Thanks to TV shows like Shark Tank, becoming an entrepreneur sounds almost as cool as being a rock star. And while just about anyone can start a business, not everyone has the mental muscle to be a successful entrepreneur.
Becoming an outstanding entrepreneur requires more than just a great idea and a few skills. If you want to reach your greatest potential, you'll need to be mentally strong enough to get there. Here are the top 10 reasons entrepreneurs need mental strength to succeed.
1. Being an entrepreneur can be isolating.
Stepping away from a 9 to 5 job into the world of entrepreneurship can be very lonely. You'll need to be able to thrive even when you feel isolated.
2. Starting your own business requires self-discipline.
No one stands over your shoulder telling you what to do when you're an entrepreneur. While that can be quite liberating, it also means you have to be self-disciplined. You need to be willing to do the work even when the only person you're accountable to is yourself.
3. You have to tolerate risk and uncertainty.
Taking the leap into the world of entrepreneurship means you're giving up the comfort of a regular paycheck. No matter how good business is today, or how hopeful you are about the future, there's a certain level of risk that comes with launching your own company.
4. You have to make big decisions.
Although you might get advice from trusted mentors or a successful business coach, ultimately, every decision rests on your shoulders. Should you expand? Are you ready to hire employees? Whom should you hire to advise you? You'll need to be able to make wise decisions consistently.
5. Being an entrepreneur requires hustle.
Your motivation will wax and wane but you'll need to hustle on the days when you don't feel like doing it. It takes mental strength to keep moving when you encounter self-doubt, discouragement, and fear.
6. There's no one to blame but yourself.
As an entrepreneur, you have to accept full responsibility for everything that happens to your business. You can't blame anyone else for your mishaps or problems.
7. You have to learn from mistakes.
If you want to be successful, you have to be open to learning from mistakes--and you'll make plenty of them. You'll also need to be able to bounce back from failure with more knowledge than you had before.
8. Being an entrepreneur is stressful.
Whether you're a solopreneur or you operate a large company, being an entrepreneur is stressful. And if you're not actively taking steps to build the mental strength you need to combat stress, it could take a toll on your well-being.
9. Creating a work-life balance is complicated.
Being an entrepreneur blurs the lines between your work life and your personal life. The lack of separation could become especially challenging if you struggle to set boundaries or you have trouble establishing clear priorities.
10. Not everyone will like what you do.
Whether you get eye rolls from family members who don't understand your dreams, or you get pushback from friends who complain you work too much, not everyone will understand your drive. And you'll need to be willing to do what's right for you, even when those choices aren't popular.
Building Mental Strength
You'll be able to think more realistically, manage your emotions, and behave productively when you're mentally strong. But the best time to build mental strength isn't when you're struggling the most. It's best to start building a strong mindset long before strong is the only choice you have.