My grandmother used to tell me that the worst thing you can do when you are dieting is going to the supermarket hungry.  Apparently, that results in a frenzied purchase of Ho-Hos, Twinkies, Doritos and steak on a rope.  At least that’s what I have been told…. But, more seriously, the point of the advice is that if you go to the supermarket hungry you will make decisions that are not necessary based on your best interest (granola, Diet Twinkies, etc.) but based on your short term needs.

I was reminded of this a few times last week as I met with a few members of the Amplifier Network who were looking for advice on how to manage their current challenges.  In each case the founders were under a disproportionate amount of stress. (why disproportionate?  Well, being an entrepreneur is stressful, so we are talking about stress beyond the usual).  What I found striking, though, was that in each case they were about to make important decisions that were against their long term interests, because they were facing short term challenges that they felt were overwhelming.

After talking with them it became clear that in each case their immediate problems had solutions, but that the entrepreneurs couldn’t see them. They were so caught up in the moment of stress that they were unable to take that step back and look at alternatives carefully.  They were so hungry for a solution that they had stopped thinking clearly about the long term implications of their actions.

Were they bad people?  Not smart people?  Not at all – they were highly successful people, effective entrepreneurs and very ethical.  In fact it was their very character that had brought them to the place of crisis. Following a path of decisions to their logical conclusion, and feeling boxed in.  And, I suppose that is the point, they had started down a path, made decisions along the way, and now felt boxed in to a range of possibilities that were limited and requiring immediate attention.

Well, how does an entrepreneur deal with the crisis of decision making when it occurs – how does she balance the hunger for a solution with the long term best interest of the business.  The important thing is to somehow decouple oneself from the immediate feeling of crisis, to be able to take the time to figure out a better answer.  The best way to describe it is that if you feel that you are on the cliff wall clinging for survival, then you must find a way to take away that anxiety.  No one makes good decisions staring down at the abyss.

Here are some things that I have used in the past at my own times of crisis, which I applied in different ways in my meetings last week:

·       Understand that You Will Fail.  Not to be flippant about it, but don’t be afraid of failing.  Everyone fails in business from time to time; it’s what we do after we fail that defines us as successful entrepreneurs.  The best entrepreneurs “fail upward”, but all entrepreneurs fail.  Look ahead, not behind.

·       Lighten the Load.  It is easy to feel the weight of responsibility in times of crisis – what about your employees, your stockholders, your Aunt who lent you money?  It can feel that you are carrying people on your back.  Doing the right thing is an important thing, a characteristic that I look for in all entrepreneurs I work with.  But, often entrepreneurs take on too much accountability.  If you have been honest and tried your absolute best, what more can others ask of you?

·       You Will Run out of Money.   Many entrepreneurial crises center on money – usually the lack of it, or the immediate likelihood of lacking it.  Well, guess what, it’s the nature of start ups – they are always running out of money – that’s what they do.  That feeling in your pit of your stomach isn’t abnormal, but neither should it be a surprise or a crisis – it’s just part of being an entrepreneur,

·       Identify Your Stakeholders.  Every young business has stakeholders, people who are involved because they want to help and want to see the entrepreneur succeed.  Sometimes they have an economic stake, but not always.  What stakeholders have in common is that they have an emotional commitment to your success that is at least equal to their own interests.  Often stakeholders are the best place to go for help in crafting a solution.

·       Remember Your Successes.  All of us have had successes along the way.  The best time to recall that is when you are in a crisis, both as a reminder that you can be successful and will be again as well as a touchstone. What made you successful?  Are the patterns of behavior that you used then applicable?

·       Get Some Perspective.  Take a step back. Get some sleep.  Watch a bad movie.  Do something other than cycle your problems. 

The point of these suggestions is that you are striving for a sense of removal.  It is essential that you never lose track of the longer term implications of your actions.  Nothing is so immediate that you can’t take some time to think about strategic implications.  And, hopefully, I have given you some clues for how to achieve some removal.  Trust me, Twinkies taste much better when you’ve bought them carefully…..

Just as an aside, we’ve started offering classes through the Get Educated Series.  There are small group classes currently on venture capital and business plans.  We will be adding more classes over the coming months.  I’d welcome any suggestions on topics.  And, if you are looking for some practical help in these areas, I’d encourage you to sign up for upcoming classes.