Fall has always been a bit depressing for many, and, if your business forecast isn’t looking all that bright, the mood can become that much worse. For many, it’s the time when entrepreneurs get even more consumed by their business, forcing them into making worse decisions, spiralling down without any control.
In reality, business cycles and luck can hit your life at any time. It’s inevitable. What you can control is your own physical and mental health, so that you can make rational, informed decisions when they matter most.
Successful entrepreneurs know this all too well. Many people who’re struggling with their business believe that their problems and obstacles are bigger than any other person alive ever had to face. Wrong; successful businesspeople simply handle themselves better during times of hardship.
In a way, running a business is very much like a playing a card game. There are players who, when the cards aren’t good, start impulsively betting even more, trying to make up for their losses. “Bad luck has to stop at some point”, they think. “That’s when I’ll win my money back.” What’s really happening, however, is those people start making rash, hot headed decisions that they wouldn’t otherwise make.
In business, the equivalent would be when your business starts struggling, the ‘gambler’ would start spending more and more time on the company, trying to “work” their way out of the hole. They start sacrificing healthy habits and a consistent routine to spend more time on their work, all of which messes up with their rationality and decision making. What happens then is they start making bad, emotion-based decisions that actually tank the business.
No, that’s not how you handle a downswing. In fact, and many successful people will confirm on this, during the difficult times, it is extremely important to take good care of yourself. Exercise regularly, eat well, spend time with your family. Running a business is a game of decision making, so make sure your decisions are on point when they matter the most.