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ASK GERBER: HOW DO I ESCAPE THE ENTREPRENEURIAL SLUMP OF FEELING TRAPPED IN MY BUSINESS?

JULY 5, 2019
By Randy Gerber
 
 

It is undoubtably a stop in every entrepreneurs’ journey. You have built a business from concept to reality, you’re the happiest and most excited you’ve ever been, and then—out of nowhere—an unwelcomed and unexpected complication throws a wrench in your business growth plans.  

 

No matter the stage you are in on your business journey, that financial hiccup, undesirable turn of events, or key player leaving your organization, can force you from a point of total elation to complete panic nearly overnight.

 

I like to call this feeling “trapped.” It’s the infamous stage of feeling overwhelmed with business, financial, and/or family pressures and responsibilities you’ve never experienced before. And as a result, this obstacle causes high levels of stress, contributes to poor health, and places significant strains on your relationships. There’s no doubt it’s an uncomfortable and difficult place to be.

 

However, you can get through this.

 

Here’s how to navigate your way back to the surface:

 

Revisit your business plan

To force your way through this phase, revisit the plans and decisions you made when you first started your business.

 

Review your marketing plan, revisit your core values, and take solace in the strengths of decisions your business was built on. When your foundation is strong, you will gain the confidence to push through the rough and stressful times.

 

Understand and accept the risks

This includes financial, personnel and business risks. Consider consulting a professional to make sure you are making the “right” financial decisions and investments from an accounting perspective.

 

Consult with and trust your advisors

Meet with a lawyer or business-consulting firm (like Gerber) that understands high-growth businesses. They can advise you on how to structure your business and people to maximize your profits and growth, while (hopefully!) minimizing the stress.

 

 

Take care of yourself

If the majority of your ‘trapped’ feeling comes from stress, you also may want to consult with a business coach or therapist. Those professionals can help you manage your many priorities, so you don’t end up at the bottom of your own priority list—or worse—not on the list at all!

 

It’s important you take care of yourself, and that includes regularly exercising. Don’t believe me? Self-Care Results in Taking Better Care of Your Business. Here’s how.

 

Feeling trapped is a FGEs rite of passage. It’s part of the deal when it comes to building a business, and as stressful and impossible as it may seem, strategy and proper planning will get you through it.

 

Entrepreneurship requires the personal fortitude to survive and conquer the misgivings. When you do so, you’ll come out stronger, more experienced, and better equipped to handle the next challenge that comes your way.

 

How have you survived feeling trapped? Share with us on LinkedIn, Twitter and Facebook!



INDEX
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  • THE PROS AND CONS OF OUTSOURCING YOUR FINANCE AND ACCOUNTING SERVICE
  • HOW TO SET GOALS IN 2021
  • THE LEADERSHIP EVOLUTION OF YOUR BUSINESS
  • HOW TO GET THE MOST OUT OF YOUR ADVISORY BOARD
  • THE PANDEMIC-INDUCED INNOVATION OF MEETINGS
  • HOW TO USE THE 8 P'S OF MARKETING TO GROW YOUR BUSINESS
  • BEST PRACTICES FOR COLLEGE FINANCING
  • SCALING A BUSINESS - ARE YOU READY?
  • THE HALFWAY POINT: IT'S TIME TO REVISIT THOSE BUSINESS GOALS
  • GROWTH WITH PURPOSE: SUCCESSION PLANNING
  • GROWTH WITH PURPOSE: EVOLUTION OF FAMILY LIFE
  • GROWTH WITH PURPOSE: FINANCIAL RISK
  • GROWTH WITH PURPOSE: INTEGRATION
  • GROWTH WITH PURPOSE: WHY ARE YOU GROWING YOUR COMPANY?
  • GOAL SETTING 2020: HOW TO KEEP YOUR GOALS FRONT AND CENTER ALL YEAR LONG
  • ASK GERBER: HOW TO STAY LASER FOCUSED DURING THE HOLIDAYS
  • Ask Gerber: How to Identify Your Business's Culture When You Don't Think You Have One
  • Ask Gerber: When Should I Hire a Professional Manager?
  • Ask Gerber: Should You Mix Business with Friendship?
  • ASK GERBER: HOW DO I ESCAPE THE ENTREPRENEURIAL SLUMP OF FEELING TRAPPED IN MY BUSINESS?
  • ASK GERBER: HOW CAN ENTREPRENEURS CREATE SHARED EXPERIENCES WITH THEIR CHILDREN?
  • Ask Gerber: How Can I Recognize Permanent Failure as an Entrepreneur?
  • Ask Gerber: How Can I Recognize and Overcome Temporary Failures?
  • ASK GERBER: HOW DO I HELP EASE EMPLOYEE STRESS DURING BUSY SEASON?
  • ASK GERBER: DO I NEED TO HIRE HR?
  • ASK GERBER : DO I NEED A CEO?
  • ASK GERBER: DO I NEED TO HIRE A COO?
  • ASK GERBER: DO I NEED TO HIRE A CMO?
  • ASK GERBER: DO I NEED TO HIRE A CFO?
  • ASK GERBER: HOW DO I KEEP PASSION AND PROFITS TOP OF MIND IN MY BUSINESS?
  • ASK GERBER: WHY DO I NEED TO INVEST IN HOSTING AN ANNUAL RETREAT FOR MY TEAM?
  • ASK GERBER: HOW CAN I ENGAGE WITH MY CLIENTS/PROSPECTS WITHOUT BREAKING THE BANK?
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART DEUX
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART ONE
  • ASK GERBER: THE HIRING PROCESS. WHY IS IT SO DAMN HARD?
  • ASK GERBER: WHY IT'S IMPORTANT TO KNOW AND GROW YOUR COMPANY CULTURE
  • ASK GERBER: HOW DO I ACHIEVE THE WORK/LIFE BALANCE AS A BUSY ENTREPRENEUR?
  • ASK GERBER: HOW DO I PREPARE MY FRIENDS FOR LIFE AS AN ENTREPRENEUR?
  • ASK GERBER: FIRST GENERATION ENTREPRENEURS AND BUSINESS EXECUTIVES, HOW ARE THEY DIFFERENT?
  • ASK GERBER: I PUT SO MUCH OF MYSELF INTO MY BUSINESS THAT I WORRY I AM FALLING SHORT AS A SPOUSE AND PARENT. WHAT CAN I DO?
  • ASK GERBER: ARE CHILDREN OF FIRST-GENERATION ENTREPRENEURS MORE LIKELY TO BE SPOILED?
  • ASK GERBER: WHAT'S YOUR STANCE ON REMOTE ACCESS FOR EMPLOYEES?
  • ASK GERBER: WHEN DO I NEED TO HIRE AN ADMINISTRATIVE ASSISTANT?
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