As "I am an emerging Entrepreneur" is in trend these days, hundreds of individuals are entering the market to live the startu...
As "I am an emerging Entrepreneur" is in trend these days, hundreds of individuals are entering the market to live the startup experience. These include students, fresh graduates, working professionals, stay-at-home parents, or people being without (good) corporate jobs for long.
The factors behind this tendency may include the need for additional
sources of income, ambition to address social issues, exploring one's
own creative skills, desire to leave 'corporate slavery', or simply to
follow the trend, because everyone else is doing so.
Some of the startups clicked really well and are now doing sustainable business after months or years of struggle. Some startups failed. While many others are still exploring the journey.
With this, comes an important matter: "Depression, and loss of mental peace for the entrepreneurs"
Having met with a lot of startup owners in last few months, I realized how so many of them are actually going into depression while trying to stay strong. Reasons vary from an absolute failure of the idea, loss of money spent, partners who ditched midway, or discouraging remarks by the mentors or motivational speakers they met etc to not being able to make the business self-sustainable, unexpected failure of executed plans and so on.
Here are a few points that may be of help to such entreprenuers who find themselves stuck:
1. EXIT PLAN:
It is important to have an "exit plan" right from DAY 1. Analyze whether and how you will be able to sustain a monetary loss arising from an absolute failure. Have a maximum amount in mind and in your plan documents that you think you can afford to lose if your business idea does not click.
So just in case your 'awesome' idea fails, you will not be dejected or depressed if the amount and time you spend does not result in desired outcomes.
2. REVENUE & EXPENSE PROJECTION:
Have a month-by-month revenue v/s expenses projection for atleast 12-18 months.
Ask yourself what you will do in case of ZERO revenue but continous expenses. If you think you will not be able to afford zero revenues, STOP right there and again ask yourself if you would like to take that risk.
3. HIRING TEAM MEMBERS:
Do NOT rush into hiring people at fancy positions, unless you have a confirmation that you can afford to pay them without having any stable revenues.
If you have to hire, hire the best suited people, and not just your best friends or jobless acquaintances or family members.
4. ADVISORS and MENTORS
Choose your advisors and mentors carefully. Not everyone with a title of "CEO", "DIRECTOR", "TECHPRENEUR", "MOTIVATIONAL SPEAKER", "SERIALPRENEUR" or "Manager at XYZ Incubation Center" can be a good supporting force to you and your business.
Some of them might actually be draining your energy and motivation.
If your motivational speaker or mentor keeps quoting the examples of Zuckerbergs, Mian Manshas and Chauhdrys etc, while telling you that you will FAIL if you do not do what (s)he is telling you to do, take a deep breathe and ask yourself if you want to continue with the mentor.
Choose mentors that can really help you keep going by actually assisting in shaping your strategy, day-to-day operations, challenges and FAILURES.
5. TITLES / DESIGNATIONS
Carefully choose titles for yourself and your core team members.
You do not always have to be the "Chairperson", "CEO" or "Director" of your own business if that does not suit your personality or the target audience and external stakeholders you are interacting with.
It is OK to choose a low-key title for initial few months or even years.
Many successful business owners, call themselves "Manager - xxxxx" keeping in view their strengths and weaknesses and they do just fine in their ventures.
6. SOCIAL MEDIA VISIBILITY
Do not drain yourself in attempts to remain visible, and 'on top' on social media, while not having anything tangible in terms of revenue and sustainable clientele.
It is absolutely ok even if you are not earning well. If you think you tried well but the idea did not earn you what you wanted in your desired timelines, do not hesitate in evaluating if you still want to continue the business and for how long.
It is ok to come out of a fancy business and close it down rather than continung it for the sake of your "entrepreneurial image" on social media and among your friends and acquaintances.
7. HANDLING FAILURE
If you are on the brink of failure, and feel that you are going in depression, TALK to the people you trust most. Look around and speak to the most trusted family member, cousin, or a friend.
You will love how embracing the failure with timely realization, will relieve you from a lot of mental stress and depressing thoughts.
8. MEETINGS:
Most business decisions are taken over lunches rather than in meeting rooms.
See what type of "business meetings" suits your busines and act accordingly.
9. MENTAL PEACE
Peace of mind is better than running after ever increasing list of "dreams".
Look around and try spending more time with people who actually love and care for you without considering how much you earn, and even when you are at your worst.
These may include your parents, siblings or a person you may have been ignoring in pursuit of your dreams.
It is OK, to take a break, leave your energy-draining hectic schedule behind for a few weeks, cut yourself off from your failed business and go invisible on social media for the time being.
Energize yourself and do what keeps you healthy and happy. It could be an ordinary "corporate slavery" job, or simply selling french fries or home-grown tomatoes.
Innovate, be creative and unqiue... but do not lose YOURSELF and people who love you unconditionally, for the sake of innovation which will become a thing of the past soon.
P.S: Feel free to contact if you find yourself stuck and are looking for support in terms of advice, strategy, addressing challenges related to working space, and other operational expenses.
This article was posted with the permission of Taqi Abbas.
Some of the startups clicked really well and are now doing sustainable business after months or years of struggle. Some startups failed. While many others are still exploring the journey.
With this, comes an important matter: "Depression, and loss of mental peace for the entrepreneurs"
Having met with a lot of startup owners in last few months, I realized how so many of them are actually going into depression while trying to stay strong. Reasons vary from an absolute failure of the idea, loss of money spent, partners who ditched midway, or discouraging remarks by the mentors or motivational speakers they met etc to not being able to make the business self-sustainable, unexpected failure of executed plans and so on.
Here are a few points that may be of help to such entreprenuers who find themselves stuck:
1. EXIT PLAN:
It is important to have an "exit plan" right from DAY 1. Analyze whether and how you will be able to sustain a monetary loss arising from an absolute failure. Have a maximum amount in mind and in your plan documents that you think you can afford to lose if your business idea does not click.
So just in case your 'awesome' idea fails, you will not be dejected or depressed if the amount and time you spend does not result in desired outcomes.
2. REVENUE & EXPENSE PROJECTION:
Have a month-by-month revenue v/s expenses projection for atleast 12-18 months.
Ask yourself what you will do in case of ZERO revenue but continous expenses. If you think you will not be able to afford zero revenues, STOP right there and again ask yourself if you would like to take that risk.
3. HIRING TEAM MEMBERS:
Do NOT rush into hiring people at fancy positions, unless you have a confirmation that you can afford to pay them without having any stable revenues.
If you have to hire, hire the best suited people, and not just your best friends or jobless acquaintances or family members.
4. ADVISORS and MENTORS
Choose your advisors and mentors carefully. Not everyone with a title of "CEO", "DIRECTOR", "TECHPRENEUR", "MOTIVATIONAL SPEAKER", "SERIALPRENEUR" or "Manager at XYZ Incubation Center" can be a good supporting force to you and your business.
Some of them might actually be draining your energy and motivation.
If your motivational speaker or mentor keeps quoting the examples of Zuckerbergs, Mian Manshas and Chauhdrys etc, while telling you that you will FAIL if you do not do what (s)he is telling you to do, take a deep breathe and ask yourself if you want to continue with the mentor.
Choose mentors that can really help you keep going by actually assisting in shaping your strategy, day-to-day operations, challenges and FAILURES.
5. TITLES / DESIGNATIONS
Carefully choose titles for yourself and your core team members.
You do not always have to be the "Chairperson", "CEO" or "Director" of your own business if that does not suit your personality or the target audience and external stakeholders you are interacting with.
It is OK to choose a low-key title for initial few months or even years.
Many successful business owners, call themselves "Manager - xxxxx" keeping in view their strengths and weaknesses and they do just fine in their ventures.
6. SOCIAL MEDIA VISIBILITY
Do not drain yourself in attempts to remain visible, and 'on top' on social media, while not having anything tangible in terms of revenue and sustainable clientele.
It is absolutely ok even if you are not earning well. If you think you tried well but the idea did not earn you what you wanted in your desired timelines, do not hesitate in evaluating if you still want to continue the business and for how long.
It is ok to come out of a fancy business and close it down rather than continung it for the sake of your "entrepreneurial image" on social media and among your friends and acquaintances.
7. HANDLING FAILURE
If you are on the brink of failure, and feel that you are going in depression, TALK to the people you trust most. Look around and speak to the most trusted family member, cousin, or a friend.
You will love how embracing the failure with timely realization, will relieve you from a lot of mental stress and depressing thoughts.
8. MEETINGS:
Most business decisions are taken over lunches rather than in meeting rooms.
See what type of "business meetings" suits your busines and act accordingly.
9. MENTAL PEACE
Peace of mind is better than running after ever increasing list of "dreams".
Look around and try spending more time with people who actually love and care for you without considering how much you earn, and even when you are at your worst.
These may include your parents, siblings or a person you may have been ignoring in pursuit of your dreams.
It is OK, to take a break, leave your energy-draining hectic schedule behind for a few weeks, cut yourself off from your failed business and go invisible on social media for the time being.
Energize yourself and do what keeps you healthy and happy. It could be an ordinary "corporate slavery" job, or simply selling french fries or home-grown tomatoes.
Innovate, be creative and unqiue... but do not lose YOURSELF and people who love you unconditionally, for the sake of innovation which will become a thing of the past soon.
P.S: Feel free to contact if you find yourself stuck and are looking for support in terms of advice, strategy, addressing challenges related to working space, and other operational expenses.
This article was posted with the permission of Taqi Abbas.
