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Entrepreneurship is not easy, and it is not for everyone. The reason is the quote: putting Sundays in the exact phrase as Fridays. As this award-winning article on Inc. states,[1] there is a psychological cost when having your own business. The Gallup-Healthways Well-Being Index shows that 34% of entrepreneurs reported high anxiety levels. That’s 4% more than employees. And 45% of entrepreneurs said they experience stress very often. That’s another 3% more than other workers. So things got real. And it’s okay; there are ways to deal with them.
Check out these ten entrepreneurial stress scenarios and solutions.
Identifying the Stress Triggers and Solutions
The first thing to keep in mind is to identify early-stage triggers. Here are things that can cause you pain and uneasiness, and this is how to deal with them:
1. Impossibility to differentiate between private and business life
The problem: Sometimes, having a home-based business can be too big of a burden. While you don’t have to pay for an office downtown and save time commuting, it can turn against you if you don’t stick to a routine or schedule. Don’t get buried in work at home just because you can do it all day, all night.
Solutions: Ideally, get an office close to your home. Walk there or bike instead of taking your car, Uber, or public transportation. This will help you separate your office life from your private one. If you don’t want to give up your home-based office, create a schedule and stick to it. This means taking a day off at least once a week. This habit will significantly benefit the brain and productivity – backed by research.
2. Not having a private life at all
The problem: We tend to withdraw from social life under the premise of attributing the proper focus to our businesses. While being focused is a great business practice, it can backfire if done thoroughly. We all need moments with friends, family, and loved ones; they help us go through rough times and see the light at the end of the tunnel.
Solutions: Social aspects are imperative to a healthy lifestyle and can help relieve stress. More vacations and parties with family and friends. This is an excellent way to revitalize your social circles. Reconnect with college or high school former colleagues. Go to networking events in your city and other cities. If you’re single, don’t be afraid to date and ask people out – the worst thing that can happen is you get to discover another human being, which is not so bad!
3. Failure and self-doubt
The problem: In your entrepreneurial journey, expect to fail and fail again. But do not fear the word “failure.” Failure is the source of your lessons and knowledge. Don’t let your doubts get in the way. It’s not a matter of “not being good enough” but of growth and learning.
Solutions: Self-doubt is something you have to work on yourself. The best way to do it is through self-rediscovery, which can be challenging to achieve when in physical proximity to your business HQs. Join a yoga or meditation camp outside the city. Go backpacking or hitchhiking. Mountains or the seaside in the off-season can provide a big reset button and help your mind relax. Enthusiastic travelers can enjoy this summer end’s 20% off sale from EagleCreek. The main idea is? Book two weeks off whatever you decide to do and wherever you choose to go. Period.
4. Bad routines
The problem: Having a routine can be a double-edged knife. While it can settle things and help you become more organized, sometimes patterns can mess up growth opportunities. For example, a lousy routine would be driving your car to your office daily. Or checking your email every 30 minutes. Or getting just 4 hours of sleep per night.
Solution: Decrease the number of bad routines and replace them with good ones. An example of a good performance: hydrotherapy every evening for 30 minutes. This involves creating a relaxation corner in your bathroom (see suggestion below by ACS designer bathrooms) and spending quality quiet time accompanied by instrumental music, candles, and aromatherapy oils. Allow access to plenty of light and, if possible, have it accompanied by a nice window view of a garden or park. Repeat daily.
Other examples include 10 minutes of meditation per day. Thirty minutes of daily exercise. Eat three meals per day, your dinner no later than 7 pm. Get a minimum of 7 hours of sleep per night, and sleep at approximately the same hour every night.
5. Falling out of love with your passion(s)
The problem: Everyone can fall out of love with their passions. Being “married” to your business doesn’t necessarily mean there won’t be any downs along the way.
Solution: Instead of stressing out, calm down and think of how you can improve your experience. Sometimes, you don’t have to let go of the passion; you have to rediscover it or add a complementary one to the bigger picture. Volunteering also helps in the passion rediscovery process, as it is an action not driven by financial means but by inner motivation.
6. Letting go
The problem: Sometimes, you don’t have to let it go. Other times, you do. When you are forced to let go, there is a battle between the person who wants to keep things as they are and the leader who wants to break from the chains. This also applies when you have to fire great people (see what Moz had to say about letting go of 28% of their staff) or give up good clients.
Solution: Surround yourself with people who understand this is the best decision, whether it concerns you or your employees/clients. In dealing with the loss of any nature, the cycle of recovery is to: 1) Let go., 2) Accept, 3) Forgive (yourself), 4) Move on. Don’t let your world end after the first. Carry on, and be open to new challenges!
7. Losing synchronization with your clients/associates
The problem: When your business is more than just a product/service/both, the main direction is creating long-term collaborations with your customers and community. Sometimes, however, things don’t go as planned. Even a business relationship that has history can fall apart.
Solution: If you’re falling out of sync with a client or an associate, discuss and be transparent about your feelings. A business relationship that stops working can become a huge stress factor. Solving it usually comes from both parties. It won’t work if only one side makes an effort.
8. Losing interest in a project
The problem: It’s not just the clients you can fall out of sync with. Or the business partners. Or the team. It’s also the projects. Some ideas don’t motivate the entrepreneur in you or are not aligned with your core focus. If you’ve lost interest in a topic, don’t let it become an element of displeasure in your life.
Solution: First, inform the other party about your feelings toward the project. Then, transform the process, from management changes to tools, communication channels, and an upgrade on expectations, mission, and vision. Try new approaches. If nothing can trigger a solution, walk away, but not before recommending someone else for the task.
Remember to always leave room for friendship. This project may be a goner, but the future is bright.
9. Public “judgment day.”
The problem is how people see and talk about you can become stressful. As entrepreneurs and leaders, we are often viewed as examples for the communities we are part of. Not only that, but it can feel like failure is not an option. Somehow, people will not allow you to screw up because you control your business. And when you do, people start talking, analyzing, and mentioning you in their “mistakes to avoid” round-ups on websites and social media. How can you deal with that?
Solution: Don’t fear what people say about your successes and failures. People will talk. And there’s nothing you can do to change their mind. Like Socrates said, “Strong minds discuss ideas, weak minds discuss people.” I would add that strong people are not afraid to show their vulnerabilities publicly. And, to ease the stress, have a good laugh about it. It helps!
10. Financial stress
The problem: Sometimes, not getting it right can significantly impact your finances, especially when you bet everything on one business idea. As this entrepreneur says, “Debt doesn’t make you a good entrepreneur, and you need to get out of it asap.” But that shouldn’t stop you from trying. Sometimes, debt can be a huge motivator, though not ideal, in getting things done.
Solution: Start by clearly evaluating what you can do to minimize costs. Whether cutting staff numbers or giving up on fat salary flyers for yourself, buying cheaper technology, or repurposing equipment, you do what you have to do to get out of financial struggles. A 1% debt reduction means earning an extra percent for a clear mind. While not advisable to go entirely optimistic and ignore your problems, it doesn’t hurt to have a bit of hope that things are going the right way. Don’t be afraid to ask for help. Nowadays, there are crowdfunding alternatives, Kiva being one for micro-entrepreneurs.
So Where Does This Leave Us?
Entrepreneurial stress is a reality, whether we like it or not. And, as with any validity, the best way to deal with it is to accept it and find solutions to improve it. Many stories about entrepreneurs had it extremely rough in the beginning. That doesn’t mean yours should be just as tough too.
