Start the New Year Strong – Avoid Entrepreneurial Burnout

Now that 2018 is upon us, it’s time to make good on your resolutions. As an entrepreneur (or soon-to-be business owner), you want your company to succeed. This requires a lot of hard work. It also requires dreaming big. Without those two elements, it’s very difficult to move forward. Unfortunately, being an entrepreneur means having to shoulder a big load. And, that can easily lead to burnout. The passion turns sour. It’s no longer a challenge but a burden. The good news is, it doesn’t have to be a reality.

Make 2018 a Great Year for Your Business

If you want 2018 to be a success for your business, you must avoid certain personality types. Additionally, you’ll have to keep the fire going inside. Entrepreneurs are complex people. They love to dream and can easily leap from one to another. What’s more, they really love to work and work hard. The reward is simply too good a feeling. But, even the hardest workers, the most disciplined business owners can fall victim to burnout.

Being an entrepreneur is no mean task, and definitely isn’t meant for the fainthearted. Entrepreneurs have too much to do and a lot to prove, not just to their competitors, but also themselves. Dealing with the daily challenges and frustrations that come from running a business operations can take a toll on any sane person’s mental and/or physical health. —All Business.com

In fact, this is actually one of the biggest (if not the single biggest challenge) entrepreneurs face. Long weeks with plenty of nighttime hours devoted to work takes its toll. Eventually, you feel less connected to personal relationships. And, strangely enough, less in-tune with your own business.

How to Avoid Entrepreneurial Burnout

Entrepreneurial burnout is a real thing. It’s a trap entrepreneurs unwittingly set for themselves. They don’t even know it’s happening until it’s too late. All of a sudden, there’s little to no reward. Things seem dull and routine — even monotonous. Fortunately, there are ways to avoid entrepreneurial burnout:

  • Avoid falling into a rut. Okay, so one of the biggest challenges to running a business is to set and stay on schedule. But that very strategy can also turn against you. It goes from smart scheduling to rut and does so without warning. Seemingly out of the blue, you feel like you’re just doing the same thing over and over. So, change environments and scenery. And, do so regularly.
  • Schedule regular breaks. Make no mistake about it, both long and short breaks are necessary. You not only need to get out of the office on a daily basis, you need to get away from the office regularly. And, take actual time away from the business. A simple weekend getaway without any work offers amazing refreshment.
  • Stay away from time wasters. You probably fall prey to time wasters. Social media is a great example because it’s so prevalent. Or, it could be constant chit-chat. Whatever wastes your time, identify these and you’ll lessen the burden of feeling unproductive.
  • Always be clear about what you want. Losing focus is a big problem. But, there are simple ways to deal with it. Every day should bring you closer to your next goal. But, if you’re unclear about that end, you don’t know where to begin. So, work with others and be cognizant of where you want to go next.
  • What does it take to succeed as an entrepreneur as quoted by Tony Robbins. I listened to a great interview with Tony Robbins recently, and when asked about the characteristics that it takes to succeed, Tony shared in his interview:
    1. HUNGER … dig deep to successful people, Steve Jobs, Bill Gates, Mark Zuckerberg … you will find that they are HUNGRY to achieve and push beyond the pain
    2. Having a Mission larger than you … your WHY. Why do you do what you do? Pride of ownership, mission, joy, being able to give to our kids and others more than ourselves
    3. You have to become Obsessed with Strategies or a Plan to succeed. For example; if you say you want to enjoy life on the beach and you start running North … you’re going the wrong direction because the beach are South! The right strategy can save you a decade and lots of losses.

How do you avoid burnout? What other things do you use to stay focused and excited? Please share your thoughts and experiences by commenting and joining the conversation!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

Related Posts

Feel Overly Distracted? You’re Not Alone and Here’s Why

December 22, 2017 No Comments

You’re busy. No, you’re super busy. People might even say super-duper busy. As usual, there’s more to do than hours in the day. And, your schedule isn’t slowing down. You’ve got to do X before Y and then onto Z. But, you can’t seem to shake the notion you’re not actually get anything done. It’s not due to a lack of effort. However, it can easily be explained simply by distractions. Top Focus Problems People Suffer From Now, there are several things you can quit doing to be more successful. But, even the most self-disciplined individual isn’t immune from distractions. After all, distractions are everywhere you turn. No matter where you are or what you’re doing. And, it’s not just technology. Sure, smartphones, social media, and more are all culprits. What’s more, you’re not alone if you feel distracted. In fact, the average person’s mind wanders when doing a task between 15 and 20 percent of the time. That statistic, according to Canadian researcher Jonathan Schooler. We created the labor-saving devices that catalyzed the unplanned explosion within which we live today. But as enlightened managers everywhere are learning, we can learn to manage what we created. When we learn how to take back controls that we’ve given away, we can get better at managing our attention and not surrendering it to every distraction. —Fast Company Therefore, if a wandering mind is so prominent, what can be done about it? That’s a good question. And, the answer lies in identifying precisely the cause. You know you’re not a scobberlotcher, an idle person who just sits at a desk, twiddling your thumbs. But, you’re certainly not immune to distractions. Distractions break down focus. If you want to improve your productivity, you’ve got to key in on the cause. Here are the top focus problems people suffer from: Lack of sleep. We all know what it’s like to work through a drowsy day. It’s uncomfortable at the very least. So, don’t let sleep deprivation be an obstacle. Get into a routine that helps you to get a good night sleep. Unplug from technology about an hour before you go to bed. And, be sure to go to bed at a reasonable hour. No priorities. Okay, you have an end goal but along the way, there are many, many different tasks. Without prioritizing them, you’re creating a stressful, chaotic situation. And, it will typically result in a lack of focus precisely because there’s little to no prioritization. Give everything a priority and reap the rewards. Stress. Speaking of stress, when you try to multitask, you’re inviting undue stress. Think about it this way, if you’re trying to do more than one thing at a time, would that cause you to feel more stress? Sure it would. So, put your focus on one thing at a time. Lifestyle. Stress is just one factor; lifestyle is another legitimate cause. You can lose focus because you’re not eating a healthy diet. A balanced diet, regular exercise, and more all make focus easier. Plus, you’ll feel better when you have a healthy lifestyle. How do you maintain your focus? What methods do you use to keep on task? Have you found different ways to deal with distractions? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Read More »

5 New Product Rules Every Entrepreneur Should Know

May 24, 2017 No Comments

Consumers are truly creatures of habit. In fact, the average family purchases the same 150 products again and again, which accounts for a whopping 85 percent of all needs, according to a study conducted by Harvard Business School. Of course, that means when a new product appears on the market, its got to somehow work its way into those recurring purchases. It’s no secret that consumers are quite brand-loyal, so, this presents an even larger challenge. When you stop to consider your own purchasing habits, you begin to realize just how loyal you are to certain brands. Carving out market share is difficult enough, but, even more so when a product comes from an unknown or relatively new source. 5 New Product Rules every Entrepreneur should Know There are some 250,000 new product launches globally on average, per year. Obviously, very few make it past the first couple of years, as clearly evidenced by the nearby quote. What’s more, companies often fail to recoup development costs. In the grocery industry alone, the failure rate is even higher, ranging from 70 percent to 80 percent, according to research done at the University of Toronto. …the fact remains that the success rates of new product introductions and innovations have improved little over the last 20 years. Booz & Company reports 66 percent of new products fail within two years, and Doblin Group says a startling 96 percent of all innovations fail to return their cost of capital. —Fast Company For small-sized American food businesses, the success rate is even more sparse, coming-in at just 11 percent, which regulates an eye-popping 89 percent to failure. The top culprits of failure are poor product quality and design, but overestimating demand, bad pricing and timing, as well as incorrect positioning also make the list. The statistics go on and on when it comes to new product failure, so, it’s important to know what makes products get past their introduction to the public and sell. Here are five new product rules every entrepreneur should know and follow: It must have at least one solid advantage. There are several advantages a product can have and among the most persuasive are value for the money, prestige, effectiveness, convenience, and high-quality. If you look over this list again, you’ll find at the heart of all these is providing for want and need. For instance, the iPhone revolutionized the mobile phone industry — it fulfills a need, is a high-quality product, and provides many conveniences. The product must fit into consumers’ routines. If a product won’t easily fit into consumers’ routines, it won’t sell on the market. A product must be able to accommodate buyers’ routines because, as mentioned above, people are creatures of habit. Some products are able to break this rule, but these are few and far between. It’s got to work right out-of-the-box. American consumers love convenience, and, are very annoyed when a new product proves to be anything but convenient. Most people cringe at the phrase “some assembly required,” because of past experiences. Make a product that works right out-of-the-box and it has a much better chance of success. The benefits should be obvious to consumers. When consumers can readily identify the benefits of a product, they are more likely to buy it. Stop to consider the last time you were shopping for a specific type of item and compared brands. It’s highly probable you purchased the one you could easily spot its benefits. It can be given away for nothing (or part of a promotion). The Clorox company began marketing its first cleaning products to businesses and this approach failed. However, one owner’s wife saw that it had marvelous residential use potential. She gave small bottles of it away and soon after, sales skyrocketed. When consumers are given the opportunity to “test drive” products for free or at a low cost, they are more apt to purchasing it again and again. Though these elements will all increase the chance of success for a new product, it’s important to understand the market and to have an executable plan to be successful. We have several Clients that have new and innovative products that are succeeding because they have followed these five rules. Let us know your new product ideas and make certain yours meets these five new product rules. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Read More »