Entrepreneurs are often under a tremendous amount of stress as they work hard to start up a business. According to a study – entrepreneurs who have experienced mental health conditions such as anxiety and depression were more likely to experience burn-out and take an early exit from their startup.
Why would someone with a history of mental health issues start their own business?
Whether an entrepreneur chooses to be the master of their own destiny is not known. But this uncertainty has yielded innovative businesses that have solved problems in unexpected ways: Spotify, or Uber, for example. One hypothesis is that entrepreneurs choose to pour themselves into their businesses because it makes them happy. And then they enjoy all the challenges and frustrations that go along with building a business.
Adversity in business
Regardless of the reasons, more than 75 percent of entrepreneurs will face a period of adversity in their business. This is when they must be even stronger than they are now. I’m yet to meet any entrepreneur who doesn’t think running their own business is stressful. It’s busy, time-consuming and full of stress, which means that the failure rate is high.
To fail in business doesn’t necessarily mean that you are failing the company. It could be that you need to manage the transition to a startup. An entrepreneur who is struggling when the business is growing and thriving might not be able to admit that they are unable to cope with the demands of running a startup. Admitting weakness during a successful period can be damaging.
Growth Mindset: Help The Entrepreneurs Think
Growth mindset means helping the entrepreneur think about their big opportunity instead of being limited by their current circumstances. It also means helping them overcome their own limiting beliefs which can sometimes keep them from achieving the big opportunity that they have wanted for years.
Once again, the mistake here is that it’s phrased as a question when in reality it’s a statement. If you’re looking for help, identify the areas that need help and find people to help you.
Challenges can be overcome by using setbacks to wake up and learn the lessons that help your team grow and improve. Or, an entrepreneur may take the time to recalibrate, refresh, and consider possible solutions.
The habit of overworking
We encourage entrepreneurs to recognise when they are not coping with the demands of running a company. It’s important to note that entrepreneurs are at higher risk of burnout when they don’t sleep as well, have less time for themselves or for exercise, or are working more than they should.
If an entrepreneur can see the problem, then they will be better positioned to leverage their relationships with colleagues and customers to solve it.
As investors, venture capital firms are uniquely positioned to play a role in supporting a entrepreneur’s mental health. They can help entrepreneurs work through challenging situations and offer support and expertise.
4 Ways to Boost Your Growth Mindset As an Entrepreneur
Every entrepreneur is different. But one thing they have in common is that they all strive to grow their business and grow their mindset. The two go hand in hand. In fact, it’s the growth mindset that enables you to take risks and push boundaries. To innovate and take your business from where it is today, to where it needs to be tomorrow. Here are four practical ways you can boost your growth mindset as an entrepreneur — see them for yourself!
1. Understanding the difference between a growth mindset and a fixed mindset
According to research, a growth mindset can have a significant impact on learning and achievement. By encouraging people to believe that their skills can be developed (which is a fixed mindset), a growth mindset is able to encourage people to be more engaged in their work and achieve greater levels of academic success.
If you’re scared of stepping outside of your comfort zone as an entrepreneur — it’s a good reason to have a growth mindset! There are two types of risk-takers: those that are comfortable in their own skin and those that are not. Growth-oriented people tend to be comfortable in their skins; they have no trouble admitting when they’re wrong and making changes when they’re wrong. Removing the fear and uncertainty and stepping into a deeper, darker part of your own mind will spur growth.
2. Focus on learning from failure, not avoiding it
There are two ways to look at a failure: a failure as an opportunity to learn and grow or a defeat. Although the first is more common, the second way to think about failures is just as valid and necessary. Failure is often seen as a deterrent, but it’s more helpful to see it as an opportunity to learn and grow.
If we had it all, it would be a boring world. There are many different ways to fail in business. There can be things like not being able to pivot an idea for some reason, causing delays in development, not being able to raise the money you need from investors, and so on. Failure is something that we must all learn and embrace.
Before giving a presentation, every entrepreneur should ask themselves: “What did my customers, my team, my business want to learn?” Second, they should ask themselves: “What did I do to contribute to their life and livelihood?” Once these two questions are answered, you’ll have a better idea of how you want to present your idea to the world. The last question to ask yourself is: “What should the message of my presentation be?” The best way to remember this is the story you wanted to tell your customers, followers, and team.
3. Identify and challenge your limiting beliefs
One of the most important steps is identifying the limiting beliefs that are holding you back. Limiting beliefs are like a broken record that plays in your head. They tell you that you can’t do something, or that you won’t be successful, or that you’ll never be able to grow your business. Limiting beliefs are often deeply ingrained. When they’re left un-checked, they can sting your soul and lead you to never act, to never execute on your ideas, to never achieve your goals.
Every time you have an experience that seems really great at first, and then you look back at it, it starts to seem like the stars just aligned that you had a plan all along that you kept forgetting, and you only discovered the plan by accident. The problem here is that your original growth mindset was false, and that’s what you’ve replicated again and again throughout your life. It’s not you. It’s what others have told you about you. Your growth mindset is the eroded millstone that no longer provides the motivation it once did — but is still keeping you from realizing your maximum potential.
4. Find ways to get out of your comfort zone
You’re going to get more out of your life if you’re willing to try new things, and to do that, you have to get out of your comfort zone. For example, if you’re a writer and you don’t like to speak in public, then sign up for a public speaking class. This won’t change your personality or ability to think on the spot, but it will expose you to new information and boost your growth mindset.
You can think of your growth mindset like a ladder. It starts with identifying the good areas of your life, and then working your way up to a new level or challenge every few months. For example, to boost your growth mindset, work on retaining new learning in your brain. Listening to e-learning is a fantastic way to do that, both because you can start using it in your career straight away and also because the more you learn, the more you think of it as an innate skill. Soon enough, it becomes second nature. Building on this, work your way up to writing scripts and exploring new areas of your creativity.