Brass Tacks & Gold Standards: Invest in Your Psychological Capital

By Rick Silver



Rob had started his business with all the enthusiasm and preparation he knew how to muster - he had a great idea that checked out with his friends and target market; a well-thought-out business plan that brought in the funding he needed for the first two years; an innovative marketing strategy; solid legal, IT and accounting advice and support; and a crack team on board with his vision.

What he hadn't counted on was the daily emotional roller coaster, the wearying hours, the losses and setbacks, the disappointments, the endless waiting for breakeven and the constant fear that he might not succeed. Two years down the road and going through cash faster than expected, Rob was ready to throw in the towel.



Keeping the Balance

Launching yourself on your first entrepreneurial journey typically happens with a great deal of excitement and passion. You invest your time and energy in building the business infrastructure with only a passing nod to the emotional demands that lie ahead, your eye fixed firmly on the financial balance sheet.

But business success depends upon more than just money. Keeping a healthy emotional balance sheet as well can spell the difference between achieving your dreams or failure. By investing in your psychological capital, you can build the inner resources of resilience, flexibility and endurance needed to rebound from the challenges and setbacks you'll meet.



The Challenges

As a new business owner, you'll share a common set of psychological challenges with your associates. The following list is far from exhaustive but should look familiar to anyone who has taken the leap into entrepreneurship.

1. The World Is Full of Doubting Thomases - As powerfully as your heart says, "Yes!" to your vision, you'll find too many people ready to tell you that your idea will never work.

2. The Daily Emotional Roller Coaster - here's a typical scenario.

Morning: You are elated at finding the perfect person to fill a critical position in your organization.

Noon: Your heart sinks when the bank loan you desperately needed falls through.

Afternoon: Up again when you land a new contract.

Expect that your daily emotional swings will have more peaks and valleys than your stock prices.

3. Hurry Up and Wait - Breakeven is just around the corner in six months ... no make that one year ... let's revise that again to two years.

4. Slip-Sliding Away - The fear of failure is an endless, grinding, day-in and day-out companion, at work, at home, at play.

5. Two Steps Ahead, One Step Back - Even when you are seeing progress in the bottom line, something somewhere in your business will go horribly wrong.

6. All Work and No Play - We all knew it would be hard, but this hard?

7. Great Idea, Bad Implementation - Moving from vision to action can require vastly different sets of skills, and what seems like an impossibly steep learning curve.

8. You've Lost That Loving Feeling - Losing faith in your vision can feel devastating, but many a dark night will come when you wonder what that shining dream was all about.



Coping Strategies

With a little emotional grit and a good measure of your entrepreneurial enthusiasm, you'll be able to deal with any one of these situations individually. But the cumulative wear and tear of the daily business grind can begin to sap your energy and drain your psychological reserves. Here are a few ways you can invest in your psychological capital and get your emotional balance sheet back in order.

1. Take a Break - Time for family, friends and relaxation are necessary for you to rejuvenate and get back in the ring for the next round.

2. Build Your Circle of Support - Starting your own business can feel lonely at times, but no one succeeds alone. It takes a village: friends, family, clergy, business associates, mentors. Check in regularly - a catch-as-catch-can approach to social support will give you too little of a vital resource.

3. Take Care of Your Body - Remember what your Mom said: Sleep well, eat well, exercise, and however it suits your fancy, pray. When you care for your body, you care for your brain.

4. Deal With Difficult Mental Health Conditions - Entrepreneurship means being on the ball 24/7. If depression, substance use, anxiety or ADHD are getting in the way of a disciplined mental life, you'll be climbing your personal mountain with a 90-pound pack. Put simply: If you need help, get help.

5. Re-Vision Your Vision - Your business vision can represent your deepest passions and values, what you most powerfully want to create in the world. When the picture grows dim (which it will), take the time to talk to those people who inspire you and remind you of your gifts and your great potential. Or keep your vision posted in the office so you can be reminded of it throughout the day.

6. Know What You Don't Know - No matter how good a businessperson you are when you start your new venture, you'll quickly discover how little you really know. Find the business resources and mentors who can guide you in your learning and who will gently correct the many mistakes you will make.

Entrepreneurship can be an exhilarating and exhausting journey. With a little savvy - in both your head and your heart - you'll find yourself able to weather the most difficult business storms and guide your dream from that initial inner spark to a successful venture.



Rick Silver, M.D., is the founder and director of THRIVE, a mind-body health care center in Columbia. He can be reached at 410-740-3240.