Learn to Manage Your Stress As an Entrepreneur
Today more millennials than ever are skipping out on the traditional 9 to 5 and going into business for themselves. The alluring concept of being an entrepreneur, calling the shots, and starting a career in a field they’re passionate about has driven many to start their own small businesses. Being the boss does have its advantages, however, becoming the head person in charge doesn’t come without some stressed involved. With more obstacles ahead than many are aware of, it takes a plan to manage your stress and be successful at running a business.
Common Stress Factors
How much stress could there be? You get to decide what you want to do for a living, you determine how much you’d like to make, you’re in charge of hiring, and you have no one to answer to. It would seem that being a business owner is a piece of cake, however, it won’t take long to encounter the factors which can lead to an undue amount of stress. Below are some you might experience and how to get through it.
- Finances – One of the biggest stress factors for business owners is having enough capital to sustain their startup. From choosing an entity and company name to covering operating costs, you’ll need to have cash upfront to keep things running. As most entrepreneurs are coming from their traditional jobs, most don’t have enough capital and many don’t even make an income the first few years of business.
- Time – There is a lot to do as a business owner and time is often a commodity they don’t have enough of. Many new entrepreneurs end up working 10-15 hours a day, which is a far cry from the eight-hour shifts they’re used to.
- Too Many Hats – There are a lot of facets to running a business and the climate is always changing. It can be a lot for one person to take on. However, to save money in the beginning, many entrepreneurs take on all the responsibilities. The quality of business suffers as a result.
This is only a small portion of the stress factors that entrepreneurs have to deal with. There are also stressors to consider like lack of control over the success of the business, competition, and the inability to properly balance their personal and professional lives. This can lead to burnout or chronic stress which can manifest in ways that include substance abuse, lack of concentration, mood swings, fatigue, body aches, high blood pressure, and more.
Manage Your Stress With An Action Plan
The number of new businesses each year continues to climb and the dream of becoming an entrepreneur has not subsided, therefore, it is safe to say that starting your own business isn’t impossible. However, to get through the first few years, it will be necessary for you to find a way to reduce your stress.
- Seek Treatment – If you’ve started abusing drugs and alcohol to deal with the stress of starting your own business you should seek treatment. There are rehab centers that have an alcohol rehab timeline for inpatient or outpatient programs that span 30, 60, or 90 days to make it easy to balance with your professional and personal obligations. These treatments will also teach you how to deal with stress and mental health issues in a healthy and sober way.
- Tap Into Financial Resources – There is a lot of financial help out there for startups. Apply for a small business loan or grant, create a budget, and look for other revenue streams to help you sustain a living until you start turning a profit.
- Hire Help – To save you time in a day and reduce the amount of stress you’re dealing with from being the jack-of-all-trades, you should hire help. If money is an issue, consider outsourcing, hiring temp staff, working with interns, or bartering.
It takes a special person to run a successful business. This person must not only have great leadership skills and have a passion that motivates them to excel, they must also know how to deal with the downside of being the boss. By reducing the amount of stress you’re under, you can get through the most difficult years of starting a business and start to live the life you always dreamed of.
JR Dominguez is a technology and music editor for MiLLENNiAL. When he's not writing, you can find him in the studio producing music as Signal Froyd.