Being even-keel as an entrepreneur
Joshua Davidson wrote this article
“Everything in life is temporary. So if things are going good, enjoy it because it won’t last forever. And if things are going bad, don’t worry. It can’t last forever either” — Unknown Source
As an entrepreneur, it is not an exaggeration, you’re going to experience a roller coaster ride of emotions.
At one moment, you can be the most miserable individual on the planet, asking yourself, what is going to happen to your company?
The next minute, you receive an email, closing a new contract, and set up for the next calendar year, thinking to yourself, how could things become even better?
If you’re asking yourself, yes, that’s a real example from me.
We’ve covered before on this blog about how to deal with stress, thinking long-term, how to handle a slump in a business, even positivity.
One of the things though we need to talk about is as an entrepreneur, we’re the decision-makers.
The ones who will either go down with the ship or be the shining example of success. We need to balance our emotions in order to make accurate, well-informed decisions.
This comes down to a science. This is about being even-keel.
What does this mean?
It means you can’t get too high when things are going absolutely incredible, and at the same time, you cannot get too low when things are going to crap.
You need to stay in that middle.
In the middle lies the magic, realistic expectations, transparency to a given situation.
One of my favorite things that one of our team members, Steven Teller, shared with me years ago is that a situation is never as bad as it seems, nor is it ever as good as it seems.
I remind myself this every single day when planning ahead.
Are you having a rough few months? Be realistic about it and figure out a solution.
Are you having a few great months? Again, be realistic about it, don’t decide at your emotional high to drop a $100,000 on a mortgage.
So how do you deal with your emotions, and make accurate decisions in those given moments?
How do you stay even-keel?
Listen, this is an easy answer and one all entrepreneurs should already be practicing and/or know.
This is using data.
For example, let’s take the stock market. Warren Buffet, an absolute legendary investor proposes for most average joes, like us, we should be investing consistently and never looking at the day-to-day.
Only look at your portfolio once a year, if that.
Because the day-to-day is terrifying.
One moment you’re up 5%, the next down 6%, but overall, if you’re playing the long term game and strategy, you’ll almost always be ahead.
It’s that most people cannot stomach the day to day.
This is literally the same strategy you should be implementing as an entrepreneur.
The day to day is a roller coaster ride, but instead of investing consistently, that should be you working consistently.
Over the course of the year, you will hit peaks and valleys, but it should always be an upward trend.
That brings us to the data.
Analyze your overall data and metrics.
Are you always on the increase? Hell, are you at least maintaining the status quo?
If you look at the day to day or even month to month, your data is skewed. Our emotions come into play and you end up terrified.
If you look at the bigger picture, you’ll have clarity.
Here is where you can truly see your trajectory, your success, your failures.
Approach this the same way an investor approaches a portfolio. Long term, not focusing on the day to day, focusing on the bigger picture.
It’s tough being an entrepreneur. You pour your heart, sweat, blood, tears into what you’re doing and when it gets tough, boy does it get tough.
However, when it gets good, man does it get good.
You need to keep perspective, though.
Don’t lose sight of the shore, but don’t be afraid to look ahead too.
Utilize data, remind yourself that things are never as bad or as good as they seem, and always be thinking long term.
When you do, you’ll always be in the best position to succeed to help grow your company for the long-haul, which as we all know, is what matters the most.