Why Entrepreneurs Need Mental Stability to Succeed?

November 28, 2017

Enterpreneur

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In the dynamic and growing business world, with regularly changing modern day trends, it is difficult for a business to keep pace with its contemporaries and amid all competition it is more difficult to start a business from the scratch and take it ahead. You are your own boss but every position comes with responsibility. That may sound fascinating and enticing initially but a great deal of self-discipline, risk management and hard work goes into making things work.

To save yourself from taking commands you have to forego many things which must you to follow the 3 C’s, i.e. CONCENTRATION, CONVICTION & CONSISTENCY!

The journey involves many highs and lows but success comes to very few. But then, there is an island of opportunities in the ocean of tragedies and those who recognize this island well in time, make it big in their lives. Let’s have a quick look at some psychological factors that every startup entrepreneur should keep in mind to make it big in the long-term.

1. Dig in Your Heels, Manage Your Funds Well

Be firm, clear and precise with your goals, have a plan and religiously stick to it. Ambiguity in terms of your goals and motive will hurl you down in long-term in terms of both productivity and performance.

Also, never be bothered by the size of your organization. It’s always good to play safe and go for smaller business loans during the first phase and invest a smaller chunk of investment than taking the extreme risk of making major investments.

2. Be Patient, Flexible & Wisely Calculate Your Risks

Patience is the virtue and requires practice like any other art. For any entrepreneur to be successful a prime factor is patience. Since there is no leader, no boss and no one to bear the brunt of loss for a startup venture, so one needs to be patient and optimistic. Keep the bigger the picture in your mind, be flexible and don’t mind incorporating some changes in the process that can help you succeed!

Also, “No pessimist has ever discovered the secrets of stars or unraveled the mysteries of the past.” Foresight, optimism, and patience will take you miles ahead of your contemporaries.

3. Avoid Being Thin-Skinned; Take Criticism to Your Stride

For your startup to be successful it is important to realize the value of the reviews of your customers and associates. No power point presentation can ever leave an impact on your future investors than the life feedback from your customers and present associates. Positive reviews help to garner your business a good start plus takes the investors out of the dilemma of collaborating with you. If the reviews turn out to be negative, take them in your stride, work harder and realise where you need to work more.

4. Go Easy With Your Partner; Take Your Ego Away

Working with a partner requires a huge amount of sacrifice, understanding, and tolerance. You 2 need to have vested interests and common aims. Then, there should be equivalence and understanding between you 2, there should not be the element of being bossy and dominance per se. You need to take your ego out of the equation, analyze each other’s pros and cons and optimize the results.

5. Entrepreneurship is Social Construction

To some extent, entrepreneurship is about the personal traits of the entrepreneur but that’s not enough. It is about social construction, it is a phenomenon where people react to the circumstances based on the ecosystem they are backed by. This includes family members, colleagues, investors, competitors, etc. The interactions between these bring out the combination you are looking for. Hence nurturing this ecosystem and interacting with it is extremely important!

This article is contributed by Nitish Chawla, Legalraasta.com is a technology platform to simplify legal and business related matters. We are committed to helping startups and small business owners in solving legal compliance related to starting and running their business.Our mission is to offer affordable, quick and automated professional services to clients. Through technology, we bring numerous government/ legal forms at one place and have simplified them to be fully understood by common man.