Imagine that. You spend years building your expertise and reputation within your industry – a successful career – and your entrepreneurial spirit ignites! An opportunity presents itself to you, or your own burning desire motivates you to go it alone. The idea of being your own boss is intoxicating.
You know the common pitfalls of entrepreneurship – like having insufficient capital to start and run the business (let alone make it profitable), accepting financial risk potential failure, think too small, create a job for yourself instead of starting a business – and you take pride in having carefully planned your new venture to avoid them.
Your passion and adrenaline drive you forward with enthusiasm and your business is launched with a great reception . Sales are starting to roll in, business is going well, but something is not right.
In your previous role, you may have participated in a research and development group where you and your colleagues met regularly to brainstorm ideas, or maybe you were a senior executive at a large company where you attended regular management meetings. Either way, you were working with your peers, and they had respect for you and your contributions to the group. Your very identity may have been based on the position you held and the influence you wielded.
Your vision of being your own boss, in control of your own future, was so intoxicating that you never haven't even thought twice about feeling a lack of self-confidence. You find yourself at your desk, as the CEO of your own company, surrounded by wonderful, enthusiastic employees who are all looking for direction. You should feel good… right?
Instead, you came face to face with the silent enemy of an entrepreneur:loneliness. By becoming your own boss, you moved away from an environment where you enjoyed the camaraderie of your peers. You've heard the phrase "it's loneliness at the top," but what's worse is what that loneliness creates:an environment of fear and self-doubt, which can become the biggest downfall of an entrepreneur.
Your identity is no longer tied to your old title, and you may miss the office nook or depth of resources that a business in its growth phase cannot match. You feel loss of corporate title. If you are a young entrepreneur, you may find that your lack of experience over the years creates feelings of insecurity. Or maybe you're an entrepreneur who's so busy working in your business that you don't take the time to work on your company. This is often the case for many women entrepreneurs who don't ask for help for fear of appearing weak, but building a network of support and influence is so important to growing your business quickly and successfully. .
So how can you avoid this silent enemy, or overcome it if you are already experiencing it? Consider the following steps to streamline your transition to a respected entrepreneur with big industry and community influence:
Join a professional association. As you consider leaving your position, get involved in one or more professional networking groups and consider becoming an officer in one. This will allow you to replace your old prestigious title with one of equal or higher prestige. It will not only broaden your associations, but through it you will be able to find and know peers to whom you can call.
Train a brain of peers to support you in the creation and strategic planning of your business. Then, have regular, ongoing meetings (with agendas) where you can connect and brainstorm with peers in your industry, as well as other entrepreneurs. Their advice and wisdom can help you overcome all obstacles and turn them into opportunities.
Find a mentor who has had success in your field. Schedule regular meetings with your mentor.
Form a business advisory board. As your business gets started, you may not be ready for a formal board, but you may need more than a brain. Forming an advisory board helps give your business credibility and advises you. Advisory Board members have no fiduciary responsibility, but they should be interested in supporting you and your business success.
Form a board of directors. Consider creating an official board of directors who will be there to advise you. They bring years of experience and wisdom to the table and focus on your overall business strategy and growth plan. As formal board members, they will have fiduciary responsibility for the business, so structure is important, as well as setting goals, benchmarks and direction for growth.
Whatever choice you make in adding talented people to your team, remember the concept of reciprocity. Show your appreciation for your mastermind members, your mentor, or your boards of directors. Just as they offer their support for you and your business, remember that you can also contribute to their business. Offer to share your expertise for another aspiring entrepreneur.
By reaching out and expanding your network of entrepreneurs and support systems, you will lessen loneliness, or avoid it altogether, and feel your confidence in you soaring as your reputation and sphere of influence grows. After all, it's a lot more fun at the top when you have others to enjoy the journey and share the success with you!
Related: 7 Ways to Stay Motivated for Entrepreneurial Success
Sharon Lechter is one of the leading speakers in the Global Women's Summit October 11-12. The program will celebrate actors and performers – a source of inspiration and support that connects and empowers women around the world.
