Small business failure can be totally devastating, wiping out a lifetime’s savings and destroying marriages, families and self-esteem. This is what makes this economic climate so stressful for entrepreneurs.
We’re in an ulcer economy infected with anger and frustration with blackouts, and depression over the government’s seeming inability to provide services, create conditions for growth and curb corruption. Negativity feeds on itself and we are now feasting on failure. Can we end the year with hope? I thought today I would return to my roots in psychology and write about coping with stress in adversity.
Stress is motivating up to a point, beyond which it becomes bad stress. This occurs when our perception of the threats facing us exceeds our perceived resources to cope. This gives us three places to address: the threats, our resources and our perception of both.
Reducing threats begins with listing the problems and planning steps to mitigate them. In AMI, our course on goal-setting in business is one of the most appreciated because many participants have never learnt to plan. The course that describes planning backwards — from an event in the future back through the steps needed to prepare for it — is an eye-opener for some.
But even those who know all this find being forced to write down their plans helpful. So if you feel under pressure, list what is stressing you most. Choose one and write down what you can do to avoid, fix, change or prepare for it. Transfer the key points to your calendar. Pause to celebrate how much better you feel already. Then take the next threat. Facing our fears gives us control over them and reduces stress — so finish your list before going on holiday.
Of course, our worst fear is that our business will fail. So face that possibility and work out plan B. Having plan B will help you sleep and be more effective in making plan A work. Meanwhile, keep your own hands clean — it is even worse to lose your self-esteem than to lose your business.
The second way to cope is building your resources. This includes learning necessary skills and asking for help — often a difficult thing for a business owner. Get in touch with wise and experienced friends you can trust to help you get perspective.
Coping also means exercising, eating properly, sleeping enough and paying attention to loved ones. “I don’t have time!” is the immediate response to that from just about every business person I have met. Well, we never have enough time for everything, so why not choose what you will do? Go through your list, savagely culling everything that is not essential while keeping the things that are most important to you. That’s hard, but at least then you will do what’s important. And you will have taken charge of your life — a crucial antidote to panic.
Finally, your perception of both the threats and your capacity is probably the biggest determinant of whether your stress is energising or debilitating. Your current problems will pass. In 10 years you will not be thinking about them. If necessary, find a counsellor to help you to avoid catastrophising (dwelling on the worst possible outcomes) and to believe in your power to thrive.
After completing your list of problems, list your opportunities — in detail! They are what will make 2020 fantastic. That’s the note to take with you on holiday.
This is the season for hope, and there are signs that SA is turning the corner if we don’t give up. So take a break. Be with your family. Get perspective. And next year give priority to what matters most.
• Cook, a former director of the Gordon Institute of Business Science, is a counselling psychologist and co-founder and chair of the African Management Institute (AMI).
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