Entrepreneurialism can be a roller coaster ride. Friends and families are along for the ride because for entrepreneurs, there is no way off.
Do you know the five stages of the entrepreneur’s transition curve?
Cameron Herold is the best selling author of Vivid Vision, Double Double and Meetings Suck. Cameron is known around the world as THE CEO WHISPERER. He is the mastermind behind hundreds of companies’ exponential growth. His current clients include a ‘Big 4’ wireless carrier and a monarchy.
Here’s a glance at what you’ll learn from Cameron Herold in this episode:
- The five stages of the entrepreneur’s transition curve
- Why Cameron collapsed on the floor shaking and crying on October 2000
- The best thing you can do as an entrepreneur when you’re stressed and facing a crisis
- 4 steps you can take to effectively breakthrough your biggest setbacks
- Entrepreneurs are the crazy ones.
- The list of 11 traits that describe entrepreneurs are also associated with diagnosed bipolar disorder.
- If you shared nine or more of those traits, you would probably be medicated.
- The roller coaster of the entrepreneurial journey is something that almost all famous CEOs have experienced.
- Most entrepreneurs are on the spectrum of Tourette’s Syndrome, which is thinking out loud.
- Our friends and families are along for the ride with us on this roller coaster because for entrepreneurs, there is no way off.
- The initial part of the roller coaster is uninformed optimism. It’s where you are doing things that to other people seem crazy but you’ve thought through enough to think it’s a sound idea.
- The next phase is informed pessimism, where you start to feel like you may have made a mistake.
- The critical point that follows is called the crisis of meaning. We become too stressed and overwhelmed by our circumstances that we are at the point of breaking down.
- If you ever experience a metallic taste in the back of your neck, that’s a sign you need to slow down.
- You look around and all you can see is danger everywhere. When you have a crisis of meaning, you actually think you want to sell the company not because you want to as an opportunity but because you see no other path.
- At the downside of the roller coaster, it is nearly impossible to think clearly, but as entrepreneurs we try to push through it.
- The key to not crashing and burning or ruining your business or marriage, is to get through the problem and the crisis of meaning.
- You recover by getting people to listen and by just sharing your experience. Don’t be the smart person in the room, be the dumb person in the room that’s filled with smart people.
- If you don’t get through the crisis of meaning you will fall off the curve, if you do get passed it you will end up in the informed optimism stage.
- Don’t celebrate too early. You have to get to the stage where you know you will be okay, not think you’ll be okay.
- Entrepreneurs have a lot of stress on their shoulders. You need to be able to understand where you are and communicate where you are to others to ease the burden.
- There are no good or bad stages of the roller coaster, they’re neutral. You have to leverage the stage you’re in in a way that takes advantage of your current mental state.