Business Education

How Entrepreneurs can Get Off the Hedonic Treadmill

The hedonic treadmill is a trap that too many entrepreneurs (and others) fall into without actually realizing it. This perpetual cycle of returning to the same relative state of happiness is a phenomenon that was first officially recognized in the 1970’s. However, since that time, there’s been very little public awareness about it. Although, people of all kinds continue to experience it to this day, in particular, the most successful executives and business owners being among them. Fortunately, there are ways to escape this mindset.

The Hedonic Treadmill Explained

The hedonic treadmill is fairly easy to understand. It simply means that individuals return to their baseline of happiness after big accomplishments. Put another way, when someone reaches a worthwhile goal, he or she will only feel the euphoria of the accomplishment for a short period of time, and then return to his or her previous level of happiness.

As soon as we hit a goal, we’re happy for a few days (or seconds) but then we quickly focus on the next (and bigger) thing we want to achieve. I’m totally guilty of this myself as well. And sure, there’s nothing wrong with that. But if you do, make sure it comes from the right place of mind. Make sure it comes from a place of abundance and not out of scarcity, or else it might just do some serious damage. Whenever you find yourself on the ‘hedonic treadmill’, it’s quite hard to get off. In fact, it’ll never stop until you consciously make it stop yourself. —Medium.com

While that seems completely logical and understandable, it creates an ongoing cycle in which people attempt to return to that feeling of happiness time and again. In other words, the happiness of achieving the goal wears off and therefore, other goals must be reached to continue to feel that sense of reward. Obviously, this can easily lead to very unacceptable behaviors, including things that are ethically and morally wrong.

Effective Ways Business Owners can Avoid the Hedonic Treadmill

Like any other type of harmful cycle, one must recognize one’s own behavior in order to make the necessary corrections. As with other unhealthy practices, with a few strategic changes, it’s possible to step off the hedonic treadmill by doing the following:

Practice gratitude. This is a very simple way to not only recognize, but relish accomplishments and put them into perspective. For instance, opening a new location in order to serve a growing customer base is a huge win for any business. However, there will be challenges with doing so and it certainly doesn’t mean there won’t be any obstacles to deal with in the future. So, feeling a sense of gratitude when it is deserved but understanding that there are still future challenges is essential.
Be more optimistic. Most entrepreneurs are optimistic by the very nature. Still, there are going to be instances when even the most optimistic person lets their emotions turn pessimistic. Again, putting your thoughts and feelings into perspective will greatly help you deal with issues that arise in the course of doing business.
Adopt a balanced life. Obviously, all work with very little or no play will certainly feed into someone being trapped on a business-centric, hedonic treadmill. If you are willing and able to strike a better balance, you’ll feel more satisfaction in your life overall.
Accept certain limitations. Everyone has their limitations. While most entrepreneurs don’t like to accept their shortcomings, the ones who do and partner up with people who excel in areas where they lack, tend to be the most successful. So, know your limitations and play to your strengths.
Set truly meaningful goals. There are many types of goals you can set as a business owner. But, the bottom line doesn’t have to revolve around all of them. For example, if you create a pleasant working environment, your employees will be grateful, which improves morale, and ultimately, makes it a great place of camaraderie.
Our Client’s Top Salesperson is on the Treadmill. One of our clients has a top sales person that functions on a Hedonic Treadmill, so she has little empathy for others. As long as she keeps winning the next big deal, it reinforces the ongoing cycle of what seems to make her happy. Consequently, when deals are not closing, her demeanor causes challenges with our clients technicians and staff.

What other suggestions do you have? Please take a few moments to share your thoughts and experiences so others can benefit from your unique perspective! Your input could really help someone out! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Accomplish Your Biggest Goals in Small Steps

May 16, 2017 No Comments

You’ve probably heard the way to eat an elephant is to take one bite at a time. In business this is fundamental because it decidedly identifies the road to success. This road, it should be well understood, isn’t an easy path and will have plenty of bumps along the way. These setbacks, or failures, are excellent parts of the learning curve and are typically more valuable than successes. Savvy entrepreneurs embrace this truth and use it in a strategic way. Some of the largest and oldest companies were born from simple ideas. These giants grew from obscurity, not because of all they offer, but because each accomplished a goal which made them instrumental to the world of commerce. In 1939, after many frustrating years, inventor Charles Goodyear discovered the process of vulcanization. Though the legendary achievement is etched in history, the backstory is quite telling. Goodyear spent years trying to turn his concept into reality. He went dead broke and into extreme debt, yet endured and persisted on one single goal. How to Accomplish Your Biggest Goals in Small Steps Of course not every entrepreneur suffers such extreme adversity. It’s true that the majority of businesses do experience fits and starts but overcome and go on to achieve enough to turn a respectable profit. The way this happens is through a series of phases which include periodic cycles of failures. These aren’t due to lack of motivation, not being smart or talented enough, but the result of trying to accomplish too many things at once. When people set out to begin a major work project or adopt a healthier lifestyle, it’s easy to become discouraged when picturing the long road ahead. By the same token, even smaller-scale plans like keeping a medical appointment or a standing date to the gym can become easily derailed by the busyness of our daily lives or a simple aversion to the doctor or the treadmill. —The Wharton School Let’s get back to how to eat an elephant. The key to tackling any big goal is to do so in a smart and workable manner. Though most people understand reaching a goal takes time, their enthusiasm causes over-reach and that’s when things start to go wrong. You just can’t do six things at once and expect to master all of them. Too many directions, which is to say too many projects, is a recipe for failure. So, the key to success is the opposite — do one thing at a time. Here’s how to accomplish your biggest goal in small steps: Set a big goal to reach. The first step is to set a realistic goal. There’s nothing wrong with dreaming big but these can be too large to reach before feeling discouraged. One of the reasons entrepreneurs achieve success is they have a vision that’s focused and workable. Identify a realistic path to take. Another component to achieving your big goal is to map out a realistic path to take. Break the process down into phases —these don’t have to include every possible detail or include all contingencies. Martin Luther King remarked on this when he said, “Faith is taking the first step even when you don’t see the whole staircase.” Start with one small, incremental step. You’ve probably heard different adages about the first step being the hardest. It’s true and to feel a sense of accomplishment while building momentum, the first step ought to be small. Take a moment to reflect the accomplishment. After each incremental step or phase is complete, take time to reflect on your accomplishment. The sense of pride is inspiring, and it reinforces your self confidence. With every step and phase completion, you can look toward your ultimate goal but stay focused on the here and now. This will help to motivate you and it’s a great way to appreciate your hard work. As a side note, it would be an honor to help out my LinkedIn connections with their business. At minimum, I’d love to connect and be in touch. We can do this by you signing up & getting my Top 5 Business Tips each month; and it’s free! May Your Business Succeed Beyond Your Dreams! ~Best, John Waters Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

3 Subtle but Serious Signs a Business Partnership is in Big Trouble

February 6, 2020 No Comments

Ostensibly, a partnership is an ideal way to bring two necessary but different skill-sets together. After all, it makes sense to join various strengths in order to form an alliance. Such an arrangement seems like it will yield fruitful results. However, far more partnerships fail than succeed. There are many obvious reasons why this happens. But, it’s not always so clear-cut. So, let’s take a look at some subtle telltale signs that a partnership is in trouble. The Biggest Partnership Dangers Dave Ramsey has made famous his five dangerous D’s of partnerships: death, disability, disinterest, drugs, and divorce. Of those, only one makes the list below. That’s because it’s not always crystal clear that something is awry. You generally spend more waking hours at work than at home, which means you have more opportunities to interact with your business partner and the nature of your interactions tend to be more intense, with more potential for conflict because there are so many external variables that are beyond your control. —Forbes.com There are scenarios when very subtle factors are in play. Unfortunately, most business people miss these signals put out by their partners. Eventually, they become more pronounced and at that point, it is usually too late to save the enterprise. 3 Signs a Business Partnership is in Jeopardy When a business partner goes through a very difficult time in his or her life, it’s usually quite easy to see the writing on the wall. But, there are instances when there are no overt problems or issues. Here are three subtle yet serious signs a business partnership is in trouble: Apathetic. Let’s begin with the only sign that makes the list above — disinterest. This can manifest in two different but similar forms: distraction and apathy. A lack of concern and focus can wreak loads of havoc on a business. Before you know it, the onus falls on you alone. That’s when you’ll realize your partner is no longer interested in participating. And, by this time, it usually causes an irreversible rift. Autonomy. On the opposite side of the spectrum is autonomy. Sure, being able to operate independently is typically a good thing. Except when there’s far too much of it. So much, you find out about key decisions well after the fact. This is a sign that unpleasant news is most likely on its way to you. Elusive. This is a very tough one and perhaps, the most frustrating of the two because it’s so difficult to understand. When your partner becomes elusive, that is to say, overzealous one moment and indifferent the next, you’ll struggle to cope with why. This will only lead to unnecessary disruptions and make the partnership unsustainable. What other signs would you add to the list? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

What to Do When You Lose Your Biggest Client

July 29, 2021 No Comments

Losing any client is a blow to any business owner. But, it’s particularly troubling when it’s the largest paying customer your company has a working relationship with (or had at one time). While it’s disturbing for any size client to stop doing business, it’s an absolute crisis when it’s the single largest one. Or is it? The answer really depends on how you handle the situation. So, read on to learn more about how to deal with losing your largest client. Seize the Opportunity Entrepreneurs are usually able to identify opportunity when it presents itself. But, in cases where there’s a tentative failure or bad fortune, it can be very difficult to see it and act upon the moment. Sure, it’s a setback and this makes it quite hard to get past the shock. However, the sooner you spring into action, the better. (Though don’t mistake this for making rash, uninformed decisions.) Whether you’re a Fortune 500 company or a small mom-and-pop business, losing a massive client is always shocking, uneasy and frustrating. Unfortunately, it’s something that almost every entrepreneur experiences at some point in time. —Forbes.com Instead, take a step back and give yourself time to form a generalized overview, one that’s not out of panic and fear. After all, it’s far better to take an honest assessment and determine precisely where you stand in order to determine exactly what actions are necessary in the short-term. This way, you’ll make informed decisions that are based on reality and not trepidation, anxiety, and alarm. 3 Ways to Deal with Losing Your Biggest Client Losing a big-time client is a real reason for concern. However, it’s also not an excuse to give up and close your doors for good. There are more than a few things you can do to prevent significant damage and/or start building new streams of revenue. Here are three of the most effective strategies you can use after losing your biggest client: Expand existing business relationships. The easiest way to make up for the difference is to leverage your existing business relationships. After all, current customers are the easiest ones to deal with and the most obvious place to double down. Since you have an existing relationship, you can offer more products and/or services to them and that will get you through in the short term. Take the opportunity to expand offerings. This is also a prime time for expanding what you offer to the public. This is a great opportunity to expand your business by focusing on your most popular selling items, whatever these are now and in the near future. Prevent the same situation from happening again. Of course, you probably don’t want to go through the same ugliness again at any time in the future. So, make sure to develop strategies that prevent this type of loss from happening again and you’ll gain a better sense of security. What other suggestions do you have that might be of help? Please share your thoughts and experiences by commenting so others can benefit from your perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.