All entrepreneurs fail at some point (or several), and many, if not most, face the reality of what in retrospect seems like rock bottom. Getting through it and moving on is what separates those who succeed from those who give up. Here are some tips for getting past the toughest of times:
Develop a high pain tolerance.
Being an entrepreneur can hurt. Whether you're scared to death, being constantly critiqued (from the inside and out), suffering sleepless nights, going without paychecks, sacrificing time with family or dealing with debt, you—all of us—face pain in multiple forms. But, as entrepreneurs, we don't have the luxury of taking the time to whine about or try to change things. The best we can do is develop a high pain tolerance, remember the passion that brought us to where we are and make quick adjustments to improve the situation.
Take risks.
Entrepreneurs typically have a roomier comfort zone than others, but regardless of how big yours is (or isn't), you've got to push beyond it. The safe road rarely leads to innovation and profundity.
Calculated risks, as opposed to reckless ones, are an important part of taking your business to the next level. Will you make mistakes and take risks that might not pay off? Of course. But without taking risks, you're on the same path as everyone else, and that typically isn't the formula for a successful entrepreneur. Is it scary to take risks? Absolutely. That's why you need to re-read tip #1.
Stay positive.
Attitude is everything. It will get you—and your employees—through the most difficult of times. But, how do you stay positive when your world seems to be falling apart around you? Exercise. Eat right. Be at your "happy place". And when all else fails, fake it till you make it.
Our brains are so powerful that we can actually influence one mood by faking another. Don't believe me? Laugh out loud as hysterically as you can (close the door if you're shy) and see what happens. It doesn't matter that nothing's actually funny. It only matters that your brain hears you laugh.
Being an entrepreneur can be lonely. Family, friends and employees probably don't understand the stress you face, and the least productive thing you can do is spend time whining about it. Unless you have an incredibly supportive network of friends and family, try to focus on everything that reminds you to be positive.
Think of the passion you have for your business, the reason you started it in the first place, the successes you've enjoyed and the goals you have. Write the good things down so you stay on track.
Attitudes are contagious, and people read other people far better than we give them credit for. Watch your body language, and subtleties like heavy sighs and eye-rolling. People feed off others' energy; and you, your family and your employees will benefit immensely if you can stay positive through all of the ups and all of the downs.
Don't be afraid to fail.
Finally, and perhaps most importantly, understand that it's not only okay, but it's actually important to fail. We may fear it—but as entrepreneurs, we need to fail and make mistakes so we can continue to learn and grow.
There are times when our idea doesn't work out and we fall flat on our faces. And that hurts. Badly. But instead of focusing on the pain, you should refocus on what makes you great (and profitable) and work accordingly. It's okay to freak out and think "Oh crap! What have we done?" Just don't let it consume you and define future decisions. Failures can teach you a little or a lot. Make sure your mindset remains consistent in either case.
Rise up, or give up.
Someone once said that an entrepreneur jumps off a cliff and builds the airplane on the way down. In order to stay ahead of the competition, you have to be innovative and willing to jump off that cliff, often more than once. When you can embrace the risks and failures a new business venture will surely bring, and allow yourself to learn from them instead of being paralyzed by fear and indecision, you're ready to face (and rise up from) the depths of that much-feared rock bottom.
Entrepreneur
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