Posts Tagged ‘entrepreneur burnout’
Tips for Beating Entrepreneurial Burnout
Thursday, May 1st, 2008
If you’re like many entrepreneurs, you love everything about your small business. You love what it is about, how it runs and the whole industry surrounding it. With all that love, it is hard to think you could ever get tired.
Nevertheless, it happens. Many an entrepreneur finds him or herself going and going - until one day they just blankly stare at their desk or office space and feel lost and empty.
This is called entrepreneurial burnout. Essentially, the well of creativity and energy that has been running your business has run dry. This doesn’t mean you need to close shop or change business avenues - it simply means that it’s time to take a break, step away and recharge.
If you are a sole proprietor, or run a small business, running away for a few days or a week may not be an option. Let’s take a look at a few ways to do a little on-the-job recharging.
* Watch Your Hours - While all people who run their own businesses work an immense number of hours, you need to make sure you are not overworking yourself.
Too many hours of work will make you tired, sap your energy and make coming to work a monotonous chore, not something you love.
Instead, see if you can restructure your hours, or hand off some of your chores. The key is to work an acceptable amount of hours and still have time off to enjoy life.
* Add Something New - Have you thought of making some changes to spice things up? Perhaps you can look into starting a new product line.
Maybe you can add a new look to your office or any of a number of other changes that may be mulling around in your mind. This may be a great time to make those changes.
In addition to changing the look of your business, or adding new offerings for your customers, it will give you something new and exciting to see when you come to work.
* Reclaim Your Creativity - Many business owners, when they first started their companies, came up with new ideas, products and paths every day.
Over time, your job may have changed to being in charge of piles of paperwork and other boring things that involve no creativity. Can someone else do those tasks?
It may be time to hire an employee to take over some of the work that is dragging you down - so you can focus more on your creative side that got you into this business in the first place.
* Seek Education - A great way to become inspired to take your business to the next level is to see what is happening in the rest of your industry.
Book a trip to a trade show or convention and see what similar companies have to show and offer. Seeing new items and ideas may help kick start your creativity again and help you think of new directions and opportunities for your company.
Tags: advice, entrepreneur burnout, Growing Your Business, Leeia Ladipoh, Starting a Business, tips
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Foolproof Ways to Survive Your First Year in Business
Monday, March 3rd, 2008
It’s often been said that a business’ first year is the hardest. There are issues with money, management, competition and a slew of other pitfalls just waiting to sink a new business. But, don’t get discouraged, being aware of these common stumbling blocks and learning how to avoid them will help you to be better prepared to survive the growing pains of your business’ first year.
Insufficient capital - It’s no surprise that this is one of the top reasons new businesses fail. And, for most, this problem could have been prevented by preparing a thorough business plan back when the business was still just an idea. A business plan forces you to work through each step of your future company, and do the research to come up with realistic estimates for both start-up and monthly costs. Many failed businesses simply took a guess at how much money their business would need. With new businesses, it’s best to expect the unexpected - and that means being prepared for hidden and larger-than-expected costs. Having quick access to a sizeable amount of cash is absolutely essential in your business’ first year. Without a source for backup funds secured, your business could see an early demise - even if it seems to be doing well.
Doing it all yourself - Small business owners and entrepreneurs are notorious for being a "jack of all trades" and doing everything from answering phones to packaging orders. However, for the jobs that require a trained skill - like marketing, advertising, web design, etc., it’s best to hand the job over to a professional. Trying to save money in the first year is great, except when it comes at the cost of your business’ welfare and growth potential.
Inadequate research - Not doing enough research on costs, competition, target market, products, pricing etc. has proven to have dire consequences for many first-year businesses. Too many business owners don’t want to bother with the extra work of creating a business plan or researching the details, but it’s that information that can literally prevent a new business from failing.
Lack of experience - It’s important not to get caught up in the "dream" of owning a business. Be realistic about your actual experience in the particular industry you are interested in. If you don’t have much experience then work towards getting some before you start your business. Become an apprentice or take classes - gaining that experience will help you to avoid unforeseen circumstances and create a more detailed and realistic business plan.
These are just some of the most common reasons why new businesses fail - of course there’s still other hurdles to watch out for, like over-investing in equipment, not controlling personal use of business funds, not enough money spent on marketing, and still more. The best preventative measure you can take to keep your business from becoming a statistic is doing research, research and then more research about every little aspect of your business before it’s actually open. You’ll eliminate most of the guesswork, surprises and unexpected costs that unprepared business owners will inevitably have to face.
Tags: Carrie Hinkel, entrepreneur burnout, how to succeed, raising capital, Starting a Business, startups
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Achieving a Work Life Balance Wherever You Work
Thursday, December 27th, 2007
Work life balance is a term often used, but a term that is often misunderstood. People change careers due to burnout, stress, and pressure. "I want to improve my work life balance" you hear them say, and then you watch the activity schedule they are on continue to go round and round and even speed up in some cases. Working from home can be a great option depending on the career or business you are in, but beware, you can have the tendency to work even more when you are your own boss.
Maybe it isn’t the job that is the problem
If someone you love and respect has uttered the "w" word (workaholic) to you, take a good look in the mirror and see if you resemble that definition. While nobody likes to think they work too much, there are worse character flaws to possess. It can be easy to blame the workload, the pressure, or the stress of the job, but often times we cause much of that stress ourselves.
It’s ok to like your work
There is nothing wrong with liking your job, in fact that is a real plus and most successful people do enjoy what they do. A lot of entrepreneurial type people start their own businesses because they are capable, driven to succeed, and are not afraid to work hard. Many times a great deal of effort is required for success, and if you don’t do it the project or deadline doesn’t get completed.
If you are your own boss, make sure you are efficient. Ensure you are taking advantage of tools and systems that will make you more efficient, but be careful these tools don’t take you over!
You may have your work life out of balance if one or more of the following are true:
* You use your electronic device at the movies or at dinner when on a "date"
* You bring work in the car to review at stoplights or when stuck in traffic
* The hours you work exceed 60
* Saturday mornings are the best time for you to "get ahead" on your work
* You check and use your electronic device in the restroom
There are many ways to improve personal efficiencies, but don’t confuse efficiency with overworking. When your electronic device becomes an electronic leash, it’s time to think about your work life balance.
Owning your own business and working from home can be great advantages that help work life balance. They also can make you work harder and have a more difficult time stopping work. Even if you have a home office the temptation to work all the time is there - catch up on a quick project here or there, make a couple calls, check email and find out there is a crisis you have to deal with, the list could go on and on.
Set boundaries on your work hours and electronic device time
Whether you work at the office, or if home is your office, make office hours and stick to them. There is always a crisis, a must do, or a critical task. Set some boundaries for yourself and stick to them. If you work from home, make sure your family knows your hours and honor those hours.
If you have an electronic device, have hours where you turn it off or make it quiet. Most models have a quiet hours option that is easy to program in. Take some time every day to "unplug". In the long run you will be more efficient if you can keep your life outside of work in balance with your work life.
Tags: advice, entrepreneur burnout, Starting a Business, tips, work life balance
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How to Avoid Home Business Burnout
Monday, December 3rd, 2007
Burnout is very common among entrepreneurs, sadly enough, because of the long hours in the office and because of the solitude. There are ways to avoid becoming exhausted. It is important to break the monotony of working from home and release the pressures of being your own boss.
Five Ways to Avoid Home Business Burnout
Tags: advice, entrepreneur burnout, home business, Rebecca Button, small business, Starting a Business, tips
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