Florida Investment Network


Recent Blogs


Pitching Help Desk


Testimonials

"As soon as I put in my proposal, I got offers from four different investors within 48 hours! The funding process took less than 2 weeks. I now have the funds to partner with a digital marketing agency and scale my e-commerce business! 10/10 will certainly recommend this site to other entrepreneurs."
Asela M - Mystic Phoenix Fortress LLC


 BLOG >> Recent

Frustration is Good: Part 2 [Entrepreneurship
Posted on August 1, 2014 @ 09:41:00 PM by Paul Meagher

After my last blog, Frustration is Good: Part 1, I had the opportunity to discuss some of what I was learning about frustration with an entrepreneur/friend who has become fairly successful (2 million fund raise) but would not want to admit it for fear of jinxing things. He experienced over 5 years of frustration trying to get his company off the ground, came very close to company bankruptcy, but discovered an opportunity related to what he was trying to achieve, and capitalized on that opportunity which put everything back on track again. Now he is experiencing new frustrations associated with dealing with difficult people, not having enough time to enjoy the summer, and not feeling like he is working for himself. It seems life is never without its frustrations, we often just trade one set of frustrations for another. He is, however, much happier living with his current set of frustrations, than the frustrations that came when his company was teetering on the brink.

This entrepreneur was able to achieve what he achieved because he persevered through the many frustrations he encountered along the way. The frustrations he experienced along the way were also learning experiences that hardened him up, educated him about the perils of taking government money (e.g., they control spending often on their own economic development personnel), and taught him how the real game of raising private money is played. He was not a young man naive about the world when he learned these lessons. He had already had a successful career as a pharmaceutical representative when he decided he couldn't take it anymore, and started a business with a friend and partner who also left his job as a pharmaceutical representative. The world never stops frustrating you as long as you keep pushing the envelope.

It is very difficult to judge when the frustration you feel is telling you that you should give up versus try again or try a different route to your goal. It is unlikely, however, that you will achieve anything of significance without a considerable amount of frustration along the way. If you were fortunate and everything came easy, then how much would you have learned and do you think that you could repeat your success again? How satisfying do you think your success would be? Probably not as satisfying as if you achieved your goals by overcoming some frustrations along the way.

So in addition to helping us come to grips with reality, frustration is also generally a prerequisite to achieving a significant goal in life, and it can also heighten the satisfaction you feel when that goal is finally attained.

The mindful approach to frustration is to recognize that frustration is the price we pay to learn how the world works, to achieve big goals, and to feel a greater sense of satisfaction when we achieve our goals. The tricky part, however, is that frustration can also be a signal that the idea or business has no legs and perhaps we should try something else. My feeling is that the entrepreneur has a bit more persistence than most in the face of severe frustration, perhaps because the set of frustrations associated with owning and running a business are preferred over the set of frustrations associated with working for someone else.

I'll end this discussion on why frustration is good by pointing out one more reason it is good: because it is often the source of innovation and business ideas. There are some who accept the frustrations of life as givens, others who see them as unacceptable and come up with innovative solutions to avoid them. The story behind many successful products and services begins with frustration that an entrepreneur experiences when trying to do something and seeing a way to avoid or lessen the frustration.

I hope I have made a good case for viewing frustration in a more positive light. For the record, I don't think all frustration is good or positive, but for entrepreneurs in particular, I think we need to be very mindful about our frustrations, where they are coming from, whether they might be useful, whether they suggest an opportunity, what our reactions should be, and whether our present set of frustrations is better than other frustrations we might envision ourselves having if we were to do something different.

Permalink 

 Archive 
 

Archive


 November 2023 [1]
 June 2023 [1]
 May 2023 [1]
 April 2023 [1]
 March 2023 [6]
 February 2023 [1]
 November 2022 [2]
 October 2022 [2]
 August 2022 [2]
 May 2022 [2]
 April 2022 [4]
 March 2022 [1]
 February 2022 [1]
 January 2022 [2]
 December 2021 [1]
 November 2021 [2]
 October 2021 [1]
 July 2021 [1]
 June 2021 [1]
 May 2021 [3]
 April 2021 [3]
 March 2021 [4]
 February 2021 [1]
 January 2021 [1]
 December 2020 [2]
 November 2020 [1]
 August 2020 [1]
 June 2020 [4]
 May 2020 [1]
 April 2020 [2]
 March 2020 [2]
 February 2020 [1]
 January 2020 [2]
 December 2019 [1]
 November 2019 [2]
 October 2019 [2]
 September 2019 [1]
 July 2019 [1]
 June 2019 [2]
 May 2019 [3]
 April 2019 [5]
 March 2019 [4]
 February 2019 [3]
 January 2019 [3]
 December 2018 [4]
 November 2018 [2]
 September 2018 [2]
 August 2018 [1]
 July 2018 [1]
 June 2018 [1]
 May 2018 [5]
 April 2018 [4]
 March 2018 [2]
 February 2018 [4]
 January 2018 [4]
 December 2017 [2]
 November 2017 [6]
 October 2017 [6]
 September 2017 [6]
 August 2017 [2]
 July 2017 [2]
 June 2017 [5]
 May 2017 [7]
 April 2017 [6]
 March 2017 [8]
 February 2017 [7]
 January 2017 [9]
 December 2016 [7]
 November 2016 [7]
 October 2016 [5]
 September 2016 [5]
 August 2016 [4]
 July 2016 [6]
 June 2016 [5]
 May 2016 [10]
 April 2016 [12]
 March 2016 [10]
 February 2016 [11]
 January 2016 [12]
 December 2015 [6]
 November 2015 [8]
 October 2015 [12]
 September 2015 [10]
 August 2015 [14]
 July 2015 [9]
 June 2015 [9]
 May 2015 [10]
 April 2015 [9]
 March 2015 [8]
 February 2015 [8]
 January 2015 [5]
 December 2014 [11]
 November 2014 [10]
 October 2014 [10]
 September 2014 [8]
 August 2014 [7]
 July 2014 [5]
 June 2014 [7]
 May 2014 [6]
 April 2014 [3]
 March 2014 [8]
 February 2014 [6]
 January 2014 [5]
 December 2013 [5]
 November 2013 [3]
 October 2013 [4]
 September 2013 [11]
 August 2013 [4]
 July 2013 [8]
 June 2013 [10]
 May 2013 [14]
 April 2013 [12]
 March 2013 [11]
 February 2013 [19]
 January 2013 [20]
 December 2012 [5]
 November 2012 [1]
 October 2012 [3]
 September 2012 [1]
 August 2012 [1]
 July 2012 [1]
 June 2012 [2]


Categories


 Agriculture [77]
 Bayesian Inference [14]
 Books [18]
 Business Models [24]
 Causal Inference [2]
 Creativity [7]
 Decision Making [17]
 Decision Trees [8]
 Definitions [1]
 Design [38]
 Eco-Green [4]
 Economics [14]
 Education [10]
 Energy [0]
 Entrepreneurship [74]
 Events [7]
 Farming [21]
 Finance [30]
 Future [15]
 Growth [19]
 Investing [25]
 Lean Startup [10]
 Leisure [5]
 Lens Model [9]
 Making [1]
 Management [12]
 Motivation [3]
 Nature [22]
 Patents & Trademarks [1]
 Permaculture [36]
 Psychology [2]
 Real Estate [5]
 Robots [1]
 Selling [12]
 Site News [17]
 Startups [12]
 Statistics [3]
 Systems Thinking [3]
 Trends [11]
 Useful Links [3]
 Valuation [1]
 Venture Capital [5]
 Video [2]
 Writing [2]