Sabeer Nelliparamban is the Founder & CEO of Zil Money Corporation, Online Check Writer and Tyler Petroleum Inc.
As an entrepreneur, I have found fiction to be a great source of wisdom and a way to engage my creative side. Although the business community tends to be more inclined to pick up nonfiction books on specific topics like marketing or leadership, there is much to be gained from classic literature. Fiction often reveals deep insights about human nature, failure and perseverance—lessons that are just as valuable in business as any technical guide.
During my initial years as an entrepreneur, I was captivated by Daniel Defoe’s tale of adventure, Robinson Crusoe. Both the author’s life as a failed businessman and his novel about a merchant marooned on an island for 28 years offer numerous lessons for the modern entrepreneur.
1. The Power Of Resourcefulness And Bootstrapping
When starting your entrepreneurial career, you must work with what you have. Studies show that eight out of ten startups bootstrap, relying on their personal capital and profits. In such cases, your access to mentors or financial resources might be limited, but like Crusoe, you can leverage your resourcefulness. Although he washes ashore on the island with nothing, he constructs a shelter, creates weapons for hunting from the tools he salvages, learns farming and domesticates goats on the island to create a steady source of food.
When I started my gas station business, I had no option but to be resourceful. With limited funds, I couldn’t afford to hire a full staff or invest in expensive equipment. So, I had to take on multiple roles—to manage day-to-day operations, to handle customer service and to perform maintenance when necessary. I also invested time in learning the ins and outs of the industry, from optimizing fuel orders to understanding local regulations. By carefully budgeting and making strategic decisions, I could stretch every dollar and gradually reinvest profits into growing the business.
Our biggest advantage as human beings is our ability to learn and grow. So, if you are an entrepreneur just starting out, make the best use of technology and online resources to develop new competencies. Look for free online tutorials to fill skill gaps and find creative solutions to stretch your budget.
2. Building Mental Resilience Through Journaling
Many people underestimate the mental fatigue that accompanies entrepreneurship, but about 72% of entrepreneurs suffer from mental health issues arising from constantly having to deal with high-pressure situations. These include financial and relationship problems. So, how does Crusoe’s story translate into actionable strategies for navigating the emotional rollercoaster of entrepreneurship?
One way Crusoe keeps his mind occupied is by journaling. He records all his daily activities in a book, which is a powerful tool to keep his emotions in check and keep himself sane. I’ve found that writing down one’s thoughts and feelings can also allow entrepreneurs to process their emotions better and gain clarity in their mental state. This is a great way to identify thought traps and sources of stress.
Journaling can also be a great way to get some much-needed personal time between hectic schedules filled with business meetings and deadlines. It can be a meditative experience that allows one to cultivate mindfulness and self-awareness. Through consistent journaling, you can come to better understand your triggers, thought patterns and emotional responses.
Actionable Tips:
• Dedicate a specific time each day or week for journaling.
• Experiment with different techniques, like freewriting, list-making or gratitude journaling.
• Be honest and raw with yourself in your writing.
3. The Importance Of Financial Discipline
At the age of 32, businessman Daniel Defoe faced bankruptcy and a debt of £17,000 (almost $4 million in today’s money). The reason for his downfall was as classic as his novel—lack of financial discipline. Reckless spending and overexpansion had contributed to his capitulation. But by 1705, he could pay back his creditors and clear most of his debt.
One of the major reasons startups fail is that they run out of cash, which can be directly linked to poor financial discipline. Overspending, lack of budgeting and failure to manage debt can all snowball into eventual bankruptcy.
This is why I believe young entrepreneurs should strive to gain as much financial literacy as possible before starting their business. Something as simple as learning the financial regulations and tax laws of your locality can make a huge difference. Along with cultivating a good understanding of current finances, I also recommend seeking advice from experts or other leaders in your network.
4. The Perils Of False Hope
One of the main lessons that Defoe himself had for entrepreneurs is that delusions about success can be destructive. In his nonfiction work The Complete English Tradesman, Defoe notes that a businessman doesn’t lose hope until he’s nailed up in a coffin. Often, entrepreneurs are driven by a dangerous optimism that affects their perception of reality. We tend to wait for a miracle and continue operations in the face of failure, which can only increase the margin of losses for the business owner. It’s important to balance hope with pragmatism.
A good example of a startup founder succumbing to delusions of grandeur is Elizabeth Holmes, founder of Theranos. Although Holmes promised a revolutionary new technology for blood testing and fundraised aggressively, the technology never materialized. Holmes’ claims were eventually exposed as fraudulent, and it could be argued that what ultimately led to the collapse of Theranos was the founder’s disregard for reality.
Final Thoughts
As entrepreneurs, we find lessons and insights into the business psyche when we least expect them. Learning business through fiction might not sound like a very practical choice, but it can be effective for understanding the complexities of human behavior and decision making. Moreover, fiction often mirrors real-life challenges in a way that nonfiction cannot, providing a rich source of wisdom and reflection. My advice would be both to incorporate novels into your reading list along with business literature and to take these lessons to heart in your own entrepreneurial journey.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here
