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Stress Points Entrepreneurs Should Avoid

Being an entrepreneur means being able to pursue a dream, to fulfill a passion, and to realize your full potential. It’s also a stressful role, even for the most intelligent and resourceful. Though we like to think of stress as just an inconvenient emotion, it can take a substantial toll on your health. It’s linked to heart disease, obesity, depression, headaches, gastrointestinal problems, and more adverse health conditions. It’s also one of the most common conditions in starting a new venture or continuing to build a business. However, it doesn’t have to get the best of you.

Stress Points Entrepreneurs should Avoid

Stress is actually a biological response to certain conditions and situations. It consists of releasing hormones, including adrenaline and cortisol, which cause the body to physically and emotionally respond to its environment. In an entrepreneurial role, you’ll have a lot invested, which can include your personal savings, time, and effort. What’s more, you’ll be responsible for managing others. That’s certainly conducive to causing stress and you need to be equipped with the right response to make the right decisions.

In the business world, there’s a certain cache attached to being able to soak up all that stress. But people can’t keep putting themselves under a lot of pressure for a long time without consequences. Eventually something’s going to give. —Entrepreneur.com

When you’re an employee, you deal with stress but it rises to a whole other level when you are running your own business. After all, it is you that’s “calling the shots,” and you are at the helm of the enterprise. Stop to think about the entire situation and it can be practically paralyzing. You’ll definitely have a lot to deal with when you’re running or starting a business and one of the single biggest challenges to overcome is how you deal with stress. Because of this, you should know the most common stress points and how to cope with them effectively:

Capital. Money is essential to business, but there will definitely be times when cash flow is anemic. You should learn to use free and low cost resources when money is lean. For instance, you can pay a freelancer that’s just starting out, or, can take-on a little more personally to keep costs down.
Promises. As a business owner, you’ll make promises on a regular basis. When an unexpected event takes shape, it can seriously throw-off your working timeline. When possible, you should rearrange your schedule and revisit your priorities to make good on your promises.
Commitments. Alongside promises are your commitments. When starting or running a business, it’s often tempting to fully load your schedule to help build your brand. This can take its toll, so, think about what’s most important and only commit to these.
Clients. While clients are the lifeblood of your business, early on, you’ll probably take anyone who comes across your radar. Over the course of running your business, it’s helpful to reexamine which clients are worth the effort and which are making your journey an agonizing proposition.
Talent retention. Having talented people on your team is key to success but this comes with a cost. Said cost rises as time goes on and you’ll face one or more moving-on sooner or later. Instead of fretting over the loss, look at it as an opportunity to forge a strategic partnership.

Though these are all real and can be large problems, one stress point is particularly painful: the unknown. As the saying goes, “you don’t know what you don’t know.” That however, is true with just about everything in life. Instead of letting it worry you, look at it as a new opportunity to embrace. Even if you fail at this or that, it serves as a lesson learned which helps to make you a better leader. Remember, we learn far more from our failures than our successes because it’s easier to deconstruct.

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Did the Solar Eclipse Reveal Your Business Blind Spot?

August 30, 2017 No Comments

Did the solar eclipse reveal your business blind spot? Probably not. And, you’ve likely not even considered you actually have a business blind spot. But, there’s a really high probability you do — you just don’t see it. Sure, life throws obstacles in our way — that’s expected. However, one of the most obtuse isn’t always from an outside source — it’s from within. What’s more, you don’t recognize it for what it truly is and that’s your business blind spot. How to Find Your Business Blind Spot It could well be you’re relying too much on short-cuts in communication — texting instead of actual face-to-face interactions. Or, it might just be something completely different. In a vehicle, it’s quite easy to identify the blind spot. We all know where it’s located in the cars we drive. But, when it comes to business, your blind spot hides until you actively look for it. And, it’s probably tripping you up clandestinely. Entrepreneurs regularly confront a host of tough challenges. Just a sampling among them: landing their first sale, growing their customer base, hiring the right employees, managing cash flow and getting access to funding. But the biggest challenge entrepreneurs may face is either a self-limiting or self-inflated view of their capabilities. Possessing fear, self-doubt, over-confidence, in-group thinking, misplaced commitment to a selected course of action or entrepreneurial myopia are just some ways an entrepreneur can sabotage his or her business. —Entrepreneur.com For some entrepreneurs, it’s not effectively dealing with critics. Hey, why waste time on such a thing? For others, it’s being too myopic, focusing on one thing and not seeing the bigger picture. So, what’s your business blind spot? What is it that you just don’t see? The best way to uncover it is to seek information from different sources. Once you have a more robust picture, you’ll easily be able to pin down your own business blind spot: Introspection. A little self-reflection goes a long, long way, particularly when you’re completely honest. Look inside for some answers. What is it that you already know is an inherent weakness? You can also look back on a time when you fell short and examine that event to uncover answers. Team input. After you look inward, it’s time to see if that lines up with what others who work with you observe. Don’t be surprised if you’ve missed the mark. While Introspection can really be insightful, it can also lead to blind spots if we don’t bring balance with other perspectives. Customer feedback. Your customers are also a great source of information. Solicit feedback and take it to heart. Don’t dismiss what you learn because they want you to be your best. After all, it benefits them, as well. So listen earnestly and take appropriate action thereafter. Retracing your steps. When you make a mistake, you learn from the experience. But, it shouldn’t be cursory. Carefully retrace your steps. What is it that you did that lead you in the wrong direction? Even if it’s an outside force, you made a decision. Look into your weaknesses. Your weaknesses are sometimes known as excuses. But, like mistakes, you can learn from your weaknesses and best of all, work to make improvements. It could be your business blind spot lies in a weakness. Have you identified your business blind spot? What steps did you use to uncover what you didn’t clearly see? Please share your thoughts and experiences by leaving a comment! Would you like to read more about Blind Spots? My friend, Kevin McCarthy, keynote speaker, trainer and author just published a compelling and informative book describing how his blind spots landed him in a federal prison for 33 months for a crime he didn’t knowingly commit. Learn more about: “Blind Spots – Why Good People Make Bad Choices”. Interested in learning more about business? Then just visit Waters Business Consulting Group. [shareaholic app=”follow_buttons” id=”26833294″]

Here are the 3 Biggest Self-Imposed Entrepreneurial Roadblocks

June 27, 2018 No Comments

More often than not, the person in the mirror is the individual who is most to blame for your problems. Usually, lack of success isn’t due to external circumstances or a run of bad luck. Poor decisions are typically the culprit. And, these mostly come from the failure to recognize certain self-imposed roadblocks. How Modern Culture undermines Businesses Now, this doesn’t mean there are never any real externalities which play a significant role. Just take a quick look at modern culture. Practically everything is now on-demand. We live at a time where immediate gratification is normal. But, that’s a dangerous situation. Success is what every business person and entrepreneur desires from the very core of their being. They have a dream, a genius idea and an initial excitement to make it happen. Having a great idea and building a sustainable empire, however, are very different things and many, if not most, fail. To rank among those who succeed you must master certain disciplines to avoid sabotaging your own success. —Entrepreneur.com You first need to instill self-discipline and realize it’s more advantageous to accomplish your biggest goals in small steps. An incremental approach will cause you to think through scenarios and have a more clear understanding. However, just taking it step-by-step might not be enough. 3 Biggest Self-Imposed Entrepreneurial Roadblocks Let’s get back to how too many entrepreneurs sabotage themselves. They put up roadblocks which keep them from realizing their full potential. So, here’s the three most common self-imposed roadblocks you need to recognize and deal with: Not recognizing futility for what it is. If you’ve ever seen the movie “Wargames,” then you know the scene when Dr. Stephen Falken uses the example of tic-tac-toe to illustrate the importance of recognizing futility. But, that’s the exact opposite of what we hear time and time again. You’re not supposed to give up. Keep fighting and find a way. However, there are times when it’s just futile and you can’t win. Remember Einstein said repeating the same thing and expecting different results is the definition of insanity. Seriously doubting your own abilities. This is perhaps the most common self-imposed roadblock. It’s natural to have reservations, even to feel fear and/or doubt. Although, too much doubt is a poison pill. It’s simply paralyzing and ultimately self-defeating to give into unrealistic doubts. Saying “Yes” when “No” is appropriate. We’ve all heard the advice to give things away for free or at little cost. Additionally, to always help others. But, saying “Yes,” can easily obstruct your ability to grow your business. After all, you need to focus on your own business to build it up before you can actually be in a position to help others do the same with their companies. What other self-imposed roadblocks have you overcome? How do you move past your own limitations? Please share your thoughts by commenting and joining the conversation! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How the Rise of ‘Dry Promotions’ Gives Small Business Owners Big Opportunities

June 21, 2024 No Comments

How the Rise of ‘Dry Promotions’ Gives Small Business Owners Big Opportunities Remember the iconic scene in the 1980 comedy “Caddyshack” when Bill Murray’s character – Carl Spackler – reminisces about caddying for the Dalai Lama and not getting paid for his extra effort? “And I say, ‘Hey, Lama, how about a little something, you know, for the effort?’ And he says, ‘Oh, there won’t be any money, but when you die, on your deathbed, you will receive total consciousness. ‘ So I’ve got that going for me … which is nice.” It’s a funny exchange and of course, the punchline is that Murray’s character isn’t monetarily rewarded for his hard work but he thinks the empty promise is more valuable. Now, imagine this. You work for a company. You put in the hours and effort and you’re finally given a chance to be promoted. Then, your boss invites you into his office. Before you know it, he’s offering you a bump in your title, which comes with more responsibilities. But, he goes on to explain there won’t be any raise in pay or benefits. You’ll be paid the same amount and receive the same benefits. You’re just getting a new title that comes with a lot more work. Meet the “dry promotion.” Recent findings indicate that this practice is increasingly common as businesses grapple with financial constraints. According to a survey conducted by compensation expert Pearl Meyer, the percentage of employers choosing to bestow new job titles as a form of reward, rather than monetary compensation, has risen from 8% in 2018 to 13%, as reported by The Wall Street Journal. The Rise of the ‘Dry Promotion’ “Dry promotions” are on the rise for several reasons. One is that companies are looking to control costs and are using promotions without salary increases as a way to reward and retain employees without increasing payroll expenses. This is especially relevant in the current economic climate where businesses are facing cost pressures. Another reason is that some employees may view a promotion, even without a raise, as an opportunity to gain new skills and responsibilities that can enhance their future earnings potential. In this sense, a dry promotion can be seen as an investment in their long-term career growth. However, there are also potential downsides to dry promotions. They can lead to employee dissatisfaction if the additional responsibilities are not accompanied by a corresponding increase in compensation. This can result in retention issues if employees feel undervalued or underpaid. So while dry promotions may be a cost-effective way for companies to reward and retain employees, they need to be managed carefully to ensure they do not have unintended negative consequences. How Small Businesses Can Benefit from Dry Promotions Think about that last point for a moment. Dry promotions require employees to take on more work without being compensated. As a result, employees might feel undervalued and resentful if they’re expected to take on more responsibility without any additional pay. If companies aren’t careful, they might end up losing talented employees who decide to take their skills elsewhere in search of a better paycheck. So, while dry promotions might seem like a win-win situation on the surface, there’s a lot more to consider. It’s a delicate balancing act for companies to keep their employees happy and their bottom lines healthy. So, this also presents an opportunity for small businesses. Small organizations can benefit from larger companies offering dry promotions in several ways: Access to skilled workers. Larger companies often attract top talent due to their brand recognition, resources, and career development opportunities. When these companies offer dry promotions, it means they are giving employees more responsibilities and titles without a corresponding pay increase. This can lead to dissatisfaction among the promoted employees, making them more likely to seek new opportunities elsewhere. Small businesses can then attract these skilled workers by offering competitive salaries, a better work-life balance, or a more supportive work environment. Cost-effective hiring. Hiring new employees can be a costly process for small businesses, as they need to invest in recruitment, training, and onboarding. By attracting employees from larger companies who have received dry promotions, small businesses can reduce these costs. These employees come with experience, skills, and training, which can be a significant advantage for small businesses looking to grow. Increased employee retention. Small businesses can use the opportunity to offer better compensation and benefits packages to the skilled workers they attract from larger companies. This can help increase employee satisfaction and retention, reducing the costs associated with employee turnover. Enhanced company reputation. When small businesses successfully attract skilled workers from larger companies, it can enhance their reputation and attract more customers, clients, and investors. This can lead to increased revenue and growth opportunities for the small business. In addition, small businesses can gain the advantages of improved innovation and competitiveness. Skilled workers from larger companies often bring fresh ideas, industry knowledge, and a diverse set of skills. By integrating these employees into their workforce, small businesses can improve their innovation and competitiveness in the market. Want to Accomplish More? Do you want your company to grow faster and earn more while you spend more time with your family doing all the things you started your business to do? We can make that dream a reality. Give us 30 minutes and we will show you how to get your life back. Skeptical? Good! Put us to the test. You can call us for your free appointment at (602) 541-1760, or, if you prefer,