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Entrepreneurship Means Accepting the Fun, the Quick Wins, the Hard Times
Entrepreneurs have to be ready to embrace it all – the fun times, the not-so-fun times that offer quick rewards, and the long slog through pain that often may seem useless and endless.
That’s been my advice to would-be startup leaders for a long time. Turns out that there is scientific proof behind it in the form of entrepreneurial mindfulness.
Work can be a lot of fun. For some the human interaction and the camaraderie of work sparks joy. Others find fulfillment in the opportunities work brings to access the latest technology and tools. For analytical minds, work rewards with the chance to innovate or solve a puzzle.
When you feel that flow and it all comes together, work can be a great place to be. Even more so at a startup where you have invested yourself body and soul.
But it’s not always like that. In every startup, there will be challenges to overcome and setbacks to weather. To be successful, you have to be willing to embrace it all, not just look for the fun or easy way out. You need to take the quick wins but know that they aren't always going to be quick.
You need to commit and do the “unfun” things. Sometimes, you have to cut costs. Sometimes, you have to change direction. Sometimes, you have to pick yourself up after a failure. It's all part of the experience.
When leaders have entrepreneurial mindfulness, they are open to all the experiences that unfold and proactively seek new information. They are alert and ready to respond to unexpected events. They exercise the “resilience” muscle that will get them through tough times.
I was riding high when ParkHub – my startup focused on parking technology – signed big clients like AT&T Stadium, home of the Dallas Cowboys. Work was fun and rewarding.
Then, COVID hit. There was no entertainment, no cars being parked anywhere. It was a lesson in controlling what you can control. The market factors were inescapable, and we needed to pivot to survive.
In early 2021, we acquired campground management company Bonfire. People may not have been flocking to concerts and sporting events, but they sure wanted to safely get outside and enjoy nature.
When you have a startup, it’s easy to become drunk on success or wallow in setbacks. As an entrepreneur, you can’t afford to do either. You need to be steady and clear-eyed through adversity and success.
Mindfulness has been a buzzword for a while, and it’s easy to dismiss it as a fad. That’s a shortsighted response for something that can increase your focus, make you more productive, and help you cope with the ups and downs of entrepreneurship.
On an individual level, mindfulness means scanning ourselves for our reaction to a situation and hitting the pause button. It may include things like concentrating on our breathing, labeling our emotions, and releasing the tension in our bodies.
So, what does mindfulness look like for entrepreneurs and organizations? Like mindfulness for individuals, it comes down to acceptance and presence.
Acceptance is being able to appreciate what you have achieved while also forgiving yourself when things go wrong. Mindful entrepreneurs can stop before instantly reacting to a situation, which leads to better decision-making. They can find their own inner peace.
The other half of mindfulness in business is being present in the moment. Entrepreneurs need to pay attention to their market, their organization, and their customers. They need to stay rooted in the current experience, recognizing the good, the bad, and the ugly.
Mindful entrepreneurs are resilient entrepreneurs. After recognizing and accepting the situation, they look for ways to alter their circumstances for the better. They find ways to change what they can and adapt to what they can’t change.
Resilient entrepreneurs save up the energy from the fun times and the wins. They also prepare for leaner times and future obstacles, gathering resources like squirrels amassing nuts for the winter.
These entrepreneurs build resilient organizations when they emphasize awareness, adaptability, and anticipation. They watch for signs of trouble and are ready to creatively attack problems. When the hard times and obstacles inevitably hit, they learn and grow from the ordeal.
