The emotional cost of being an entrepreneur

The emotional cost of being an entrepreneur

Hey! I know you have decided to go into entrepreneurship and make it really big, and nothing will stop you. But it will interest you to know that you need more than financial and business intelligence to succeed as an entrepreneur.

You might have heard this statement several times, but have you taken your time to think about how emotional intelligence affects you as an entrepreneur?

Let’s take a glean at some lessons from my failed airtime business. Especially the part no one talks about; the emotional cost of being an entrepreneur.

So, I was a young high school graduate full of ambitions and enthusiasm. Oh! I was a financial-independence freak! I started my first business, and it was going smoothly until the emotional side I refused to develop began to show its ugly head in the business.

This lapse in my emotion affected my decision-making process. I couldn’t afford to say no to demands, especially regarding providing what I refer to as financial help. I would assist anyone who came for financial assistance, even if it meant taking from the business’s capital. As you might have guessed right, the business no longer exists.

When the pressure for business stability became too much, and the business was beginning to fail, I leaped into depression and subsequently closed down the business.

There’s one more thing you need to learn before venturing into entrepreneurship, especially when you plan to stay long, and that is EMOTIONAL INTELLIGENCE (EI).

The role of Emotional Intelligence in entrepreneurship cannot be over-emphasis. Here are some reasons:

Entrepreneurs are often alone: An entrepreneur bears the business’s worries and anxieties alone, except he wishes to share them with God. So, the weights of running the business are totally on him.

– Failure: At some point, an entrepreneur encounters failure such as the inability to receive funds, liquation, inability to pay employees’ salaries, and many more. Failure comes with lots of emotions that, when not handled properly, can lead to depression.

The entrepreneurial spirit is tough to turn off. An entrepreneur is naturally a passionate and determined person. So, he might become so busy with business that he would shut all other areas of his life out.

Seeing the psychological cost of being an entrepreneur, it’s crucial to learn and develop Emotional Intelligence for sanity purposes. It starts by focusing on how you feel. Intentionally, take note of your emotions throughout a day, and give a name to what you’re feeling.

You’ll also want to focus on your actions and how they relate to the emotions you express. Take note of whether your emotions drive your choices throughout the day, and what emotions drive certain actions.

Overcoming the emotional trolls entrepreneurship brings is not by ignoring them or pretending they aren’t there. It’s by accepting them, not just that alone – you ensure they don’t interfere with your goals and plans. Likewise, engaging someone will be a great help.

Awareness is another way of defeating the emotional trolls that come with entrepreneurship. Before you become an entrepreneur, learn the emotional price of being an entrepreneur.

Do you know other emotional trolls that come with entrepreneurship? Let’s talk about them and the possible ways to overcome them.

ENTREPRENEUR Versus HUSTLER?

ENTREPRENEUR Versus HUSTLER?

Yes, you read the title right! There’s a difference between an entrepreneur and a hustler, just like a wholesaler and retailer are different people. Follow me, let me tell you a story.

I was privileged to work with two bosses (at different times, though). I will tag my first boss, “Mr. Entrepreneur,” and my second boss, “Mr. Hustler.” They manage an IT training institute. Working with them, I had different experiences and feelings, and I would relate them to you.

Mr. Entrepreneur’s office is a small place yet beautifully furnished, has a receptionist desk, classrooms with systems neatly arranged with a board, and a standing fan.

Mr. Hustler’s office is also small with no particular arrangements, few systems (mostly faulty), Photocopier, or scanner (according to customers’ needs). The office is arranged according to the task for the day.

Mr. Entrepreneur employs qualified or trained people and offers staff training monthly. All staff members have their responsibilities duly stated. He believes in giving value to his students.

Mr. Hustler employs few high school students/graduates with little training; they also run his other petty businesses. He gives them materials to use and copy on the board for students. He will say, “you don’t go too far with them( their students). Just the basic is enough for them. Moreover, they wouldn’t know”.

At the end of the training, Mr. Entrepreneur awards the student with certifications immediately (as it’s included in their fee). Mr. Hustler, however, collects money for certificates and never shows up the certificate, just stories. Employees have to make up a story each time a graduate shows up.

Mr. Entrepreneur specializes in just IT training and gives the best. Mr. Hustler shifts to any area in IT that pays. You may not be surprised if he becomes a technician tomorrow. Mr hustler makes the photocopy, does the typing and printing services, stationery sales, laptop, and phone repairs, phone and laptop accessory sales, scratch card sales, IT training, and management training. Not like we have all these available in the office, we just switch from one to another when there’s a need.

Mr. Entrepreneur has sound financial management skills; all transactions are duly recorded with receipts and, on a few occasions, had issues with his staff salaries. On the other hand, Mr. Hustler would pocket each payment immediately without any form of record, use the business income as he wants, and leave staff salaries unpaid. Well, they leave after a while, and new staff members take their place.

Mr. Entrepreneur’s business has expanded as they have more students because of the needs they meet and the excellent services they give. Mr. Hustler is still hustling, his business is stagnant, but he has built a house and owned a car.

Working with Mr. Entrepreneur was impactful as I got my skills sharpened and got new skills. Working with Mr. Hustler was draining as he never gives room for excellence, just anything that brings money.

One of the significant differences between an entrepreneur and a hustler is their goals; an entrepreneur works with a long term goal of building and sustaining a long term business and opportunities while a hustler works with a short term goal, which is to make quick money.

A hustler needs to keep hustling to avoid his income crumbling while an entrepreneur can relax at a point, and the wealth system he has built over the years works for him.

So, are you an entrepreneur or a hustler? If you are an entrepreneur, congratulations. If you still a hustler, it’s not a bad thing; just don’t let your aspiration stop there. Seek to build a sustainable business.

What else does a hustler have to do to become an entrepreneur? We would love to hear from you in the comments section!