Business Education

How Entrepreneurs can Improve their Mental – and therefore Physical – Health

Andrew Carnegie. JP Morgan. John D. Rockefeller. Once, these men were titans of industry and the most successful among American entrepreneurs. This, at a time when technology was extremely limited by today’s standards. Communications were not nearly as instantaneous, and the advantage of a democratized autodidact education couldn’t have come from the internet. Now, it’s an entirely different world – except in some remarkable respects. Business owners are still subjected to a lot, particularly stress. And this means these individuals will suffer both mentally and physically.

Common Causes of Mental and Physical Stress and Poor Health

Being an entrepreneur comes with many challenges. Business owners often have to deal with a high level of uncertainty and unpredictability in their ventures. This can create feelings of a lack of control and lead to stress and anxiety. Plus, having to work long hours to keep their business running, can lead to fatigue, burnout, and poor physical health.

It’s no secret that entrepreneurship in the startup field comes with a lot of uncertainty and stress. Researchers from Harvard Business Review interviewed 65 entrepreneurs and found that stress and fear had both motivating and inhibiting consequences. For example, fears related to financial stress actually encouraged greater persistence, while fears of failure related to aptitude had an inhibiting result. —Forbes

Running a business can be financially stressful, especially during the start-up phase. Money worries can cause anxiety, depression, and affect overall well-being. What’s more, entrepreneurs may neglect their physical and mental health due to the demands of their business. This can include poor eating habits, lack of exercise, and lack of sleep.

How Entrepreneurs can Improve their Mental and Physical Health

Entrepreneurship can be a very difficult endeavor. While the rewards of building a successful business can be significant, the pressure to perform and the constant uncertainty of the future can take a toll on one’s mental and physical health. However, there are several effective ways that entrepreneurs can improve their mental and physical well-being.

Prioritize self-care. Entrepreneurs often have a lot on their plate and may neglect taking care of themselves. It is essential to set aside time each day for self-care activities such as exercise, meditation, and relaxation. These activities not only improve physical health but also help clear the mind and reduce stress.
Practice mindfulness. Mindfulness is the practice of being present in the moment and not dwelling on the past or worrying about the future. Entrepreneurs can practice mindfulness by setting aside time each day for meditation or other mindfulness practices such as yoga or tai chi.
Get enough sleep. Lack of sleep can have a significant impact on one’s mental and physical health. Entrepreneurs should aim to get at least 7-8 hours of sleep each night and establish a consistent sleep schedule.
Eat a healthy diet. A healthy diet can help improve energy levels, reduce stress, and improve overall physical and mental health. Entrepreneurs should aim to eat a balanced diet that includes plenty of fruits and vegetables, lean protein, and whole grains.
Connect with others. Entrepreneurship can be a lonely endeavor, and it is essential to maintain social connections with friends and family. Entrepreneurs should make an effort to connect with others through activities such as networking events, social clubs, or volunteer work.
Seek help if needed. Entrepreneurs should not be afraid to seek help if they are struggling with mental health issues such as depression or anxiety. Help is available through counseling, therapy, or support groups.

As you can plainly see, entrepreneurs can improve their mental and physical health by prioritizing self-care, practicing mindfulness, getting enough sleep, eating a healthy diet, connecting with others, and seeking help when needed. Remember that taking care of yourself is crucial for your business’s success. What do you think? Do you have any other suggestions that others can benefit from? Please take a moment to share your thoughts and experiences! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How to Support an Employee Going through a Crisis

May 1, 2021 No Comments

One employee’s personal crisis can become a big problem for your business in an instant. That’s unfortunate and even inconvenient but it can easily become a reality. (Especially during a time of disruption, caused by a global pandemic and subsequent shutdowns and re-openings.) When employees return to work — or continue to work through such turbulent times — crisis can manifest in various ways. When it affects an employee, it can likewise have a substantial impact on your business. Crisis Comes in Many Forms We’ve all heard the statistics and figures about the toll the lock-downs have taken. Drug use and overdoses are at historic highs. Depression runs rampant. Job losses are also a huge problem and with those losses, undue financial pressure. Then, there’s just the matter of separation of family members and close friends from one another. We all have life events that distract us from work from time to time — an ailing family member, a divorce, the death of a friend. You can’t expect someone to be at their best at such times. But as a manager what can you expect? How can you support the person to take care of themselves emotionally while also making sure they are doing their work (or as much of it as they are able to)? —Harvard Business Review The divorce rate is also expected to spike when all the data is calculated. Plus, births have actually fallen — not risen — as formerly expected. The point is crisis comes in many forms and can emerge in any one (or more) of your employees’ lives. When this happens, it can have a profound effect on your business. Ways Businesses can Deal with an Employee in a Crisis Situation Fortunately, there are ways businesses can deal with an employee in a crisis situation. Nearly regardless of the circumstances, you can help your team member get through and stay a productive part of your company. Here are some of the most effective strategies to help employees cope with personal crisis: Encouragement. Okay, let’s begin with an obvious need — being supportive. Offering your support and encouragement can do a lot — a whole lot — for someone experiencing uncertainty and anxiety. A few kind, supportive words occasionally can have a really big impact on his or her attitude, work quality/quantity, and more positives. Incentives. Another way to help an employee in a crisis is to reward them with incentives. Just a small reward can help lift up a person’s spirits in profound ways. If you can find the right rewards, they will indeed big a real return on investment. Flexibility. Of course, offering him or her the flexibility they need will also do a lot for their mental and emotional health. By letting them customize their schedule and offering a combination of work-from-home and on-site, you can help them get through a very tough time. Contingencies. An employee experiencing a personal crisis might not be able to maintain a routine schedule. If you are confident this will only last for a short amount of time, you can have someone else step in and take some of their workload. Referrals. Unfortunately, not every situation will come to a positive end. Some crises are just too much and result in having to let an employee go or accept a resignation. If this happens, you can always offer a referral to help him or her to help them secure a new position. What other suggestions do you have? Please take a few minutes to share your own thoughts and feelings so that others can benefit from your experiences and perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Tired of New Employees Abruptly Quitting? Here’s a Novel Solution for Recouping Your Training Costs

November 4, 2022 No Comments

One of the most costly and infuriating aspects of running a business is training new employees only to have them up and abruptly quit. It takes a lot of time, effort, and extra expense to onboard new hires and get them familiar with practices and procedures. When they depart shortly after their training, it means having to fill that position all over again. Since this is such a huge hassle and a costly one at that, some companies are actually billing employees who quit. The strategy is to ensure new employees don’t receive critical industry training only to leave and use their new skills at a competitor paying higher wages and/or offering more enticing benefits packages. Companies Recovering Employee Training Costs through TRAPs Healthcare, retail, trucking, beauty, and more companies are adopting a new approach in order to reduce their workforce losses. Known as Training Repayment Agreement Provisions or TRAPs, these clauses are included in employee contracts. Nearly 10% of all American companies are now using these provisions, according to a recent report by Reuters News. When a valued employee quits, the loss can have a detrimental effect on the person’s team and department and maybe even on the entire company. Not only can an unexpected departure lead to lost revenue, but it also could lower the morale and productivity of remaining employees. —Society for Human Resource Management Other industries may follow this emerging trend if it proves successful and legal. There are already federal and state government agencies looking into the practice, and it appears to be legitimate. If it continues to grow in popularity, it should be not only a big benefit to businesses but to employees as well, as both parties will know precisely what’s expected of them and how to proceed accordingly. How to Use Employee Training Repayment Agreement Provisions Because this is somewhat new, it’s very important to take thoughtful, measured steps in order to implement such a practice. Here are some suggestions for how to use an employee training repayment agreement provision in your business: Consult a labor law attorney. The very first thing you should do is to speak with a lawyer who specializes in labor law in your state. Even if a future employee willingly signs such an agreement, there may be something on the books that does not allow you to enforce such a provision. So, be crystal clear it is legal and actionable in your state. Speak with your human resources department. Obviously if you are able to include an employee training repayment agreement provision in your hiring contracts, you’ll need to get the right people in your organization on board and in the know. You can help to develop a new section in your training process that discloses and advises potential hires and new team member about this provision. Make sure new hires are made fully aware of the provision. When you’re recruiting someone new to your organization, be sure this is made abundantly clear before you proceed with follow-up interviews and probably before the very first, initial interview. Any job candidate should be made aware of this provision well before you get deep into the hiring process. Include a mechanism to recoup new employee training costs. Of course, you’ll need a way to actually recoup those training costs. So, if you offer a sign-on bonus, that may be one way to recapture the expense. Here again, you’ll need to consult an experienced, licensed labor law attorney in your state to establish a recuperation mechanism for the provision. What else would you suggest business owners do to deal with new hires who quit shortly after being brought on? Please share your thoughts and experiences so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Best Ways to Practice Self-Promotion

February 28, 2018 No Comments

Social media is a great way to promote your business. But, it alone certainly isn’t enough. You have to practice self-promotion and do it right to make it really pay off. Sure, you can effectively use social media to increase brand awareness. However, it does lack a personal touch. That’s why you need to get out and represent your company. The problem with this is, most people just don’t know where to start. Others make the mistake of over doing it. Still a few more tepidly practice self-promotion but only with great restraint because they don’t want to give off the wrong impression. Self-Promotion and Selfishness Make no mistake about it, self-promotion is paramount to growing your business. What you need to avoid is confusing it with being selfish. You see, self-promotion isn’t really about being selfish. (Unless you’re totally selling for your own benefit alone.) In other words, you shouldn’t feel guilty about promoting your brand because it has something of value to offer. That’s the whole purpose of being in business — to fulfill a need. Marketing is a lot like fishing—some companies cast a wide net to scoop up whatever they can get, while others use bait and wait it out until the right customer takes a nibble. To be successful, you need a combination of both techniques to not only grab a large number of new customers at once, but to also allow new business to continuously trickle in through referrals, word of mouth, and general curiosity. —Forbes.com So, don’t make the big mistake of thinking it’s all about you. Keep in mind that your customers get something valuable in return. And, both of you benefit from each transaction. This means that it’s a win-win scenario. You just have to see it for what it truly is and not fall prey to thinking it’s wrong to make a profit. Only when you don’t deliver on your promises is it unethical (and probably illegal). Best Ways to Practice Self-Promotion Now, let’s get to the most effective ways to practice self-promotion. You should know how to behave because your actions will definitely speak louder than words. Here are some helpful tips for how to practice self-promotion: Practice awareness. You can’t network in a vacuum. If you’re promoting your business, there is more than one person in the room. Keep this fact in mind. You need to read the other person or group and interact accordingly. If you fly blind, you’ll inevitably hit a wall. Always be gracious. Remember that polite manners go a long way. But just because someone gives you an opening to talk about your business doesn’t mean they are asking for a shameless sales pitch. Keep it short, succinct, and kind. Offer something interesting. Sometimes, it’s very tempting to rattle off numbers. Or, go into details. But remember it’s important that what you share is interesting. Otherwise, you’re not only boring the other person, you’re undermining your own efforts. Never be dishonest. Of course, you should always be honest about what you have done and can deliver. Don’t embellish or exaggerate because it will come back to bite you. Besides, if you mislead someone, the relationship begins with a lie. And, that’s never good for business. How do you promote your business? What self-promotion tactics work best for you? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.