ENTREPRENEURS: STRESS + THE RECESSION
Entrepreneur Magazine
You’ve managed to keep your business afloat, but how are you managing the stress?
By Tiffany Meyers | April 2009
Author’s Note: Earlier in the year, my editors at Entrepreneur realized that business magazines were full of tips for keeping small businesses healthy in the recession. But what about keeping a healthy mind? To find out how entrepreneurs were (or weren’t) dealing with the stress of this recession, I checked in with psychologists and entrepreneurs alike.
In the economic tailspin of the late 2000s, loss is part of life. Workers are losing their jobs, employers are losing their businesses, and as credit becomes more and more scarce, everyone is losing confidence. What’s more, entrepreneurs are grappling with a sense that they’ve lost control of critical factors that could determine their futures.
Those psychological hurdles are perhaps the biggest challenges facing today’s business owners; after all, it was probably that shining confidence and ability to innovate that got you started in the first place, right?
“So much of it has nothing to do with you,” says Tarek Tay, 36, co-owner and managing partner of Atlanta’s Zaya Restaurant, which launched strong in February 2008, boomed through the summer–and then saw business drop 30 percent in September. Although well-reviewed, it has operated in the red since, even with $1.2 million in 2008 sales. “If your food isn’t good, you can improve the quality,” he says. “If service is the problem, you can train your staff. But if the problem is that no one’s going out to eat because of the economy, what can you do?”
As he and his partners fund Zaya with profits from the New Orleans restaurants they also own, Tay works tirelessly on cost cutting and marketing. “It makes me feel like I’m not giving up,” he says. “When I’m out there working and I end up with a busy night, then I get to experience some sense of return. If you sit at home, your worries just fester in your mind.”
Read the rest of this article on Entrepreneur Magazine’s site.
Or…check out some of my other other Entrepreneur Mag stories.
