Managing Stress Begins with Knowing Its Source

Stress has long been known as a common curse of the entrepreneur. While there is no easy prescription for this problem, a helpful remedy is for entrepreneurs to get together and share their problems and frustrations.
When entrepreneurs get together, here are some of the factors they identify that increase stress.

When the initial vision of success gives way to disappointing sales. As one example, a business venture began based upon a single product that the owner really believed in -- a product that often drew praise when demonstrated ... but wouldn't sell. The owner heard over and over from prospective customers that the product was "a clever idea but I can't use it in my business." Stress was the by-product as this entrepreneur had to tear himself away from this single product, look at the facts, and begin again -- this time producing for the market, not for himself. A new product was the solution.

Partnership conflicts and coordination. When you start a business, friendships as well as investments are on the line. The backgrounds and talents of partners can make a difference. For instance, one partnership's co-entrepreneurs had very similar backgrounds, making the division of labor problematic.

Abandonment of reliable careers. The pressure to succeed is multiplied when new entrepreneurs find themselves taking a severe cut in their personal incomes in order to pursue their own business.

Overcoming bureaucratic barriers to small business marketing efforts. The difficulty a small company often has in dealing with layers of big-business bureaucracies can cause a great deal of strain. Reaching the CEO of a larger corporation may require a level of aggressiveness unnatural and, therefore, stressful to a small business owner. This frustration had been so great for one owner that he decided to direct his marketing efforts exclusively at other small companies.

Being too dependent on one company. Another business mentioned that his company had to swallow a very large loss on a major project when the single large firm his company had depended upon for its market suddenly ended the relationship.

Eric W. Leaman

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eleaman@oedglobal.org
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Organization for Entrepreneurial Development
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