Founders put on brave faces. They don’t eagerly share what plagues them - the insecurities, uncertainties, and anxieties that keep them up at night. And yet, if you ask a group of founders a simple question like, “How’s it going?” and all you hear are fears: burnout, failure, depression, and the unknown. Of course, those fears are mixed in with the day-to-day details. I’m here to say, “Let’s talk.”
Turns out most founders have the same nightmare: burnout. What happens if I lose my edge? What happens if it’s all too much and I stop caring? What if I just want to give up in the face of yet another disappointment? The number one success factor in business is often cited as persistence. Startup CEOs are a tenacious bunch. But articles like “Why I won’t Run another Startup” show some dark truths about being a CEO.
Startup life forces founders to run at the speed of light, but when we’re most afraid, we need to do the opposite. Instead of galloping full steam, we need to take a step back and reset. Fight the burnout and rediscover your grit with the following steps.
Find the Silver Lining
Every bad situation has a silver lining. It may be almost impossible to see why that potential deal fell through after months of work or that employee took another job. Find the upside; it’s somewhere in there. Challenge your team to find the silver lining with you if you can share what’s bothering you.
Reframe
Reframe what has happened to learn a lesson. For me, when a huge deal fell through, we leveraged product feedback for other customers’ projects. Remember, it’s about getting your mojo back. You need to be excited and motivated, and that’s often just one step above being delusional.
Just Say No to Money
If you’re facing a serious crisis, stop all fundraising. Managing existing investors is hard enough work; you don’t need fundraising to exhaust you further. In times like this, it’s best to hunker down and focus on the essentials. Generate some internal success with your team. This will help you reaffirm your purpose. That way, if and when you return to fundraising, you’re more determined than before.
Be Choosy and Time-Sensitive
Choosy moms may choose Jiff, but choosy founders choose time. It is finite, after all. Thus, it’s imperative that - as a founder - you’re efficient and selective. One of my favorite blogs is Mark Suster’s Both Sides of the Table. In “Do Less More”, Mark discusses putting your head down and avoiding conferences and taking too much money. Wise words to combat fear, but how do you say no? Well, that’s a topic for another post.
Get a Good Advisory Board
It’s lonely at the top, and CEOs know that all too well. If you’re a founder with little to no team, then advisors and mentors are even more critical to you. The next step to combatting your fear is finding advisors who not only complement your style and skill set, but also are there when you’re in crisis mode. Check out my next article on building the best Advisory Board for your company.
This is only the beginning of my series on fighting founder fears. In the meantime, let’s get a discussion going. What is your founder fear? How do you face it? Let me know in the comments.