The Ride of Entrepreneurship

I have teamed up the Erik Holmberg of Nauvatis Coaching and Consulting this month.

Many people with NDs prefer to work for themselves. Often either life or work is a little chaotic. If you are one of those who wish to work for yourself, here is some guidance that focuses on your business from Erik, but first I will say while running your own business may seem impossible, it is possible to actually align it with many character traits that people with NDs happen to have in spades. It is challenging, provides novelty, moves fast, and is plenty flexible since you can design any working model you want.

Your business is growing and calling you to grow with it. So much to do with working ON your business and IN it simultaneously! As Erik likes to say, everyone gets a ride at the amusement park of life; entrepreneurship is the roller coaster instead of the Ferris Wheel.

As entrepreneurs and leaders, fears never go away. The ND brain is excellent at remembering the negative, forgetting past success, and letting anxiety speak the loudest. Learning how to face and address fears is an essential skill in managing them that can make the difference between success and failure.

Check out this downloadable budget guide from Erik.

The fear can ride in the boat, but don’t let it drive and maybe should ride under the deck. The emotion of being afraid can encompass many feelings. It includes being insecure, anxious, vulnerable, scared, suspicious, apprehensive, concerned, worried, helpless, susceptible, frighted, and terrified. It is valuable to examine what you are feeling to find the correct bridge over the barrier. There is a big difference between anxious, susceptible, and terrified. Some of these emotions can serve us if we listen to what it wants to tell us. Many times fear in business is associated with the finances of the business.

Here are a few tips:

1. Don’t bury your head in the sand! Know what is going on even if you don’t think you will like what you see. Knowing or understanding your finances is like letting fear take the wheel. You will be in for a wild ride.
2. If you see trouble, make a plan to take action. One step at a time and moving in the direction you want to go, these actions can quiet the voices of doubt that are not serving you.
3. Cover your financial bases. Save up either one month of operating expenses or a line of credit for the same. Having this safety net can reduce anxiety tremendously.
4. If you have debt, mitigate and eliminate it by making a reasonable plan with an accountable person. This person can be anyone you trust. Consider consolidating to the lowest interest rates, get on a payment plan and get that behind you.
5. Check your billing. Are the invoices going out, and have they been received? Confirming this communication is being received can resolve my issues. Schedule on your calendar a consistent time every week to review accounts receivables and make sure that money is coming in. This task is often avoided because of anxiety and is viewed as boring. Use a body double, a family member, or an accountability partner to help this task become completed.

Just because you are in business for yourself doesn’t mean you are alone. Reach out for help before you need it.

1. Many of the challenges you face have been faced before by others. Reach out. Organizations like SCORE are full of current and retired entrepreneurs. Hire a business coach or call a friend who also is an entrepreneur. Please know that most entrepreneurs leaned on others when needed and want to help you when you need it.
2. Nobody has it all figured out. You are not expected to know it all. Learn from different situations and mistakes; fix them where you can. Be patient and give yourself some grace while learning how to run a business.
3. I (Sheila) think it is worth the money to hire a business lawyer for contracts and agreements. Have the correct insurance for your type of business.
4. Know your challenges and delegate them to someone else whenever possible.
5. Believe and breathe. Draw strength from past successes and bring forth your inner confidence. You got this.

Leadership and entrepreneurship is not an easy road, which is both a blessing and a curse. People with NDs like the challenge and find that it keeps them engaged but buries them when looking at the long list of to-dos. It is a road with the most personal growth and, therefore, the most risk. By accepting this choice and making strategic and deliberate choices, we can build the skills to face today’s and tomorrow’s fears. Many people with NDs run successful businesses and are leaders that we all look to for answers.