A friend emailed me this afternoon with a question:
How do you deal with the negative reviews/press/self doubt phase in this entrepreneurial world?
This is a great question, and one that we all have faced as entrepreneurs and undoubtedly will face again. Building a business, launching a product, producing anything is incredibly difficult. It is all-consuming and an emotional rollercoaster.
First, its important to understand that we all go through it. I’ve felt on the brink of collapse before:
- I was producing a Mardi Gras event in 2004, and lost control of it before it even started. I can’t bring myself to say what happened but for a little while it looked like it wasn’t going to happen, and I was going to lose $25,000 deposit and refund $25,000 in tickets. Ugh. I went to my good friend Vaughn Mordentti and he bailed me out of the situation (not literally). I went to him hat in hand, and he saved my butt.
- In December 2008, I pulled the plug on siteMighty, a web app that I had put years and lots of investment into.
- I had dinner with my wife at Slice Pizza in 2003 and she told me that she felt if nothing happened with Destination VIP, I needed to start making arrangements to close it down. I had 14 employees on payroll at the time.
Looking back, each of those fit the old saying: things are darkest before the dawn. We pulled off the Mardi Gras event. Letting go of siteMighty allowed renewed focus on Flatsourcing and Launch Pad. And I sold Destination VIP three months after that conversation.
A few thoughts on how to get through these difficult moments when you face the self doubt and are thinking “what the hell am I doing, and how did I get myself into this.”
- A word on advice – everyone has advice for you. Only you have the complete picture. It’s OK to tell someone, I’m really not looking for advice here. Or to just listen and take it in. But always understand that advice or guidance is only one person’s opinion. Only you know what is really going on in your business, and you have the privilege (and maybe burden) of running it yourself. You’re an entrepreneur and you’re the boss.
- Dealing with criticism - criticism is like advice. Easy to give. Hear it, just like advice. But don’t dwell on it. It’s much easier to criticize than to produce something for someone to criticize.
- Forget everyone else - someone is getting more press, more attention, making more money, and having more fun than you right now. Forget about it. It’s not what is important. Focus on your business and let go of any comparisons to, or competition with others.
- Prioritize and let go - you have a ton to do. How much of it is mission critical, and how much do you want to get done. During times like these you’re feeling swamped. Make a list of what you have to do, then order the list. Focus on the top 20% of it. The rest probably can wait. Everything may not be perfect, or the way you envisioned, but as long as things are happening, you can improve it later.
- Ask for help – you know who is rooting for you. Now’s the time to ask for a little help. Be as open as you want to be, and don’t be afraid to be specific on what you could use some help on.
- Find balance – when times are tough, you need your family & friends more than ever. It is difficult to balance, because your business needs you more than ever, but you need support. Make time for family.
- Make a plan – One of the best stress relievers is getting things out of your head and onto a sheet of paper. Write down everything you have to do. Break it into chunks you can accomplish and feel like things are moving forward.
- Persevere – keep putting one foot in front of the other. Focus on crossing things off your to-do list. As much as you want to give up, don’t. Perseverance is one of the most important attributes of an entrepreneur.
- Everything will be ok – of course there are no guarantees, but you’re going to get through this. Take a deep breath, and keep pushing forward. It probably doesn’t feel like it right now, but someday you’re going to look back on this and how much you grew during this difficult time.
This post is based on personal experience. It’s not a panacea, but hopefully by reflecting on what has helped my during difficult times, I can help you when the going gets tough.
Chris,
Talk about a timely article. I was just talking to someone this weekend about letting their small biz go. They had valid reasons and an article like this could probably give them a little more insight.
Thanks Chris – yeah, this is something that we all go through. I think its really important to keep our chins up right now, b/c with all the energy people are pouring into things around here, there are going to be ups and downs. The important thing is that we are all trying. I wish your friend the best, its a very tough decision to make.
Chris,
Very thoughtful and poignant post. As a relatively new entrepreneur I already feel well qualified to write a post on failing to doing things the wrong way so it’s good to see someone talking perseverance through trial and tribulation.
Kudos,
jeff
As a first time entrepreneur, this is one the most helpful things I’ve read. Unfortunately, one usually only hears about the successes of entrepreneurs and not the journey it took to get there.
Thanks for sharing.
@Jeff – it is all about perseverance. Although I got my MBA and concentrated in entrepreneurship, nothing has taught me more than doing. And failing.
Just have to pick yourself up and keep on rockin’.
@Scott – thank you, I know you’re working hard and have a lot of wonderful ideas. Keep on rollin’ with it, and you are going to get there.
“It’s much easier to criticize than to produce something for someone to criticize.”
Amen to that, Chris. It takes an amazing amount of creativity and internal fortitude to create something – and almost no effort to criticize it.
Thanks for reminding people of this.
@David – you are exactly right. It’s like the trolls you see on TechCrunch sometimes. It can be so easy to criticize, but you notice the people who create and understand how hard it is are generally much more supportive.
Chris,
I would add one thing I’ve found healthy. It’s also something I’ve learned from friends of mine who trade commodities at the Chicago Mercantile Exchange and with stock traders…keep a Journal. It allows you to “have a conversation” with yourself, get thoughts out, and look at the situation objectively. It’s surprising how much you can learn my ‘brainstorming’ a situation by putting thoughts on paper, listing the details of events, jotting down observations, etc. I’ve logged everything since around 1987 into standard Composition Books. I must have at least 30 single spaced notebooks of about 120 pages each, most in pencil (I like the feel of pencil on paper better than ink). I have a system of putting new ideas on things to explore along the top margin, key observations in the left margin, secondary observations in the right margin, and I draw a line down the center of the page vertically while writing from left column to right column. When I’m in a meeting I write my notes on the right side and notes from the meeting or presentation on the left side.
The key is it’s NOT a diary. It’s not a dreamy catalog of idle ramblings. There is a linear purpose to the work. It’s very much like the content of that what we be posted on a whiteboard during a strategic planning session with a group, but it’s personal, only your ideas. What it does do is give you perspective, objectivity, and the reflection and self awareness to so that you can put both praise and critism to work for you. It’s about logic, not emotion.
I know many successful people who do this. When you’re in the world of Innovation and Startups, by definition you are in uncharted waters (or you should be, if not, what you’re doing may not be very innovative). It’s hard to find objective advice because many times only you have the vision of what you want to achieve. Others, no matter how well intentioned, can’t see what you can. If it was that obvious, everyone would be doing it.
I’ve found using a simple notebook as a vehicle to channel these thoughts and ideas to be very valuable. In fact, it’s interesting to go back to notes I’ve written in the past (I also date and time stamp every entry with the location I’m in at the time…most have been on planes or in hotel rooms around the country and internationally since around 1992 since I’ve spent so much time on the road) and see how things progressed (or regressed, which is sometimes unfortunately the case) since I first made the notes.
Anyhow, I like your comments, and I’ve found that using a simple notebook as a tool to channel the items has helped much, especailly for those of us in often lonely ventures or positions.
Good blog, I liked it.
Hi Chris,
Great post, and something we all need to hear (and keep in mind) when we’re “in the midst of it” and things are going badly.
It’s funny – one would think that if you were doing what you truly wanted to do, that you’d wake up every morning psyched, positive, and chompin’ at the bit to get at it. But that doesn’t happen – which can make you question yourself (Is there something wrong with me?) and what you are doing. (Is there something wrong with my idea/project?)
Well, that’s not the way life works – nobody gets a free ride, regardless of what they are doing. And you’re right – when you come out the other end, you realize that while it may have been really hard and sucked at times, that it was those trials that contributed most to your growth as a person of substance.
In closing, here’s a truly great quote from Theodore Roosevelt that speaks to “The Journey”:
“It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself for a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat.”
Thanks Larry, love that Teddy Roosevelt quote. I’m going to file that away, that really is a great one.
awesome post, very inspiring! thanks chris
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Chris,
This is an awesome article. I’m pressed used to the stress of entrepreneurship but definitely am bookmarking this to rejuvenate when feeling down!
“No one ever erected a statue of a critic”.
Neel
Thanks Neel. I really am inspired by everyone’s responses. It seems we’ve all been through this and have to stick together through the tough times and the good.