Stress Management in Entrepreneurial Ventures

Venturing into entrepreneurship, especially for the first time, can be a bit overwhelming. The

experiences are new, the challenges are multiple, and being at the top can be lonely. Business owners are likely to encounter pressured situations on numerous occasions. Consequently, coping strategies are necessary.  We’ve compiled a list of some of the most reliable and effective strategies to keep every entrepreneur afloat and on top.

Recognizing the Source

With the inevitability of stress lurking around the corners of entrepreneurship, it is important to be able to recognize the cause of your heightened emotions. If you can locate the source, you have a greater chance at a successful resolution. For example, if you find that you are regularly stressed around deadlines, assess the situation to determine whether or not it is a time-management issue. If it is, create a schedule that accommodates checkpoints at least two weeks prior to your deadline. In doing so, you reduce the pressure to complete everything in a short time frame and you have the flexibility to make changes or re-evaluate your decisions within reasonable time. In totality, knowing the source of your stress leads to the alleviation of it.

Change your Environment

Sometimes your work environment can be stuffy. You become accustomed to the space that you think, create, and close deals in day after day. This repetition can result in a feeling of entrapment, stagnation, and overall fatigue. Business owners advise on changing the scenery to keep your mind fresh and elevate your productivity. Whether it’s renting a space for a month or taking one or two days out of the month to work in a coffee shop or a quite conservatory, a new environment stimulates your brain and maintains your sanity.

Get a Team

Business owners are overprotective of their projects and rightfully so. Unfortunately, that over-protectiveness, in some instances, breeds a ‘one-man show’. Consequently, your business, in its entirety, becomes your responsibility. You are in charge of accounting, sales, marketing and advertising, and productivity. While this methodology works for some people  (many start-ups begin this way), after a while it becomes stressful. Add someone to your team to lighten the load. Even a single person makes a difference. Further, it is beneficial to have someone to bounce your ideas off of and company to decompress work tension. You can still maintain the integrity of your business with a team.  Hire individuals who share your passion so you can worry less about their performance and concentrate more on being a successful business.

Healthy Work and Lifestyle Balance

Working is great, but so is not working. Take regular breaks when your body gives you warning signals. Engage in external activities that allow you to recharge your batteries. Many entrepreneurs play sports in their down time to stimulate their brains and heart rate in a healthy and beneficial way. Spend some time outside to breathe in some fresh air. Become intertwined your family and attend as many family-related events as possible. The most successful entrepreneurs understand this balance and actively work to achieve and maintain it.

This list is not exhaustive and is an essential starting up for reducing the entrepreneurial stress of starting a business. In closing, don’t just work hard, work right. 

Start-Up Mistakes to Lookout For!

Let's face it, every entrepreneur's first start-up is a fish-out-of-water- experience; new territories usually are. One of the best ways to tackle the unfamiliarity of business ownership however is to learn from those who have gone before you. Most entrepreneurs have a laundry list of things they've had to do, and redo multiple times before getting things right. Fortunately, we've got our laundry list of mistakes you should avoid to make your startup success attainable.

A Saturated Market

One of the more challenging tasks of being an entrepreneur is knowing how to reason with yourself and be honest in those responses. This is particularly true at the conception stage of your startup. You come up with an idea for your business, you believe in it, and you start investing time, energy, and resources to make your vision materialize. Finally, when you launch, you realize that the market is too saturated and your attempt to transcend your peers failed. Just like that, your business dissolves. Unfortunately, this is a common mistake.

When you have an idea for a startup, it is imperative to implement a market research component that facilitates your place in the designated industry. If you haven't invented something it is more than likely the case that your business idea already exists. Know who your competitors are, how the market is performing, and whether it makes sense to invest in a business idea that has seen one too many launches.

Launching too quickly or too slowly

 

Having a new business can be exciting and that excitement can persuade you to place your product or service in the hands of consumers as fast as possible. Prematurely launching your business can kill it. There is nothing quite like introducing an ill-prepared product to a consumer. On the other hand, it is equally detrimental if you have a successful product and you are unable to keep up with the demand for it. Take some time and nurture your idea to control for foreseeable outcomes like these.

It is also possible to launch too slowly. Some startups require a large amount of preparation time. Research, testing, and funding are among the primary factors that can delay a launch. However, if you are taking too long to make your business accessible, perhaps it has no place in the market. Otherwise, you're hurting your business if you withhold something that is on demand and is necessary to your consumers. They may stop waiting. If you are slow to launch, there should be substantial reason.

Poor Investment Strategy

Every business wants to grow, but that growth is heavily predicated on how money is managed. Your business should be your investment manager's priority. Monitor the monetary flow and forecast of your startup to effectively regulate where you can make more money and where you should pull back a bit. Further, investments should yield growth and this should not be interpreted as investing solely in the interest of shareholders. Investments should also be made in favour of consumers; they make the business. “If you invest in your users, your investors will benefit regardless”.

No Target Audience

It's unfortunate that some startups fail due to the lack of a clear and definitive consumer. Knowing who you are selling your product to is instrumental in startup success. A designated target audience helps drive marketing and promotion strategies, product development, and sale projection. When you have a target audience you are aware of exactly where to find your market and how to control it and be competitive. On the other hand, failure to determine a specific group to which to market your product can result in financial loss and over-investment.

A Divided Team

Lastly, if your team does not share your vision, you are doing a disservice to your business. Hire like-minded people who share your values, but differ in creativity and skill; this will diversify and enhance your business potential.

Starting a business can be intimidating, but minimizing your mistakes can make the ride a little less bumpy and a little more successful. 

Fostering Team Creativity

Many extraordinary innovations are the product not of individual strokes of genius, but rather cooperation among highly skilled individuals working toward a common goal. As technology grows more advanced and intricate, and groundbreaking innovation requires an increasingly sophisticated skill set, the power of co-creation is only becoming more essential. Exemplary creative teams often benefit from a diversity of skills, passions, and expertise, and a work environment that allows each member of the collective to shine.

A leadership style conducive to innovation.

As management scholar and Harvard business professor Linda Hill explained in a 2014 TED talk, a top-down style of leadership is seldom consistent with the freedom of thought and expression that enables creative minds to flourish. But a total absence of structure isn’t helpful either.

Hill offers several examples of firms with work environments conducive to collective innovation, including computer animation studio Pixar, and search engine giant Google. Hill and her research partners have concluded that managers at these firms embrace an unconventional style of leadership—one which conceives of the boss as a connector and social architect, rather than a commander-in-chief. Or as Hill says, “Our role as leaders is to set the stage, not to perform on it.”

Development teams at Pixar typically include around 250 members, who spend between four and five years composing a single film. Once the team has established its overall objective (to produce an animated movie with a particular storyline, characters, and themes), the process and details are somewhat flexible. Importantly, effective managers of creative projects do not presume that their own vision is superior in all respects to the potentially conflicting ideas and expertise of the other team members. In any project of this magnitude, unanticipated challenges are also likely to arise, which may require improvised solutions.

The physical design and layout of the workplace is a crucial factor as well. The members of a creative team must have enough isolated space to pursue their own trains of thought, but enough common space to allow discussion and engagement. Instead of consensus and conformity, a manager who aims to promote creativity shouldn’t be afraid to allow constructive debate, and even constructive conflict. The leader’s role in these situations is to moderate the discussion, rather than attempt to influence the entire team toward a single point of view.

Creative abrasion, agility, and resolution.

Hill believes many organizations that display high levels of team creativity have mastered three over-arching abilities.

•  Creative abrasion is the frequent meeting of minds in the workspace, which may sometimes culminate in confrontation. The role of a manager at this stage is to amplify voices that might not otherwise receive a fair hearing, and engender a respectful marketplace of ideas.

•  Creative agility is the testing of ideas and concepts on a small scale in order to ascertain possible solutions to problems. The immediate goal of this is twofold—to examine the viability of those ideas in practice, and refine them by identifying practical shortcomings. This is an experimental, trial-and-error process, and team members should understand it as such.

•  Creative resolution is the decision-making process by which the members of a creative team collectively determine a path forward. This may require integration of conflictual or divergent ideas. However, Hill believes managers should discourage team members from “going along to get along”, accepting compromises they find unsatisfactory.

In sum, successful leaders of creative teams don’t necessarily “lead” in the conventional sense; instead, they aim to provide fertile soil for the emergence of ingenuity.

How to Conduct a Meeting

Meetings, when properly directed, are a great way to get everyone on the same page, strategize, and brainstorm with the aim of moving the company in the right direction. If a meeting lacks the necessary focus, however, it can represent a colossal time-suck and a waste of everybody’s resources. It’s essential to have a clear picture of why a meeting is necessary and what needs to be accomplished. Below are a few “don’ts” and “dos” when it comes to taking the lead and conducting a great meeting.

DON’T conduct meetings every week for the sake of conducting a meeting – it can lead to so many annoying little problems like the anticipation of the dreaded weekly meeting, the didn’t-we-just-discuss-this-last-week feeling, or the incessant mulling over minutia. Not every decision in a company should be left to a democracy and it’s really only beneficial to call a meeting when one is deemed truly necessary.

DO include everyone - if you’ve decided that now is the time to have a meeting it should be because some kind of shift in direction is necessary. Sea changes can implicate the whole company and you might be surprised by who has big ideas. If wholesale changes are necessary, and you limit your company’s rebranding to the marketing team because you see it exclusively as a marketing issue, you’re effectively limiting your options moving forward.

DON’T make your meetings about one-on-ones – a meeting where everyone is gathered waiting for their turn to speak and explain what they do is likely to cause attendees to zone out. The key to a great meeting, and getting great ideas out, is to keep everyone engaged. Set aside time to have one-on-ones so that everyone can communicate what’s relevant about their particular position and then connect them with whoever they might need in other departments. Remember, meetings are about the big picture, not the details.

DO have a clear idea of what needs to be accomplished – a meeting’s focus can be lost so easily by getting bogged down in details. It’s imperative that, when leading a team meeting, you know exactly where your team is at and where they should be by the end. It’s possible to know the answers without having the means to articulate it, so clueing in to what’s being shared in a meeting should be what allows you to formulate an expression of what you know is already there.

DON’T get sidetracked by things that are irrelevant – although it’s important to keep things lighthearted and fun, maintaining control over the direction of the meeting is essential to make progress. Meetings can suffer from too many questions or too much fine-tuning. Ideas discussed at meetings should be global, not particular. It’s important not to just gloss over the details, but keep in mind that the grandeur of an issue should reflect the size and duration of a meeting.

DO allow everyone a chance to shine  - although you’re in control and you make the decisions, a meeting can never be about you. You can communicate company values in an email, but you get feedback in a meeting. Having an open mind, ceding the floor and jumping in only to direct traffic, should be the leader’s role in any meeting.

Summary

Meetings aren’t the kind of thing you want built into the framework of your company but it’s important to have systems in place that keep you in contact with the various branches of your business. A constant stream of meetings can devalue their importance and, as a team leader, it’s important to distinguish between when everyone needs to be brought together and when it’s time to meet one-on-one. Meetings represent an opportunity to shake things up, keep everyone on their toes, and pull them out of the doldrums of the regular routine. Suddenly throwing everyone into a collaborative environment of equals often has an effect of stimulating out-of-the-box thinking and it can be surprising where the next great idea can come from.

Ten Leadership Skills Every Entrepreneur Must Have

Being the boss means you’re the leader of your company. On many levels, the success or failure of your new startup will depend on your leadership skills. If you’ve started a business then it’s a safe bet you have some level of leadership abilities to tap into, but there is always room for improvement.

Consider these top 10 leadership skills that all business leaders must have to be successful in their businesses.

1.      Strong Mission Statement: Why did you start this business? It can’t just be about making money for yourself. Your mission statement defines the purpose of your company and will help inform every decision you and your team will make.

 

2.      Strong Vision: Unlike the specifics of the mission statement, the vision for your business paints the big picture. It tells your employees where you want to take your business and how your staff members can support you.

 

3.      Tangible Goals: As a leader you need to set the “bar” for your staff. You can do this by establishing goals foryour business. Whether its daily, weekly, monthly or quarterly sales figures, there should be a target to shoot for. You might have to adjust these goals to meet the practicalities of your business but without them you could find your company floundering without purpose.

 

4.      Strong Team: The major responsibility of a team leader is to actually pick that team. You need to strike a balance between the prospective employees resume, their interview and your own instincts to build that cohesive team. Just know that a good leader also knows when to make changes. If an employee isn’t working out, it’s better to sever the ties and move on than dwell on a mistake.

 

5.      Know-how: You need to present an image of competency to your employees, investors and customer base. This doesn’t mean you need a PhD in the particular business you are setting up, but all of those folks will be turning to you for answers. If you don’t have an immediate answer, don’t fake it. Take the time to get it right.

 

6.      Solid Communication: Building on the well written mission statement, vision and goals you need to keep those linesof communication open. Don’t just say, “My door is always open.” Seek out your staff to get their input. Challenge them to come up with solutions or new ideas by fostering a productive and open channel of communication. Be the model of how you want your employees to communicate with each other.

 

7.      Relate To Your Staff: This doesn’t mean becoming everybody’s friend. Although it might evolve to that you need to keep the boundary lines well drawn. However, that doesn’t mean you can’t find ways to relate to your staff and visa versa. The perfect example is with any company function that can involve families. The great “equalizer” among any group of people are the common bonds shared by families.

 

8.      Positive Attitude: “There are no problems; only solutions.” Projecting a positive attitude is infectious. Your staff will be looking for you to set the tone. Make it a positive one.

 

9.      Provide Inspiration: Providing inspiration isn’t just about coming in early and leaving late. A leader will often remind his team what they are “fighting for.” That type of affirmation can help drive up productivity in any company.

 

10.  Roll Up Your Sleeves: Every once in awhile you should step out from behind your desk and get into the trenches with your staff. Let them see you’re working as hard as they are and you’ll build extremely high levels of loyalty.

Strengthen Your Business Leadership Team

It doesn’t matter what type of business you’re in, strong leadership is essential to determine success. If you’re fortunate enough to have a great team working with you on your business goals then providing the model for leadership will become your responsibility. There are many effective “tools” you can use to strengthen the bond between the team and encourage your employees to step up as leaders. Consider the following:

Give credit where credit is due

Everyone loves praise! Don’t hesitate to tell others that they are doing a good job and you should acknowledge your team’s efforts when appropriate. But you should also be fostering an atmosphere of contribution from other staff members, those who are in the background and who might not yet be a “star.” When you encourage the free flow of ideas then you might discover a hidden gem among your leadership team.

Support the families

If your team members have family obligations, you should honor those by offering support. Is it really going to hurt business by letting a dad go watch his son’s soccer game or letting a mom attend a parent/teacher conference? Probably not. However, when you support the importance of your staff’s family then you’re acknowledging why they’re all working on the same team: to provide for that family. That is going to promote stronger loyalty and leadership.

Delegate responsibilities

As the saying goes, “Some men are born to greatness and others have greatness thrust upon them.” Translation: a leader can be born or made. You won’t have a chance to help your team strengthen their leadership skills unless you provide them with the opportunity to put them to the test. A strong leader often leads from behind and allows their staff to take charge.

Mentor

You might have a handful of strong leaders already working on your team. If so, then encourage them to seek out protégés they can mentor. Leadership skills work best when they are shared. Think of this is an on the job leadership training program, just a less formal one.

Formal leadership training

Speaking of leadership training, you could solicit outside help to strengthen your leadership team. That help can come in the form of qualified leadership trainers. These trainers will assess the needs of your company and set up a series of workshops and training exercises for your staff to participate in. This could mean a weekend retreat or a day lone seminar. In either case, you might be amazed at what can be revealed when your staff is taken out of their “comfort zone” and challenged to expand their own leadership qualities.

Use incentives

You might think that a weekly pay check for a job well done is enough incentive. In today’s tough job market that might be true. However, you shouldn’t discount offering some form of incentives for your staff if they can meet certain goals. Even something as simple as a paid company lunch away from the office can get employees fired up and working stronger as a team. When that happens, leaders will rise to the top and you’ll be able to cultivate them for future assignments.

Small Business: How to Create a Good Team

In order for a small business to thrive and survive, productive teamwork is the key. No matter what type of business you are starting up or investing in, building a great team requires strong leadership on your part. It’s not just about hiring the most qualified individual. You have to consider the bigger picture of how those individuals on your staff will work together as a team. In other words, you can’t always put together a group of workers and hope they’ll “figure things out” on their own. Some personalities simply work better together than others. You need to stay on top of your team to see how those dynamics are playing out.

 Here are some helpful hints that can lead you towards building that effective team.

1)      Establish the Goals: What is your definition of success for your business? That should be the goal that everyone on the team is striving for. It can’t just be about “getting through the day” but about expanding and growing. If that means adding to your customer base or your product catalog then your team should be focused on those goals. You should also set obtainable benchmarks to track the progress of achieving those goals. It all comes down to keeping your team’s “eye on the prize.”

2)      Fix Problems Fast: There is no guarantee that your “dream team” is going to get along all the time. Before any conflicts crop up, you should establish the ground rules for how they are to be resolved. This might mean clearly defining the management structure and who on the team will handle complaints. If an issue can’t be resolved quickly, then as the boss you need to step in and get the problem fixed fast. You don’t want a disagreement to be blown out of proportion and cause a distraction to everyone.

3)      Include the Team: This seems like a no-brainer but it’s often easy for one or two staff members in a small business to dominate discussions or meetings. You should strive to be as inclusive as possible of all your team members. A simple approach is to turn a question back onto the team members. Ask someone who doesn’t always speak up how they might handle a particular situation. This will empower everyone to be a more active participant in the business. Nobody should be working “under the radar.”

4)      Reward Hard Work: There are many businesses that use bonuses as a way of inspiring staff members to fulfill their goals. While this is a proven method it might also set up some unwanted competition and create bad feelings among the staff. This is especially true if someone gets a bonus on the back of somebody else’s hard work. Try to find a reward which benefits the entire team like a dinner or happy hour celebration.

5)      Be the Boss: A strong leader takes in the opinion of those around him but ultimately has the final word. You need to establish that in the end you’ll have that final word in your business. This doesn’t mean micromanagement but taking on the major decisions. Often a staff at a small business develops into deep friendships that extend outside of work hours. However, as the boss you need to maintain a certain distance when it comes to those personal relationships. There is no reason why you can’t have fun with your team but always remember they will be looking up to you for leadership. Keep your relationships with your team professional.