Key takeaways
- The nature of entrepreneurship can extract a serious toll.
- The stress & discouragement arise from venturing into uncertainty.
- The long hours and anxiety can have disastrous consequences.
- Some entrepreneurs turn to mind-altering substances.
- There are simple lifestyle changes that can help conquer these demands.
While entrepreneurship has the glamour and allure of success, there is a downside that any aspiring or existing entrepreneur should be aware of. Since entrepreneurs often operate outside the comfort zone of ordinary people, dealing with uncertainty and the risk of failure can take a toll on them and their families. If you plan to enter the field, consider whether you want to take on the personal challenges and the weight of the winding journey of exploration.
Arthur's dilemma
In the movie Arthur, Dudley Moore plays the role of Arthur Bach, a drunk billionaire. He must marry a woman he does not love, or he could lose his inheritance. Instead, he falls for a server, played by Liza Minnelli, which creates tension within his family. The movie highlights the influence of family and wealth on what should be a personal choice. His alcoholic behaviour creates humour in the film, but also shows the downside of excessive wealth.
Arthur needs mentorship and support from his loyal butler; even as an adult, he reveals another weakness that mirrors the problems faced by spoiled rich children in the real world. Arthur's theme song (Best You Can Do), performed by Christopher Cross, captures the flaws in the key character—"Arthur he does as he pleases, all of his life, he's masked his choice and deep in his heart, he's just, he's just a boy."
Entrepreneurs are not all the same. Dr. Sasidharan Murugan, an assistant professor, describes seven entrepreneurial leadership styles on his LinkedIn page. One particular style, narcissism, can create a toxic culture and may land the organization in hot waters. "Leaders (narcissistic) who are primarily motivated by their own egomaniacal needs and beliefs. These leaders are often grandiose, arrogant, self-absorbed, and have a sense of entitlement. They prioritize their power and admiration over the needs and interests of the people and organizations they lead," says Murugan.
Other times, narcissistic leaders can have a devastating impact on family members and employees. Henry Ford, the founder of the motor company, dominated his son Edsel, which caused him to have low self-esteem and live in his father's shadow.
In family businesses, dysfunctional behaviour by leaders and their families negatively affects non-family members. Some wealthy families exhibit poor work ethic; open sibling rivalry and strained parent-child relations often diminish the entrepreneurial legacy. Gender bias is surprisingly dominant in this form of enterprise. Sons tend to assume leadership, and even better-qualified daughters frequently receive fewer benefits. Have you ever seen a business named XYZ & Daughters Ltd? Primogeniture is very common, and when daughters take over, it is typically because there is no male child to succeed as the next CEO.
Stress and discouragement
Starting a venture requires a different approach. An experimental approach is often the best way to proceed in uncertain situations, but it can also create debilitating tension. Entrepreneurs test the concept on a small scale when they possess a value-creating idea. They ask what hypotheses I am trying to prove and how to get market validation. It is an exciting, iterative way. However, frequently, the outcome is not favourable or unexpected. The loss of control can be taxing psychologically, even for entrepreneurs; however, some move on to the next idea until they find another to build a successful business model.
If you are an established entrepreneur seeking growth opportunities with a proven business model, you are in the right place. The psychological demands can vary significantly for start-up entrepreneurs. While the successful owner possesses more resources to take risks on expansion projects, it is like starting over again with some anxiety, but offers some exhilaration. Entrepreneurs often become bored and seek the thrill of starting a new venture, aspiring to become serial entrepreneurs. Family firm entrepreneurs typically take a different approach and create an entrepreneurial legacy through a family investment portfolio.
Health challenges
Entrepreneurship is a very demanding field, as it is not for the faint-hearted, and the lack of focus on one's health will lead to poor performance on the job. Elson Musk suggests that you are not in the game if you cannot do a sixty-hour workweek. However, this excessive compulsive behaviour has a downside. A lack of exercise can lead to numerous health issues.
Leisure time with friends and family is sacrificed due to work-alcoholic behaviour, and the absence of critical social connections can lead to mental health problems. More importantly, insolation can mean entrepreneurs do not get feedback on important decisions. It is a myth that they have the Midas touch. However, they also have cognitive blind spots that cause them to overlook the downside of an idea.
Among the common mental health illnesses are depression and anxiety. Depression is about ruminating on an event in the past; frequently, it is a bad experience or a regret. Anxiety concerns a future occurrence—delivering a project on time or making a persuasive presentation to key customers. Either one can have you up all night.
Lifestyle shift for success
Is it an entrepreneur's destiny to live on the dark side? Fortunately, help is available in many forms, depending on the specific problem. First, entrepreneurs should reflect on their journey. Am I focusing on my life as if it has multiple dimensions? Am I neglecting to build my social capital?
Entrepreneurs can seek specialist help in many areas. They can hire personal trainers, join their colleagues on outdoor hikes, and organize family events around milestones. You can take your family on trips and discuss family matters. Psychological and psychiatric assistance frequently need expertise in the field. Mentorship for the next generation in succession can be a faster way to transfer skills.
Finally, do not act like the movie character Arthur and use your butler as a mentor for you or your kids. The gloomy side does not have to weigh your life down. Professionals can shine a light on your dark side so you can truly enjoy the unique benefits of entrepreneurship.
Sajjad Hamid is an Entrepreneurship Educator who supports entrepreneurs in scaling their ventures. In his spare time in Trinidad and Tobago, he attempts to cultivate organic tropical fruits and vegetables, practising sustainable farming in his home garden. He is the author of Build Your Legacy Business: Solopreneur To Family Business Hero. Sajjad is a Fellow of the Family Firm Institute. You can contact him at [email protected] or visit www.entrepreneurtnt.com for a complimentary mentorship session.
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