Head Games

The Psychological Aspects of Entrepreneurship – And the Six Primary Emotions That Inevitably Grip All Business OwnersA number of years ago, it was quite common in Detroit and other larger cities to have actual elevator operators in tall buildings. And, while riding in one of these “attended” elevators, I once asked the operator how she liked her job.Her reply: “It has its ups and downs.” Of course, the same applies to owning a self-service laundry – or any type of business, for that matter. Business ownership most certainly has its emotional ups and downs with regard to the psychological challenges to the owner.What motivates a person to want to own his or her own business? The generally accepted reasons for becoming an entrepreneur include:• Not wanting to answer to a boss
• The overwhelming feeling that one doesn’t need a boss
• Wanting to completely control one’s income level
• Believing that big profits come from bold choices
• Feeling comfortable with risk
• Being extremely self-confidentWith that said, despite possessing all of those critical qualities – just like the elevator operator joked about her job – entrepreneurship no doubt has its ups and downs; and the “downs” can appear out of nowhere and be more than a little stressful at times.No matter how steady the entrepreneur happens to be, these emotional challenges are best handled by first expecting and identifying them, and then understanding that they are normal and to be dealt with in an adaptive manner.I believe there are six identifiable, primary emotions that can – and often do – impact entrepreneurs at various stages of their business development. They may do so singularly or in combination. I will present these emotions below – as well as offering, in my opinion, the best ways to deal with them so that your business life can be as smooth and enjoyable as possible.EuphoriaRunning a business can be very exciting. And, if you are doing well, it’s likely that your brain will produce neurochemicals called dopamine and endorphins, both of which will make you feel somewhat euphoric. When and if this occurs be sure to remind yourself that your situation can change, so don’t put a deposit on that 150-foot yacht simply on the strength of some early moderate success… if you get my drift.FearWhen first starting out, fear is one of the most common emotions dealt with by entrepreneurs. That fear centers mainly on risk and what you have to lose if you are unsuccessful. Fears are usually forward-focused around possible events of a negative nature that could happen. Be realistic, but also understand that many (if not most) of these fears will never materialize. Just work hard and move forward in accordance with your original business plan.FrustrationFrustration usually arises when you’re not able to accomplish tasks or goals as quickly or successfully as you thought possible. This is completely natural and understandable. However, simply realize that Bill Gates, Warren Buffett and Jeff Bezos didn’t build their empires in a day. Frustration was a part of their daily business lives while building their companies. You only began to hear about these business legends after they became extremely successful.LonelinessLoneliness is a common emotion among entrepreneurs. When that dreaded feeling engulfs you, remember that you consciously chose to be a business owner – either by quitting your conventional job or by never holding a corporate, 9-to-5 position in the first place.To expect to never feel lonely is a contradiction of terms. Remember that you are where you are by choice. Also, when you’re doing very well financially, your bank statements most likely will provide you with all of the company you’ll need.OvercommittedAt some point, most entrepreneurs feel somewhat overwhelmed by their business responsibilities, their family and other commitments all occurring simultaneously – especially during the early stages of a business’ development. In fact, many owners may feel somewhat guilty about being spread so thin. For laundry operators feeling this way, I would suggest trying to focus on one aspect of your life at a time, while not becoming mentally engulfed by the big picture. Doing so will make you less emotionally fatigued and, in turn, help you remain motivated.Feeling Like an ImposterIf you have come to the vended laundry business from another industry or job, you may feel like an “imposter” because you’ve never owned a laundry business before. In other words, you are inexperienced, and it makes you uncomfortable.However, you can boost your confidence by studying the business in great detail and by talking with other laundry owners about the ins and outs of the industry. Once you begin to talk the talk and walk the walk, the source of your anxiety will fade away.So, there you have it – six emotions to expect and look out for. Clearly, being an independent small-business owner has two prices – one is financial, but the other, as we’ve discussed, is emotional.I’d also add that it’s important you understand how to define yourself in terms of why you want to own a business, and to establish short- and long-terms goals. Doing so will make your business life easier, and you will suffer from far less anxiety.Keep in mind that there are millions of small businesses in the U.S., operated by individuals just like you. So, when these strong emotions inevitably grip you, understand that you are by no means alone.You have plenty of company.