Monday, October 28, 2013

The Psychological Price of Entrepreneurship

What are a few traits that instantly come to mind when you hear the name Mark Zuckerberg? How about wealth, success, intelligence and entrepreneurial skills, just to name a few. Keep in mind, overnight success is not always the case when becoming an entrepreneur. Chances are, overnight success is not very likely. Take Bradley Smith for example, a CEO for a financial institution. Bradley just experience success after five years of constant disappointment. After maxing out a $60,000 line of credit and his 401k fund, Bradley was faced with a business that created economic turbulence. Like Bradley, many entrepreneurs are in the same boat. Three out of four venture-backed start-ups fail. Think being an employee has you stressed to the maximum? Think again. The Gallup-Healthways Well-Being Index reported that 34 percent of entrepreneurs reported they were worried, 4 more percent than workers. Another 45 percent of entrepreneurs reported that they were stressed, 3 more percent than workers. Try looking at failure from a positive outlook. "Nothing ventured, nothing gained. Life is a constant battle of trial and error. Don't exaggerate the experience," according to Michael Freeman, a psychiatrist and former entrepreneur himself. To continue reading about the psychological well-being of entrepreneurs, click here.