Powerful Mantras for Overcoming the Entrepreneurial Rollercoaster
In this article, you will learn about 1) the basics of the entrepreneurial rollercoaster, 2) its stages, 3) powerful mantras for overcoming the entrepreneurial rollercoaster, and 4) mantras that increase your productivity while being in the entrepreneurial rollercoaster.
BASICS OF ENTREPRENEURIAL ROLLERCOASTER
Becoming an entrepreneur is never easy especially when the risk of failure is as high as 90%. However, there are still a few brave souls who venture into the entrepreneurial world with a mindset to succeed. Starting a new business can be tough and most importantly, terrifying when there are so many risk factors involved.
You may have all the funds you need but what if your business idea is not good enough? Alternatively, it may happen that your product is great and unique but your marketing strategies are not up to the mark. It is estimated that 2 out of 3 new companies usually shut down during the first two years.
The chance of failure is what scares most of us. Most people prefer to work 9-5 jobs because it offers a stable income and job security, there are some people who are born to do something great – these individuals are the budding entrepreneurs and the business tycoons of tomorrow.
However, often you may think, what is it that they do to survive the entrepreneurial rollercoaster that others do not? Here is how they do it all.
- It is important to remember why you started your own business venture in the first place. When the chips are down and you have to work harder than ever before for countless hours, do not fold under pressure. Remember the moment that made you want to kick-start your own business. That way, you will never lose sight of the future payoffs and stay motivated.
- Celebrate the little victories, as they are the small stepping-stones that will pave the way for something great in the future. The best way to do this is to set weekly or monthly goals. This will not only build momentum for your business but will also keep pushing your company forward.
- Having connections with likeminded people is just as necessary as having friends. Once you find people who share the same struggles as you do, hold on to them. Share ideas and take feedback from them to improve the way you do things.
- Handling a business is going to be tougher than you think; call it the survival of the fittest. The only way to succeed is to develop an indomitable willpower and the thirst to go forward.
Interested in how to survive the first year as an entrepreneur? Read through those slides.
STAGES OF THE ENTREPRENEURIAL ROLLERCOASTER RIDE
When you kick start your own business venture, things will not be easy, but they will get better with time and the amount of effort you put in to turn your project into a thriving success. Almost every entrepreneur will have to survive the five terrifying stages of the entrepreneurial rollercoaster ride. Here is what it looks like.
Stage I – Uninformed Optimism
When your business idea is still in its initial implementation stage, suddenly you will feel as if the world is at your feet and you will think that you can achieve all your goals within the stipulated time frame. This is the first stage of the entrepreneurial rollercoaster ride when the adrenaline rush makes you feel highly optimistic about the prospects of your new business venture.
Stage II – Informed Pessimism
Once the business plan is ready to be implemented, you will have more information about the industry you are dealing in and that is when a sudden wave of pessimism will hit you. The anxious nervous energy will make you feel as if your new business will dwindle. Feelings of fear, frustration and nervousness will begin to set in as you proceed further.
During this stage, most new entrepreneurs rethink their decision and decide to back off while some just hold onto the feeling and stay motivated throughout this phase.
Stage III – Crisis of Meaning
During implementation, you will not feel scared but that misery will linger on. You will keep feeling as if today is the day when you will have to shut down your business. Every day will come with new challenges that you will have to face and you will perhaps want to back out.
The third stage is the most defining moment of the entrepreneurial rollercoaster ride that will either bring out the true entrepreneur in you or make you fold under pressure and back off.
Stage IV – Crash & Burn
Now is the time when you have to work hard towards breaking even with the sales instead of trying to make a profit. According to finance experts, a newly setup business venture will bring in profits in the third year of business. During the first two years, you may just have to cope up with breaking even.
Failure to do so may result in forced sale or bankruptcy, which is why you may want to hold back on taking any risky decisions during this stage.
Stage V – Informed Optimism
Slowly and steadily when you build momentum, you will finally realize that you survived the ordeal and ‘made it’. Gradually, you will become more confident over time and learn the tricks of the trade that will help you take meaningful business decisions.
POWERFUL MANTRAS FOR OVERCOMING THE ENTREPRENEURIAL ROLLERCOASTER
If you are thinking of starting your very own business, here are some general mantras that will help you throughout your entrepreneurial journey.
Everyone Was Once a Novice
If you feel like you are not professional enough as compared to everyone else, always remember that everyone was once a novice. It will take some time for you to get there but you can definitely make it. Learning and growing is a never-ending process. Business tycoons are not born experts. They too, went through the phases of growth.
As a new entrepreneur, just focus on learning the tricks of the trade instead of trying to reach the top too quick.
Measure Your Success in How Far You’ve Come – Not How Far You Want to Go
A major mistake that many entrepreneurs make is being overambitious. Even though wanting to go far in your entrepreneurial journey is actually a good thing, it is important to have realistic expectations. When it comes to starting a new business, always measure your success in how far you have come in terms of achieving your short-term goals.
This will motivate you to work harder and keep you from feeling disappointed when you realize that you have not achieved the big milestones yet.
Don’t Count Your Chickens before They Hatch
As a budding entrepreneur, you are bound to be excited about the whole thing. But stay grounded and think rationally as far as return on investment is concerned. For instance, if a customer tells you they want to do a million dollar deal with you, do not overspend before you actually sign the deal.
All the seasoned entrepreneurs will tell you one thing about entrepreneurship – it is like riding a roller coaster. There will be obstacles that you will have to overcome but it will be worth it. You need to be emotionally balanced if you want to become a successful entrepreneur. Whenever you make a business decision, think rationally by weighing all the pros and cons beforehand.
Say Something Positive
In order to stay positive, you need to have a positive mindset. Start your day by appreciating something positive in your life. As far as your work staff is concerned, motivate them by acknowledging their hard work and you will definitely see the difference when they put in more efforts to make your business more successful than ever before.
Staying focused as an entrepreneur is something that you will have to work. The competition in the industry may easily distract you but that is not what you have to worry about initially. Set weekly and monthly goals and spend your time on how to achieve them in the most efficient way.
There Is No Shame in Failure
This is something that new entrepreneurs must understand – there is no shame in failure. The mistakes you make for the first time will help you improve your strategies and iron out the kinks that you did not know were there before. Always remember – winners never quit, quitters never win. Take advice from other people in your support group when you face problems instead of giving up too soon.
It is About the Journey, Not the Destination
As we have discussed earlier, there are so many different factors that can and will go rogue when it comes to establishing your very own business venture. You may lose a few customers to your competitors in the beginning or end up losing a great employee. This will be the defining moment when you will have to work with your entire team and face the challenges head on.
Entrepreneurship is all about the journey, not the destination. At the end of the day, celebrate all your achievements regardless of whether they are big or small.
MANTRAS TO KEEP IN MIND WHEN TO INCREASE YOUR EFFICIENCY WHILE YOU ARE RIDING THE ROLLER COASTER
Establish Your Morning Ritual
It is important for budding entrepreneurs to establish a morning routine that will keep them focused on attaining their goals. Some entrepreneurs prefer to meditate every morning before leaving for office to establish a chain of thoughts while some prefer to pen down their thoughts.
You can even write a to-do list in which you can mention all the tasks that you have to complete for the day. Not only will that help you keep track on the things you have to do but it will also improve your focus on the work.
Never Check Your Email Anywhere Other Than Your Office
When you are at home, refrain from checking your email or even responding to work related emails no matter how important it is. Your work related emails should only be checked and responded to when you’re in office. Striking the perfect work/life balance is something that you will have to work on. Spending quality time with your family daily is just as important as spending time in your office.
Surrender All Your Doubts and Worries
Never underestimate the power of mantras. When you wake up in the morning and when you go to bed to at night, keep on repeating these lines for about five minutes to free your mind from negative thoughts. ‘I surrender all; I surrender the struggling, the doubts, and the worries. I release all blocks and know that it will all work out in the right way at the right time.’
This mantra will remove all the negativity from your mind, let the positive thoughts flow into you, and make you see any situation that you are in, in a completely different way.
Cut Useless Conversations
Bad communication often causes mood swings and makes one feel depressed. This is one of the reasons why it is important to keep unnecessary communication with friends and colleagues to a minimum. Keep your work life and personal life separate if you do not want any negative emotional effects.
However, always take out time to discuss something important with your colleagues and keep them in the loop if you need their assistance.
Do Your Usual Job for a Certain Amount of Time Everyday
Whether you like to write daily or monitor your business statistics, just follow your normal routine every day so that you are able to keep up with the progress of the business and know exactly what is going on. Also, all successful people have one particular habit that they follow. If you do not have one already, keep a diary and jot down all your thoughts for the day for at least an hour.
Procrastination is the one bad habit that will bring your business down. When it comes to doing business efficiently, there is no room for procrastination. Stay away from taking part in any unproductive activities that may have a bad impact on the progress of your business. The best solution to this problem is to keep a to-do list and jot down all the tasks that you have to take care of during the day.
The above-mentioned were some powerful mantras that will help you survive the much-dreaded entrepreneurial roller coaster ride. Always remember, the road to success becomes easier with two things – hard work and determination. We hope these mantras inspire you to realize your full potential as an entrepreneur and work more efficiently than ever before.