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Business leaders are a hardy breed, loath to admit trouble and express anything but optimism and confidence. This tough fa\u00e7ade is handy when applying for loans, seeking investment capital and competing in the rough and tumble marketplace.<\/p>\n
But it\u2019s hard to maintain when customers are drifting away, employees are quitting, cash flow is falling short and a new product is taking too long to reach market. It\u2019s hard to stay externally cool when internal fears wear down nerves and mental stability.<\/p>\n
As tempting as it might be to turn inward and work even harder at such times, experts suggest a healthier approach is for the business owner to create some distance between her personal and professional lives.<\/p>\n
Reach Out<\/strong><\/p>\n When a business is struggling, the owner shouldn\u2019t isolate himself or develop the tunnel vision of obsession; that just intensifies panic and despair. People who have been there say hard times are the times to strengthen meaningful connections with family, friends and one\u2019s inner self\u2014to find meaning outside work.<\/p>\n With the clarity that comes with distance and objectivity, an entrepreneur protects her mental health and might see opportunities and safeguards that aren\u2019t apparent up close. She might find ways to cut losses for herself and investors. And she might discover opportunities amid the crisis, according to Harvard Business School professor and former CEO Bill George.<\/p>\n George preaches the benefits of lessons learned the hard way in his foreword to a book by Steven Snyder, Leadership and the Art of Struggle<\/em>. George writes that failure teaches us about our blind spots and weaknesses. \u201cOnly in acknowledging our own flaws and vulnerabilities,\u201d he writes, \u201ccan we become authentic leaders who empower people to perform to the best of their abilities.\u201d<\/p>\n Reality Check<\/strong><\/p>\n Every entrepreneur knows the value of perseverance, but perspective is just as important.<\/p>\n Running a business is risky, and the \u201cdropout\u201d rate for startups is high. U.S. Bureau of Labor Statistics data indicates that about 20 percent of small businesses fail within their first year, and about 50 percent of businesses fail by the end of their fifth year.<\/p>\n Given those stats, someone courageous enough to invest time, money and passion to build a business needs to acknowledge that professional failure doesn\u2019t equal personal failure. They should gird themselves emotionally for the anxieties and stresses associated with starting and nurturing a business or navigating a stable venture during setbacks.<\/p>\n This includes taking care of physical and emotional health, which is good for the individual and the business.<\/p>\n Finance New Mexico article 604 by Sandy Nelson.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Business leaders are a hardy breed, loath to admit trouble and express anything but optimism and confidence. This tough fa\u00e7ade is handy when applying for loans, seeking investment capital and competing in the rough and tumble marketplace. But it\u2019s hard … Continue reading