Question for you… If anyone had warned you ahead of time about the roller-coaster ride that is part of being an entrepreneur, would you have done it? Yikes!
The ups and downs of being an entrepreneur are legendary and are the subject of books (like Darren Hardy’s The Entrepreneurial Rollercoaster).
There are few highs like signing a new client up at your highest price point! And there are few lows like the doubt and fear of the predictable sticky periods and meltdowns all entrepreneurs endure. Yes all! Did you think it was just you?
After years of working with entrepreneurs, we have found they ALL have lows that will look and feel to you like a complete meltdown or breakdown. This is NORMAL. And there are MULTIPLE normal meltdowns too.
My Goals for You This Month
I have 3 goals in this month’s business tip:
- To help you to anticipate your normal and predictable entrepreneurial breakdowns.
- To tell you that the end result of a breakdown is a break through (yes, I knew you would like that part).
- To assure you that all successful entrepreneurs have walked through these challenges. And you can too.
This is helpful information because you will know what is normal, plus you will feel less isolated and alone when it happens. Better still, you can predict the breakdowns and know how to walk through them. I really want you to experience the gold that is waiting for you on the other side of these breakdowns!
It is helpful to know what major issues cause breakdowns in entrepreneurs. These are forecast-able meltdowns, so please expect them. You may have been through one or two already?
Interestingly, you can map these meltdowns against the 4 Business Phases below, and as each meltdown is solved, you will enter the next big business growth phase.
Business Breakdown #1: You are struggling to settle on a niche.
This coincides with business phase 1 – Startup. It could be called the FEAR AND DOUBT stage because of the newness of the business. It ends when you have business “Proof of Concept”. We define this as a few fairly easy sales where money changes hands, or when investors invest in your business. Someone wants you, your niche is working and responding, money starts flowing. Yay!
Business Breakdown #2: You are learning to sell.
This coincides with business phase 2 – Base. Many entrepreneurs have a crazy hard time with this! Sadly some would-be entrepreneurs never muster up the courage to sell and will fail. Here you will encounter your FEAR OF REJECTION. And in order to proceed you will need to learn to deal with this. Many entrepreneurs miss what is really going on here, and create multiple excuses, reasons and busy work in order to avoid the reality of appropriate sales activities. The breakthrough happens when the entrepreneur can readily and predictably duplicate sales.
Business Breakdown #3: You are overwhelmed with growth.
This coincides with business phase 3 -Expand. I realize that this seems like a great problem to have! However, it happens fast, and usually catches the entrepreneur unprepared, as soon as the entrepreneur figures out the sales challenge. The overwhelm caused by more clients than the budding infrastructure can handle will generate meltdowns! And these will persist until the entrepreneur can build effective support teams and systems, and learn to delegate.
What You Need To Know
What I would like you to do is to be aware of these very predictable rough periods in a normal business’s growth. Anticipate them. And then prepare to take a huge breath and walk right into the challenge with heart and mind open, ready to do the work and to receive your growth.
Know that the only way through these difficult phases is to walk through them, albeit painfully, as all other successful entrepreneurs have already had to do.
This is your opportunity for growth. You will learn your most valuable lessons here. Don’t keep doing the same old thing that is not working. Open yourself up to receive the lesson that needs to be learned, the growth you need is trying to happen.
There is gold waiting for you on the other side and this is what will make you successful. This is NOT the time to quit or give up. Believe.
Share Your Experience
We would love you to share what you think of this practice! Please share your breakthroughs in the Facebook team room.
I wish you courage in walking through your breakdowns and meltdown. I feel excitement for you when you go through these times because I know you will emerge a stronger, more resilient entrepreneur.
Kudos to you for having the guts to take this journey! All the best in your entrepreneurial success!