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. 

How to cope when you’re on double duty: Starting a business while working full time

When you decide to start a business, you usually aren’t sitting in the lap of luxury with unlimited free time, resources, and countless windows of opportunity. Instead, most new business owners are confronted with their business ideas amidst the stereotypical “9 to 5”.  Further, some start-up ideas do not materialize beyond the conception phase due to the intimidating challenge of juggling a new business while working full time. Despite this disposition, entrepreneurs have been and continue to nurture successful businesses in this way. So, what’s the big secret? The truth is really no secret at all. Managing a start-up while working a full time job does not have to make you a victim of entrepreneurial defeat. Our small guide below is designed to help you thrive and succeed at this balancing act.

Time Management

When you dedicate an average of eight hours per day to a full time job, it is inevitable that time is going to be one of your greatest competitors for success. Once you recognize and accept this fact, you will be well on your way. Part of effective time management is planning. Assess your current schedule and determine how much of your time is “wasted”.  For example, if you watch three hours of television after work, consider at least two out of those three hours disposable. Further, evaluate how you spend your weekends. The weekends consist of two full “non-work” days, how do you use them? 

Once you have mapped out your current weekly schedule, create a new one inserting small-business/start-up time in all your disposable time slots. Creating a schedule and planning how you will use your time will help you track your progress and give you a big picture on how you are allocating your time in favour of growing a lucrative business. You can also incorporate lists to ensure that each day you are completing a specific task. If you are fortunate enough to work at a company that has liberal policies on working other jobs simultaneously, take advantage of that time without jeopardizing your present employment. Alternatively, if your job opposes integration of this kind, capitalize on your lunch breaks. This does not mean that you should skip lunch however, but take time to eat and time to work. If you manage your time correctly you will still be able to do the more relaxing activities you enjoy.

Licensing and Registration

Obtain all the necessary license and registration at the start of your business. It is particularly important to engage in this process at the beginning stages of your start-up because in some jurisdictions it can be time-consuming. Additionally, you may need sufficient time to obtain necessary documents and tackle unforeseeable circumstances that can or may hinder your project. The last thing you need during this process is a setback.  That is not to say they will not happen, but you have a great chance of minimizing them by acting sooner rather than later.

Money Management

Most start-ups and small businesses are individually funded (out-of-pocket). Make a budget and monitor the distribution of funds. Determine what percentage, if any, of your full-time salary can be redirected into your business.  Further, ensure that your business expenses do not compromise your personal expenses. If you are really pressed for funding you may have to make smart but effective lifestyle changes. For example, bring a lunch and limit the amount of coffee purchases you make in a day or week. Go to the movies once a month and substitute your frequent social outings for a night in. Reassign those funds to your business. These changes are not about ridding your life of its social pride, but rather, cutting out what it beyond necessary objectively.

Don’t think too big, too quickly

Starting a business can be exciting, but do not allow that excitement to cloud your judgment.  Take your time and understand your business. Do not waste time worrying about office space and spending frivolously on products and services that are not fundamental to your start-up. Take meetings at coffee shops if you have to. Schedule phone and Skype calls where necessary. If you become too caught up in materializing your ideal business at the beginning of the process, you run the risk of losing money and, worse, losing your business.

Finally, enjoy the process. It is easy to get caught up in what is sometimes a dense world of business. Do not lose sight of yourself and your vision. Take regular breaks just like any other job and laugh a little. You will make mistakes, but do not fret on them for too long. Cry if you have to and get back in position remembering that failure is a natural progression of success.

Conquer the Fear of Saying No

If you ask a person on the street which word is likelier to contribute to personal and professional success—yes or no—that individual will probably choose the former. But as many leaders in the world of business and politics will tell you, learning to say no can be every bit as important as knowing how to say yes. The reasons for this are largely intuitive: by turning down some engagements, you free up time, energy, and mental focus for the endeavours you find most inspiring.

However, many of us feel distinctly uncomfortable with saying no, often because we worry that doing so may cause offence or otherwise lead to negative social consequences. Insofar as it compels us to take on more commitments than we can handle at any one time, this anxiety can hamper our pursuit of the professional and life goals that are most important to us.

Establish and respect your own boundaries.

Your work is surely a high priority for you—but so are your health, quality time with friends and family, leisure time, and other hobbies or avocations. Think of your lifestyle as analogous to a meal: nearly everyone would prefer a flavourful medley of high-quality, healthy ingredients to a monochromatic, humdrum dish of little nutritional value. Likewise, if you devote all of your time to a single work-related project, you probably won’t enjoy a wholesome existence.

Once you set parameters like the number of hours you’re willing to devote to a new project, and commitment versus expected benefit, you’ll find it easier to distinguish the undertakings that really interest you from the also-rans.

Be honest with yourself.

Before you dive headfirst into any significant assignment, ask yourself the following questions:

1)  Am I genuinely passionate about this project?

2)  Five years from now, will I look back on my efforts with pride?

3)  Is it consistent with my values?

4)  Why is it important to me to take this on?

5)  Will I be able to dedicate sufficient time to this?

6)  Do I have the necessary technical expertise, and/or can I partner with someone who does?

Unless you can answer all or most of those questions, you’re better off saving your talents for something that’s more up your alley. Otherwise, you’ll likely either feel stretched too thin, or a sense of regret about the opportunity cost.

Know your strengths.

We all have strengths and weaknesses. The first step on the path to success in any field is to identify your own. Once you know where your own aptitudes and deficiencies lie, you can work to refine the former and improve the latter. You’ll also know which of your personal attributes you can rely on in high-pressure situations.

The willingness to venture outside one’s comfort zone is often an admirable quality. But if a project either isn’t your cup of tea from a technical standpoint, or you sense that your time would be better spent elsewhere, you should consider either turning it down or delegating it.

Strategies for politely declining:

“I’d like to know more. Can you send me more information?” This serves two purposes. First, it provides a test of the other individual’s commitment; if you never hear from h/er, you will know. Second, it gives you the opportunity to learn more about the endeavour itself before deciding whether to take it on.

“Let me check my calendar and get back to you.” This is not an explicit demurral, but it does enable you to buy time. It is possible that the person who pitched the idea to you will forget after a while. Alternatively, on further reflection you may decide that the project is right up your alley.

“This seems like an excellent, worthwhile idea, but unfortunately...” Shortage of time is an excuse that most people will accept, particularly if they’re not close friends of yours who happen to be conversant with your schedule.

Part-Time Entrepreneurship

If you’re not ready to take the leap and quit your current job to run your own business full-time, you can still enjoy entrepreneurship on a part-time basis while maintaining the security of being an employee with an income. But, to do this, you need to keep the following points in mind:

Say Goodbye to Personal Time

Having a full-time job and a part-time business leaves very little time for yourself. You’ll need to make sure you can handle putting most of your time an effort into work and this will mean you’ll probably have to skip out on vacations or even spending a relaxing weekend with friends and family! But that doesn’t mean you’re cut off from the rest of the world – just plan your down time wisely. But there’s always an upside. Get your friends and family involved in the business by giving them tasks based on their skills. This gives you the benefit of “free” help for your business while spending time with those you love.

Don’t Let it Interfere With Other Responsibilities

It’s important to keep your two jobs separate and not let them overlap too much. Don’t risk losing your current job by working on your side project during work hours. Try to keep your mind on the job at hand and leave your business to off-hours. This may mean that phone calls and emails have to go unanswered until after 5. Keep yourself disciplined by scheduling blocks of time to complete your own business tasks in the off-hours to keep your mind on your job when you’re at work.

Use Technology Wisely

There are so many websites out there to make life easier for the small business owner. Whether it be setting up e-commerce on Etsy or Shopify, building a custom website through SquareSpace, or getting payment processing on Square, all of this can be done on your own for a lot less than it would cost to hire a professional. Do some research online to find software to help you manage your business. It may take a bit more time to set up, but it will save you money in the long run and will be much easier to maintain over time.

Be Patient!

Anything part-time is going to take a little longer. But be patient – it won’t always be part-time! Count yourself lucky to have a source of income as you work towards your goal of being a full-time entrepreneur and use this goal as a motivator to work hard during your spare time to achieve your goals. The harder you work in the early stages, the better the pay off will be in the end! 

Strategies For Juggling Multiple Projects

If you run your own business, chances are you have a seemingly endless to-do list that can overwhelm the senses and would lead a more fragile mind into despair. Sometimes the first thing on everyone’s to-do list is to figure out which item on the to-do list to actually do first. Like a car with standard transmission often the hardest thing is just getting the car rolling. Here are a few handy tips and tricks on how to manage all the items on that list so you can get out of first gear and get into the fast lane.

Organize Your Projects

No two projects are created equal and it’s up to you to figure out which ones are high priority versus which ones can wait. You also need to figure out which projects are long-term projects and which ones have imminent deadlines, or ongoing deadlines. Some individual tasks within a particular project are themselves more complicated than others and those need to be sorted out as well. In my case, I have a set of regular tasks that need to be taken care of weekly and then a variety of projects that are, on average, a month’s worth of work and all with deadlines falling at various points throughout the year.

When all the chips are down I have a way to break down all my tasks for the year by month and by week, which then allows me to plan out each day.

Organize Your Week

As a rule, I make sure that any projects with ongoing deadlines I devote a portion of any given day to complete. I also make sure to devote at least 25% of time during any given week to any of my monthly projects (this percentage may increase as any deadline looms). The reason why I make sure to devote this substantial amount of time even early in the process is because I never want to get to a point where I need to devote 100% of my time to a particular project at the expense of the work that is ongoing. Normally it is advisable to put the ongoing work at the front part of the week.

Organize Your Day

Luckily the day comes conveniently broken up into two parts: before lunch and after lunch. Lunch isn’t just a time to gas up and take a much needed break, it’s a great way to set goals. Often, I give myself a set of tasks that I can reasonably complete before lunch. I find that my productivity is highest before lunch so this is when I take care of higher priority projects. I repeat: DO YOUR HIGH PRIORITY WORK BEFORE LUNCH - save the cat videos for after lunch. The afternoon is also a good time to tackle lower priority projects, assess your progress, and plan the next day’s work schedule.

Always Spend At Least a Minute With All Your Projects

Even if it’s as simple as delegating a few minutes of thought, or simply asking a colleague “how far along are we with that?” it’s worth touching base with all your projects at least once a week. Never let a week go by without checking in. The weekend is a time of forgetting and if you don’t make it a habit to check in, that kind of procrastination can lead to a massive crunch or worse - a missed deadline.

Never Devote an Entire Day to One Single Thing

There’s nothing more demoralizing than the prospect of devoting your entire day to one single task performed over and over again. Although sometimes it may be necessary, it’s advisable to restrict assembly line tasks to a portion of the day in order to give the mind a break from that inherent monotony as staying vocationally fresh is a great way to optimize productivity. Conversely, miring oneself in drudgery is tantamount to flicking the “off switch”.

Develop Your Time Management Skills

Time management is a skill just like needlework, cooking, or playing the guitar, and all the same rules apply. Just like any skill it has to be developed to serve you any real purpose and you have to practice to get better at it. There are numerous tools at your disposal to help with all of the advice mentioned above like spreadsheets and calendars where you can jot down, make notes, color code, and organize everything that’s on your plate. Along with helping cut through all the clutter, giving myself a visual sense of what’s ahead really gives me a sense of where to start and how my time can be best used. Naturally, it takes a portion of time to carry out this strategy of organization, but the benefits over the long term are well worth it.

How to manage work/life balance as an entrepreneur

Choosing the life of an entrepreneur is not for the faint of heart. It can become hectic, with the line between family and work being non-existent (including those who run home-based businesses). Maintaining a healthy balance between your home environment and work can be difficult, especially when you are always “on”. Especially when clients, suppliers and employees are able to reach us at all hours. You can get so bogged down with work that you will forget what it is like to have free time and can neglect your family and friends!

So what can you do to maintain a great work /life balance? How can you juggle your work and keep it from interrupting your family or social life? Our tips will help you maintain that balance while also helping you grow your business.

Manage your time

The most important part in managing time is not being able to schedule your hours, but in how to set priorities. Your work/life balance depends on what your life goals and passions are. Once you know what your priorities are, you must then analyze those items that compete for your attention. Decide what you want to focus on and discard what is not important in your life.

Be ready to communicate your expectations to people - which sometimes requires you to say “No” to certain activities. You have to help them understand that being an entrepreneur means working long and crazy hours. Have a discussion with the people close to you and plan for re-scheduling conflicts.

Make a schedule for your day - end your day at the same time, and try to stick to it. It’s not always easy as there is always work to be done. In some days, you might find yourself fighting fires with no one to help you, and you’ll be up late into the night. You must have strong self-discipline as there is no one who is going to be looking over your shoulder telling you what to do.

Delegate

Although doing everything yourself makes financial sense when you start out in your business, you should consider hiring contractors, consultants and employees when the time is right. Micromanaging is a straight path to not only stress, but also making mistakes which can affect your business. The benefits of delegating outweigh the risks and costs, so giving others the responsibility of doing minor tasks from writing a blog to your accounting, you’ll focus on what you’re good at – which is growing your company.

Focus on your health

No matter how busy your schedule is, always make time for fitness. Even if it means going for a long walk around the block, just do it on a regular basis and get your heart pumping. A good workout:

• Helps reduce stress ,

• Allows you to maintain a routine,

• And focuses your mind.

Be it going to the gym or playing a sport, physical activity helps your body create endorphins which is known to keep people’s mood up.

Being unreachable

Running a small business means dealing with all kinds of issues and putting down fires. Your employees, suppliers and clients are constantly vying for your attention by phone and email. To avoid being overwhelmed by the constant barrage of emails and calls, unplug yourself from any communication device at certain times of the day and focus on getting your work done. Block out some time during the day to respond to emails or voicemails.

Get a life

It’s very easy to get sucked into the life of an entrepreneur. You are passionate about your business and you work hard to make it successful. In the first few years, you may need to work around the clock to get your business off the ground, but it will catch up to you, leaving you with high blood pressure, broken relationships and more.

To keep a balance, you must be able to walk away and spend time on things that you enjoy. As much as you put your focus on work, put the same on your recreational activities. Don’t forget about the most important relationships in your life – keep your lines of communications open between your family and friends so that you’re not isolating yourself from them.

Being an entrepreneur requires you to make many sacrifices; however, you have to realize the bigger picture –you want to be able to enjoy the fruits of your hard work. If you don’t pace yourself and schedule regular fun time, you’ll definitely burn out.