Advice for Dealing with Small-Business Stress

Even during good times, small-business owners are typically under stress from a variety of sources. During a recession such as we are currently experiencing, the stress level, of course, rises.

In an article yesterday on The New York Times blog site, "You're the Boss," Jay Goltz, a Chicago-based entrepreneur and owner of five small businesses, offers tips for maintaining equilibrium during stressful periods, and learning from the experience. The article is titled "Six Ways to Deal with Stress."

First, identify the real problem. You may think the problem is that you need more sales or more credit. But looking under the surface, more basic problems can be identified, e.g., poor marketing, poor management, or weak financial management (often pricing or debt-restructuring mistakes). It may take someone with more expertise to ID the problems. Joining a business group, interviewing a new accountant, or reaching out to other business people may make a big difference.

Second, separate your fear from your anxiety. Fear is normal, rational and keeps us from taking reckless actions. You need to manage and overpower fear. Anxiety is unwarranted and irrational worrying. Do your best to recognize anxiety and put it out of mind. Suggestions here include: go to a professional or do exercise.

Third, forgive yourself. Business is not easy, and inevitably you make mistakes. Stop feeling guilty, don't look back, roll with the punches.

Fourth, keep perspective. Life is not fair. Self-pity is kryptonite to the successful entrepreneur. Success in business is as much about tenacity as it is about working hard or being smart.

Fifth, accept responsibility. There's no one but you to point the finger at. After you accept responsibility, re-read the third item above (forgive yourself).

Finally, think positively. If you think negatively, you will fail. "If things are so bad you can't do any of this, throw in the towel...Take the hit. There is no shame in failing...The sooner you can get it over with, the sooner you can move on."

Comment: This is great advice. Unfortunately, like many other things in life, it is much easier said than done. However, if you can follow this advice, you will likely be on your way to success, either in your current venture, or in a future endeavor.