One of the things that is not talked about enough in entrepreneurial circles is the emotional cost of entrepreneurship. Pouring your heart and soul into founding a startup is particularly stressful. When you consider that nine out of 10 startups fail, that is a lot of soul-crushing heartbreak to go around. It is even more painful when you don’t go into the enterprise with your eyes wide open. Keep reading to discover the emotional and physical costs of financial failure when your startup goes belly up like 90 percent of them do.
Depression Is a Part of Life for Many Entrepreneurs
Failure is the worst thing that can happen to an entrepreneur. It is a crushing feeling that can quickly overwhelm you if you let it. The depression that accompanies the failure of a startup leads many entrepreneurs down the path to addiction. The people who achieve success are the ones who do not let that depression sidetrack them. They channel the crushing feeling of failure into a drive that propels them to success eventually.
The Stress of Being in Debt
Because starting up a business is so challenging, most entrepreneurs pour much more money into their startups than they first budget. If the money flows out of your coffers and you struggle to see a bump in your profits, it really takes its toll on you. The stress of hemorrhaging money is no joke. People can get seriously ill from too much stress. Stress robs you of your sleep and leeches joy from your life. Stress can also lead to serious conditions like heart disease and cancer.
You have to do everything you can to deal with stress in a healthy manner when you are an entrepreneur. Stress will be your constant companion, and you will not be able to make the right business moves if you let it overwhelm you. Exercise is arguably the greatest tool for managing the stress of failing with your startup.
The Cracking of Relationships
Money problems are always one of the greatest stressors on a relationship. When your startup goes down in flames, it is not uncommon for your relationship to suffer. Even the best relationships can break apart in the aftermath of a startup failure. The consuming nature of doing everything possible to save your crumbling business makes you neglect your partner, and you are often not totally there when you are together. Your energy can be totally sapped by the essence, leaving you little will to save a relationship that your business helped destroy.
Knowing When to Ask for Help
When you realize just how frightening startup failure can be, you need to learn how to mitigate the negative consequences if you are part of the 90 percent of startups that fail. One of the things you need to be able to do is ask for help when you need it. Trying to go through the experience on your own is a disaster. Your friends and family are there for a reason. Ask for help if your startup’s failure has put you in a bad place. The credit people need is there if you have to get financial help during your entrepreneurial ups and down.
It is especially important to ask for assistance if you are struggling with addiction or depression after your startup’s failure. If the stress of entrepreneurship leads you to addiction, you need to get help for addiction recovery is as quickly as possible. The only way you will be able to recover from addiction and get another chance for startup success is to get the help you need.
As you can see, it is not always a joy ride on the road to business success. Knowing that the path is fraught with difficulties, you can prepare yourself and look for help when you need it. With proper planning, you can avoid the worst effects of startup failure and quickly try again to succeed with another business.
By: Angela Pattridge