel risk, or weigh consequences, in the same way as other people.
The venture capitalists of the future may use psychological profiles to pick entrepreneurs who are more likely to create winning companies.
Findings from clinical psychology suggest that when people exhibit symptoms of behavioral addiction in one area they’re at a higher risk of behavioral and substance addictions. A growing issue in which many Silicon Valley entrepreneurs were becoming increasingly dependent on a drug by the name of Provigil. The drug is designed to keep people awake and improve the ability to concentrate, but was instead being abused by startup owners wanting to work longer hours.
Handling Failure
As an entrepreneur, there are plenty of constructive ways to deal with failure and it’s necessary for everyone to be aware of the right and wrong ways to deal with depression. If you can somehow manage to handle failure, reframe it and start again, it will not only brighten your chances of success in the future, but also help you maintain good mental health. Failure can come out of nowhere and it’s important to be mentally prepared for what ensues.
While we are discussing failure, the most important point here is to make sure you never have to deal with it. Building your brand’s internet presence helps a lot in ensuring client and customer support during difficult times. It demands constant time, attention and updates. As you may have noticed, when trying to find a product online, you wouldn’t like to buy from a website that has month old products and would rather switch to a site that keeps updating and adding products every day, or rather, every minute. That is how much the competition is. As customer preferences change, new social networking sites have a tendency to appear out of nowhere. While social media will allow you to set up your presence, it is up to you to maintain and expand it.
I have discussed in my previous post how you can look at some of your competitors’ websites to get an idea about building your own website. It is important to have a website for your business. This is your home base and all of your internet endeavours will run to and from it. As a starting point, you can contact an online media consultant to help set-up the website per your requirement. Selecting a domain and figuring out a quality hosting plan to get off the ground, the design and layout of your site, all of these can be taken care of by HyperEffects. You may also use the insights you gleaned from your competitive research and select something that’s clean, engaging and simple.
