Have you ever wondered how to deal with stress from knowing your business is closing? Being an entrepreneur or business owner is hard enough as it is, without a global economic crisis making things worse for your business.
In an ever-changing market, it’s easy for you to feel overwhelmed or stressed out by everything that is going on around you. However, it is vital that you stay focused on yourself and your company. Those who fall into these unhealthy habits go down a very dark road. Not only does their business suffer, but their relationships with their family and friends suffer.
According to Shopify, entrepreneurs are 15% more likely to experience depression in comparison to the average person.
Entrepreneurs need more than just passion and expertise to succeed in this unpredictable market. They must also have a bulletproof mentality to overcome the challenges they face everyday.
What Does a Bulletproof Mentality Look Like?
Entrepreneurs are expected to blow their goals out of the water, and if that doesn’t happen, it’s likely that they’re heading down a bumpy road.
Imagine that you’ve worked really hard to build a business that you thought was your life long passion. You took a massive loan from your parents and even remortgaged your house to get the business started.
After a couple of months, things are not looking too great. The bills are starting to pile up and you can’t seem to find any new clients. To make matters worse, you’re starting to feel humiliated and stressed out by the idea of having to admit that your business failed. What are you going to do?
An entrepreneur who came from a similar humble beginning is Walt Disney.
Walt Disney is a great example of someone who knows how to deal with stress from knowing your business is closing. At the age of 20, Walt Disney’s first business went under and he had no choice but to file for bankruptcy.
Walt Disney showed his entrepreneurial drive by getting back onto his feet and starting a new company. He said, “When you believe in a thing, believe in it all the way, implicitly, and unquestionably”.
You might be wondering how entrepreneurs like Walt Disney overcame the stress attached with failing. In this article, we will cover seven strategies you can use when dealing with stress from knowing your business is closing.
1. Think About What’s Going Right
As your business is beginning to slowly spiral downward, it’s easy for you to only focus on all the things that are going wrong. The problem is, you will only become more stressed by doing this.
You can improve your stress management by consistently reminding yourself of the things that are going right. Have you had any accomplishments this week? Have you hit any milestones?
List each one of your accomplishments out on a piece of paper, even if they’re small, and place it somewhere easily visible. Dan Lok calls this a wealth trigger.
A wealth trigger is a visual tool entrepreneurs use to remind themselves that they are worthy of achieving significant wealth.
As an entrepreneur, self-esteem is the foundation for your success. If you don’t believe you deserve to live a better life, how do you expect to get there? With this mentality, you are subconsciously sabotaging yourself and any opportunities that may arise to help save your business.Self-confidence is fundamental to your success. Click To Tweet
So, when learning how to deal with stress from knowing your business is closing, remember to place wealth triggers around you. This will remind you of how far you have come and how deserving you are for more.
2. Speak to an Expert
When it comes to business advice, the most important thing you need to consider is who it’s coming from.
If you’re feeling stressed out by the current state of your business, take the time to meet with an expert in your industry. An expert is anyone who has an extensive knowledge in a particular area due to their research, experience, or education.
Here are three tips you should follow when meeting with an expert:
Ask very specific questions
Since your business is slowly spiraling out of control, you need to ask specific questions that directly pertain to your situation. If you ask questions that are too general, you will likely receive a general answer.
Learn from their story
When learning how to deal with stress from knowing your business is closing, it’s important to hear how other people overcame their challenges. This will help you feel at ease knowing you’re not the only one going through these hardships.
Take detailed notes
By taking detailed notes, the expert will know that you are engaged and interested in what they have to say. Furthermore, you’ll have something to refer to in the future whenever you need a refresher of the meeting you had.
Speaking to an expert can be a rewarding experience. You get the chance to learn more about your industry and gain insight about others who are going through similar experiences to you.
If you’re looking for expert advice, we encourage you to subscribe to Dan Lok’s email list. It provides you with critical business updates and trends so you can stay ahead of the curve.
3. Embrace Your Failures
Acknowledging that failure is a good idea may sound counter-intuitive to you at first. But if you learn to embrace failure, you’ll put yourself in a better position to learn and succeed.
Picture this. You just finished speaking to an expert and you’re embarrassed by how many careless mistakes you made while you were growing your business. At this point, it’s clear you’re the reason why your business is failing.
You have two options:
Option #1: Beat yourself up over your past mistakes and blame yourself for your business’ current state.
Option #2: Take what you learned from the expert and see how you can apply it moving forward.
It’s clear that option #2 is the way to go when learning how to deal with stress from knowing your business is closing. As John Wooden said, “Failure isn’t fatal, but failure to change might be”.
A simple strategy you can use is to start thinking with a present mind.
Think about how much more you could get done if your mind wasn’t wandering through all of your past failures and setbacks.
As an entrepreneur, you’re going to fail. Once you’ve acknowledged it and learned from it, it’s time to move on. This way, you won’t be swept up in your thoughts all the time and you’ll be able to focus on the present issues at hand.
4. Your Hard Work Was Not Wasted
Even if you don’t achieve your immediate goals, this doesn’t mean that all your hard work went to waste.
Life is a continuous learning experience. There are times when things go right, and other times when things go wrong. When a problem occurs, your initial instinct shouldn’t be to worry and stress.
You might think that you wasted a lot of your time if your business is not successful. This couldn’t be any father from the truth.
If you take a moment to step back and look at the overall picture, you will see that with every story comes an important life lesson. The setbacks, hurdles, and failures that you have encountered up to this point are lessons that a book simply cannot teach you.
It equips you with experiential knowledge that will translate into you being a much better leader and business owner in the future.
For example, Dan Lok always says that if you took away all of his assets, he would still be able to get back to where he is today. Why? The answer is simple.
You cannot take away Dan’s skillset.You can always fall back on your high-income skill. Click To Tweet
It doesn’t matter if Dan Lok has nothing, he can always fall back on himself. This is why the experiences you have encountered up to now are invaluable, and you should look at each of them as an asset rather than a liability.
So when learning how to deal with stress from knowing your business is closing. Don’t forget that you can always fall back on yourself and come back even stronger than before.
5. Think About Moving On
Closing your business might seem like the end of the world to you. After all, you’ve devoted your entire life to building it and you’re not ready to just let it go.
The truth is, letting go of your business might be the catalyst you need to reach new heights that you never dreamt of.
Let me ask you a personal question. If you could magically make your business disappear, would you do it? If you answered yes, then chances are it’s time to reevaluate whether or not it’s worth investing more time to save your current business.
Studies show that people tend to build emotional connections to their business making it very difficult for them to let them go.
When you’re thinking about how to deal with stress from knowing your business is closing. Consider asking yourself these questions:
- Have you been losing money for more than 2 years?
- Have any of your key employees left?
- Do you love your product or service more than your customers do?
- Is your mental health starting to be affected by this business?
- Has your mission lost its luster?
Aren’t you pretty surprised by how well you were able to stand up to all of the obstacles you have faced so far? Think about how powerful it would be if you could start over on a clean slate.
Maybe you said yes to one or all of these questions listed above. Whatever it may be, you know what’s best for yourself and your business. Now is the time to make an educated decision.
6. Look to Friends and Family for Support
Entrepreneurs need a lot of support to succeed. One of the most important sources comes from their friends and family.
Business owners often face a lot of their problems alone or with a very small staff of dedicated employees. Friends and family provide a support system to help entrepreneurs overcome these stressful feelings.
When learning how to deal with stress from knowing your business is closing, don’t forget to look to your family and friends for support.
Here are three ways you can do this:
Recharge and take a break
Everyone needs to take a break or they run the risk of burning out. Dan Lok suggests you follow a 45 / 15 strategy. Spend 45 minutes doing your work, and spend 15 minutes recharging.
Share your emotions with them
If you are feeling stressed out, find someone who you can comfortably share your emotions with. Sometimes this is all you need to do to release all of the emotions you have built up inside of you.
Tell them about your business
Your friends and family make great prospects to practice on, and the best part is, you can get feedback for free. Use this opportunity to learn what areas you need to improve on before you take it to the real world.
According to Happify Daily, “People who regularly spend about a quarter of their hours each day with family and friends are 12 times as likely to report feeling joyful rather than feeling stressed or anxious”.
You don’t have to be alone when learning how to deal with stress from knowing your business is closing. Look to your friends and family for emotional support, it will help you to stay focused and motivated.
7. Never Stop Learning
Just because your business is slowing down, it doesn’t mean that you have to as well. Learning is the only way you can get better at what you do.
Take Warren Buffet for example. He spends most of his time reading. Despite being one of the most respected entrepreneurs in the world, he does not act like he knows everything. Buffet understands that in order to be successful, he needs to keep on learning.
When learning how to deal with stress from knowing your business is closing, don’t forget about how important it is to keep on learning.
Think about all of the unanswered questions you have, or all the techniques you still need to learn. If you currently aren’t looking to learn new things, here are five reasons why you might want to rethink your decision.
- You will stay relevant in this ever-changing world
- It will help you to maintain your passion for the skill
- You will become more valuable to the market
- Your goals and desires will expand
- You will be prepared for any new opportunities
If one of the points above stood out to you, you now understand how valuable continuous learning can be. In this competitive space, it is your personal responsibility to prioritize learning every single day.
The Final Piece to the Puzzle
You now have seven strategies you can use when dealing with stress from knowing your business is closing. The final piece to the puzzle is taking what you have learned from this article and applying it to your everyday life.
As an entrepreneur, you always need to take action.
For example, everyday you walk, talk, eat and drink. Each of these actions bring changes to your body, and also have an affect on your family and friends.
Similarly, entrepreneurial actions are those that help contribute to your business’ health. For example, if you invest the time to learn new skills or improve your mindset, your business will directly benefit from your actions.
Dan Lok teaches all of his students to follow a three point system. Here’s what it means:
What were your three biggest takeaways?
After reading this article, what are three things that stood out to you? Was it that it’s time to embrace your failures, speak to an expert, and continue learning?
How can you apply these takeaways to your life?
Attached to each takeaway is a very important lesson. How can you take what you’ve learned today and apply it to your business and your everyday life?
Your ideas mean nothing if you don’t choose to take action on them. Hold yourself accountable to improve every single day, even if it’s minor.
When learning how to deal with stress from knowing your business is closing, remember that the power is in your hands to take action, upgrade your skills, expand your knowledge, and be determined to bounce back.
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