3 Scary Situations Entrepreneurs Need to Face

Starting your own business can be a thrilling and fulfilling experience. You're there from ideation to when you get things up and running. You're involved in all the highs and, inevitably, all the lows.

While being at the helm can feel glorious, that's not the full story. Sure, there are times when your journey as an entrepreneur may play out like a fairy tale. However, you’ll also inevitably encounter some scary situations that will make you feel like you're in a Halloween special.?

Let's explore three fear-inducing situations entrepreneurs will face at least once in their business journey:

#1 When work starts to take over life

Becoming an entrepreneur is a big commitment. When you're an employee, you have to follow your organization's policies. But as an entrepreneur, you get to draw up your own blueprint. You're the owner-slash-founder, so you have a bigger say about your "baby" (i.e., your business). However, because you have more impact and responsibility, you may need to invest more than just your resources and work hours.?

When you're too focused on running your business, it's easy to let everything else take a backseat. Your family day becomes a working weekend, your morning meditations turn to meetings, and your personal life becomes a thing of the past.

It can be quite scary once you sense you're losing control of your time and personal life. Even when you’re aware of what's happening, getting back on track is difficult without the right help. This can lead to an even scarier situation—a complete loss of balance that affects your well-being.

#2 When costs are piling up

Running a business will always involve expenses, from rent to the cost of raw materials. No matter what industry you're in, you can expect to shell out resources to support a business idea you believe in.

But things can take a scary turn when costs start to pile up without the returns you're hoping for. Imagine all that money bleeding out of your business with little to no revenues coming in!

#3 When the feeling of uncertainty creeps up

Becoming an entrepreneur is not for the faint of heart. There are plenty of uncertainties and possibilities for failure to worry about. That's all part of life, especially the life of an entrepreneur. And there can be times when the fear of uncertainty can be too difficult to cope with.

When you're used to being in control, the possibility of things not going according to plan can easily rattle you. Sometimes, it can make you doubt your decision-making abilities and business acumen. These thoughts can lead you to fall into a rut that's difficult to get out of.

Tackling Scary Situations

As an entrepreneur, you can't avoid scary situations. But it’s important to put on a brave face and tackle these situations for the sake of your business. Here are some tips to help you cope with business nightmares:

Don't let your well-being take a backseat

During the Stanford Graduate School of Business View From The Top speaker series , Oprah Winfrey, the well-known media personality, author, and philanthropist, shared this important quote, "The number one thing you have to do is to work on yourself and to fill yourself up and keep your cup full." This means ensuring you have enough fuel in your own tank to run your business and make the most out of life.

Focusing on your well-being is not a selfish act. It's necessary to do so if you want to sustainably run a business while fulfilling your other responsibilities. You need to care for yourself mentally, physically, and emotionally to be more effective in your various roles.

Setting aside time for yourself in a fast-paced and highly competitive culture can be difficult. But it's not impossible! Here’s how you can regain control of your time and live a fuller, more balanced life:

• Delegate effectively
• Practice time blocking for work and personal time
• Set clear boundaries
• Try out new hobbies and pursue passions
• Exercise regularly
• Adopt a well-balanced diet
• Practice good sleeping habits
• Seek professional support
• Keep communication channels open?
• Don't overcommit
• Consider continuous learning

Get the help you need without breaking the bank

You have to remember that you don't have to do everything by yourself. And if you're worried about the piling costs, you can find ways to get the help you need without overshooting your budget.

One cost-effective way you can unload tasks from your plate is by hiring a virtual assistant (VA). A VA can support you on just about any task, from general administrative wor k to more specialized functions like bookkeeping and social media management . They can take over routine duties so you can focus on your core functions and free up more time and mental space to enjoy life outside work. And the best part? You can save up to 80% in labor costs when you hire a VA.?

Another way to help you become more effective as an entrepreneur and leader is to seek mentors. For the most part, having a mentor-mentee relationship incurs no business costs. Seasoned business leaders can impart hard-earned lessons that you can apply to your life. They've been in your shoes, and this allows them to sympathize with and guide you along your business journey.

Finding a mentor can be organic. You can reach out to people in your network and invite them for informal meetups to pick their brains. But remember: make sure that you do your research. Observe business veterans in your network and see whose leadership style you admire.?

Another route you can take is to join professional clubs related to your industry or specialization. This way, you can meet potential mentors in a more structured setting. You'll also have access to leaders who are experts in your field, making them great candidates as mentors.

Welcome challenges with an open mind and heart

Perspective can be a powerful thing. Seeing your business journey as an ongoing adventure instead of a horror show allows you to treat failures as potential lessons and challenges. You'll also recognize that difficult times don't last forever.

As an entrepreneur, having an open mind and heart is important. You need to welcome opportunities to learn and grow as a business owner and a leader. Being humble enough to accept feedback from customers, team members, and mentors is also crucial. In fact, you should actively ask for it. This way, you can address any improvement areas instead of waiting for more scary situations to happen.

In a nutshell

The business world can indeed be scary. And it's normal to have fears as an entrepreneur; we're all human! But don't let these scary situations stop you from taking your business and skills to the next level.

Remember to fill your cup, find effective ways to get the help you need, and have an open mind and heart. Doing these three things can turn a potentially scary story into one of success and continuous improvement.