Below are 4 ways for you to either manage or overcome entrepreneurial anxiety:
1. Know that your net-worth is different than your self-worth
You are not defined by the amount of money in your bank account. Cash flow is the lifeblood of your business, but that doesn’t mean that you have to define who you are by the amount of money that you have.
We live in an age where we subconsciously compare ourselves to others all day long through social media or in the midst of social interactions. Please don’t do this to yourself.
There are so many entrepreneurs online showing off flashy cars, homes, and first-class tickets. It can create anxiety to feel like you’re so much further behind than other entrepreneurs, but the truth is that entrepreneurship doesn’t have to only be about making money.
Entrepreneurship is also about solving problems and creating value with your idea, product, or service in society. Plus, how many of the entrepreneurs online posting images of luxury cars and homes are even legitimate?
“I’ve never been a conceited person or cocky, never felt boastful, but I always had a sense of self-worth; I always had a real sense of myself.” – Will Ferrell
When issues arise in business, which they always do, it can feel like you’re alone. The pressure to handle everything on your own can be too much, and that’s why it’s important to develop a support system. It is not weakness to ask for help from others during difficult times.
Support systems come in may forms. You can build a team within your business that you can rely on to solve problems as they arise, or you can even create an external board of advisors.
You can seek out mentors who can help guide you at various crossroads in your business, or you can build a network of other entrepreneurs who may have experienced similar challenges.
Finally, never underestimate the importance of staying close to your family and friends. In many cases, true family and friends loved you before you started your business, and even if you don’t succeed, they’ll still be there for you.
3. Quit the 24/7/365 mentality
The hustle 24/7/365 mentality may work for some people, but taking time to recharge is healthy for your mind, body, soul and business. Whether that means taking a vacation or a day off, don’t feel guilty about taking time to reset.
Always remember that you are the most important asset in your business, and if you don’t take care of yourself, you create a massive risk for your business in the form of burnout.
To prevent burnout, take time to do things that you love other than working on your business. You can work out, eat healthy, spend time with family and friends, and more. You will likely notice that you feel more creative and motivated once you return to work.
“Take care of your body. It’s the only place you have to live.” – Jim Rohn
4. Learn to love failure as much as you love success
The fear of failure is enough to keep most entrepreneurs up at night, but the fact is that almost all of the entrepreneurs that society looks up to today have failed several times before achieving the success that they are now renowned for.
Failure is not the opposite of success, it is the stepping stone towards success, so you need to learn to embrace it.
Read up on your favorite entrepreneurs to see what their journey to success looked like. Know that if you fail, you can and should get back up and try again. See your short-term failures as learning lessons instead of obstacles and grow from them. This builds mental resilience, which is fundamental to long-term success.
Entrepreneurial anxiety is common, and there’s nothing wrong with feeling nervous about your business venture, regardless of which stage your business might be in. You can, however, take measures to help manage or overcome entrepreneurial anxiety.
Cultivating your mindset to embrace failure, not comparing yourself to other entrepreneurs, knowing the difference between your net-worth and self-worth, and maintaining at least some work-life balance can help establish the mental resilience you need to succeed.