The Psychology of Stress
You’ve managed to keep your business afloat, but how are you managing the stress?
By Tiffany Meyers, April 2009
Author’s Note: At the height of the recession, business mags were full of tips for keeping small businesses healthy. But what about keeping a healthy mind? To find out how entrepreneurs were (or weren’t) dealing with the emotional stress, I checked in with psychologists and entrepreneurs. This article was more positively received than almost any I’ve written, with a letter to the editor published in the subsequent issue of Entrepreneur.
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?”