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. 

Five Business and Economic Trends To Watch In 2016

Challenges and changes will be the hallmarks of 2016, but this year will also present great opportunities to far-sighted, innovative individuals and organizations.

1.  Economic headwinds intensify

Canada has been hit hard by the continued fall in the price of oil and other commodities, on which our economy depends heavily for investment and revenue. Not surprisingly, the province of Alberta has suffered disproportionately, with tens of thousands of jobs lost; the provincial government has also seen its tax and royalty revenues drop, inducing a large fiscal deficit. A lower loonie is the inevitable consequence of a fall in foreign investment to Canada’s extractive industries.

Of course, the global economy is highly integrated, and difficulties in one nation are usually indicative of broader trends. The weakening of commodities owes largely to a slowdown in the Chinese economy, due in part to persistent soft demand for Chinese manufactures in the most lucrative consumer markets: the U.S., the European Union, and Japan. China has managed to sustain a relatively high growth rate since the 2008 Great Recession with the help of public expenditures and private credit. But this tactic seems to be nearing the end of its rope, and investors are nervous about the implications—hence the volatile stock market.

All in all, 2016 is likely to be another year of economic uncertainty, and recession is a distinct possibility for many industrialized countries, China included.

2.  Millennials move up; Gen-Zers enter the workforce

It’s hard to believe that fears over “Y2K” came and went more than 16 years ago, yet here we are. In 2016 and in the years to follow, we will witness a major demographic shift in the workforce: Baby-boomers will continue to retire or cut back on their hours; Millennials will scale the professional ladder into positions of greater authority and prominence; and members of Generation Z—also called Post-Millenials or iGens, born in the era of boy bands and Spice Girls—will increasingly fill entry-level posts.

The visibility of this shift toward youth in business and politics will grow, as will its influence on consumer-market dynamics. Businesses that cater effectively to the preferences of the under-35 cohort by embracing mobile technology, values like social justice and environmental sustainability, and somewhat non-traditional work environments, will prosper.

3.  Departures from “business as usual”

Infused with youthful vigour and an innovative mindset, many organizations are adopting new ways of working.

Some workplaces have introduced elements of fun and relaxation into their office environments—like ping pong tables, recreation areas, and even dedicated spaces for taking naps. Others offer flexible work schedules, including unlimited vacation, conditional on employees completing all of their assigned tasks within a set timeframe. And last year, CEO Dan Price of Gravity Payments made headlines when he announced a minimum annual salary of $70,000 for workers at his business, and cut his own compensation by 90 percent.

With more young, socially conscientious individuals in the workforce and greater diversity in the executive suites, the trend away from traditional corporate structures and workplace dynamics will continue.

4.  Growth of the “gig economy”, and friction with the old order

The phrase “gig economy” is largely a misnomer, since a lot of “gigs” are really short-term employment stints, often in the service sector. For example, a customer who commissions a driver through a ride-sharing service is effectively hiring both the motorist and the company to provide transportation. But because of the informality of “gigs”, the temporary employer typically needn’t pay a minimum wage, or cover expenses like health insurance, workers’ compensation, payroll taxes, or job training. As a result, “gig” workers’ labour costs can undersell those of their counterparts in established industries by a wide margin.

In many major cities, taxi companies and drivers are lobbying municipal governments to either nullify certain regulations on the taxi industry to enable taxis to “compete” with ride sharing, or outlaw ride sharing altogether. Either way, the consequences for customers could be significant. Last year, the California Labor Commission ruled that an Uber driver was an employee rather than a contractor, and thus was entitled to claim certain out-of-pocket expenses. If this ruling encompassed all such drivers, ride sharing could lose a big chunk of its cost-competitive edge.

The inherent conflict between traditional work and “gigs” is far from settled.

5.  Opportunities in mobile services

Mobile technology has both greatly improved and become ubiquitous over the past decade, and accordingly, a healthy bottom line awaits companies that ride this wave successfully. A mobile-friendly web presence is more important than ever before, and businesses should strongly consider developing their own apps to facilitate access for customers with smartphones and tablets.