Teja Chekuri, Global Entrepreneur. Founder and managing director of Ironhill Brewery.
There is a lot of discussion about the glamour of a startup and entrepreneurship in general but little on the emotional toll it takes on you. It demands mammoth reserves of mental stability and faith, which can push you into a deep spiraling chasm of self-doubt that results in rash decisions. Most of this is undocumented and unacknowledged by the entrepreneurial ecosystem.
While people will tell you that being an entrepreneur is fantastic, let me introduce you to the dark side (and how to battle the monsters):
Mental Health
When you’re worrying about debts, salaries and payments as well as plans for the future, success parameters and funding, it’s safe to say there is a lot on your mind—and it isn’t going away anytime soon. I used to think it would get better when I reached a certain profit number. To my surprise, it doesn’t. It just adds more to the pile of worries brewing in your mind that sometimes overlaps with your personal and professional lives, which can cause an emotional mess.
While the pile does get higher, you should get better at handling it over time. The mind is a muscle that can be trained, so focus on training it to handle things better. Find your own method to the madness around you. I found my organization wizard in my own handwritten to-do list for the entire week. There was something therapeutic about writing it out and scratching it off that gave me a sense of accomplishment against a never-ending list.
Consider hiring different experts who can coach your mind through this phase and lead you to the next.
Family And Friends
This set is often the first unfortunate casualty of the life you have chosen as your business consumes you. You devote hours to your business in the hope that when you’re done, you can sit back, relax and enjoy time with them. However, “done” is a shifting goalpost, and by the time you realize it, it’s too late. Without the support of peers in an office, this life can become very lonely and can take a huge toll on your sense of belonging—punching hard into the reason for the life you’ve chosen.
Your home team is important. Very early on in my journey, when I was drowning in work and taking on more, a mentor pulled me back and encouraged me to reconnect with family. Even though I did that grudgingly, they helped me reconnect with love and joy. Today, they are my biggest cheerleaders and confidants. Take one day off to spend time with your family. It will reaffirm your priorities and the reason you chose this life.
Financial Health
This will go for a toss at least once or twice a year even if you are super careful and smart. Startups have a way of sneaking chaos onto the balance sheet. There will be times when you want to shut everything down and conserve the little cash you have. Other times, you’ll want to risk it all. Your CFO will have a tough time getting things under control. A lot of money or no money can be an emotional roller coaster, but a good business demands you rise above it. However, that’s tough when you see the moolah either roll in or disappear.
Separate your personal and professional assets. The smartest thing I did was hire a very strong CFO who rules the money with an iron fist and can stand up to me. I have the ability to overrule them as the owner of the business, but as a rule, I give in unless I can convince the CFO of the reason for the spend. It has helped me save the health of my financial holdings and the profitability of every business that I run.
Physical Health
This life will cheat you out of physical health. I have often seen entrepreneurs over-exercise or under-exercise their health away. Bad health can also feed into your insecurities, taking another punch into your bag of emotions and making you perceive negative thoughts where there are none.
Health is the real wealth. If you’re healthy, then you can take care of your business. An ailing CEO can inspire less confidence in investors, customers and teams working with them. I decided to pick one activity that works for me and to get a coach, and it’s the best thing I’ve done for myself.
Existential Angst
This is a recurring nightmare that is a bane in the life of every entrepreneur. The frequency should decrease as your business moves toward success. Today, I have this down to once a year. You will question everything you do and imagine a different life or a more familiar path that your batchmates would have taken, which led to a more traditional lifestyle. While everyone chose to live a simple life, you chose to seek out and battle the monster.
There are two ways to battle this nightmare. First, surround yourself with successful entrepreneurs. Create a circle of trust. Reach out to them to chat in order to reaffirm your choices in life. Second, give back to other entrepreneurs around you. Help, mentor or share advice on success. Through them, you can reaffirm your beliefs. I have taken the dual approach, and it works every time the nightmare reoccurs.
Success Parameters
Am I successful? This is a question that will keep hitting you periodically. It can be frustrating and can tear you down bit by bit if you don’t define your own success parameters.
Create your own small reasons to celebrate milestones—and then celebrate them. I have created internal benchmarks that we celebrate when achieved. When we started doing this consistently, it assured me that we are on the right track. That’s a wholesome feeling that I will hold on to until we achieve the next milestone.
Conclusion
Don’t be afraid of the monster. You will meet many, and they will take multiple forms. The thrill of entrepreneurship is in conquering your fear of facing the monster and knowing you are prepared to win.
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