According to the Small Business Association, over 50% of small businesses will fail in the first 5 years. Pat Miller, founder of the Small Business Owners Community, explores the complexity of managing the emotions around building a business.
Key Takeaways:
- Challenges of Running a Small Business: Pat discusses the difficulties of running a small business, emphasizing the emotional ties with clients, employees, vendors, business partners, family, and friends. He highlights the emotional burden of ensuring satisfaction and maintaining relationships.
- Professional Heartbreak: Pat introduces the concept of professional heartbreak, describing it as the emotional impact of business failures, such as not securing a big deal, launching a product that flops, or having to close the business. He emphasizes the heavy emotional toll it takes and its effect on decision-making.
- Managing Emotions: Pat shares advice on handling professional heartbreak, suggesting to honor and express the emotions, talk to a coach or peer, and not to stop dreaming. He encourages small business owners to acknowledge their feelings and seek support from others.
About the Author
Pat Miller is the founder of the Small Business Summary newsletter and a passionate advocate for small business owners.