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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How to Fire Someone, Anyone, Like a Boss

May 16, 2017 No Comments

In business, there’s going to be times that put your toughness or timidity, to the test. If you’re an owner, partner, or manager, you might be tasked with firing someone. It could be your employee, your business lawyer, your accountant, a vendor, or someone else. You’ve heard that character is defined by what you do when nobody’s looking, and though giving someone the boot generally happens in a private setting, the other person will be walking out with their own perspective. So, it’s imperative you don’t turn a bad situation worse. Your goal is threefold, to end the relationship, to maintain your good reputation, and to do so with grace and respect. Even someone that’s toxic deserves your forbearance, because it says a lot about you as a person, and, as a leader. It also preserves a semblance of the relationship, something that might be valuable in future encounters and situations. You might even find yourself in the unenviable position of rehiring that same person. How to Fire Someone, Anyone, Like a Boss A firing begins with the first signs of trouble. In those moments, you might feel anger or surprise, depending on what occurs. What you should do when problems begin to arise, is to get to the underlying reasons. Approach him or her, ask questions, and listen to the answers. If the problems persist, try mentoring or some other type of support. Should that not bring the desired change, set boundaries and benchmarks. Firing an employee–looking someone straight in the eye and telling them they no longer have a source of income–is one of the toughest things you’ll ever have to do as a business owner. It’s often as hard on the person giving the bad news as it is on the person receiving it. And yet it still needs to be done, especially if you have someone who’s “poisoning the well” and bringing the entire business down with them. —Entrepreneur Even at these great lengths, you might still find the problem isn’t being solved. So, when the decision to part ways is the last option, know your legal limits. If you’re in an “at-will” employment state, you generally won’t have a problem. However, if he or she is under contract, run it by your attorney. Now, if it’s someone who is involved in impropriety, that’s a whole other manner, because it might be a criminal matter, and, you might be civilly liable. When the time comes to have the actual meeting, do the following: See him or her early in the day. There are several reasons for this, one is for your own benefit, because you’ll be distracted if you wait. Other reasons are you’re not wasting his or her time (which he or she will feel cheated and/or used), you are taking poor work out of his or her hands and giving it to someone who is competent, and, you’re sending a message to others that you listen and act when someone else isn’t working out. Be direct, honest, but not blameful. If it’s reached the point that firing is the only option, he or she is probably quite aware of what’s going on and how it will end. If the individual is not aware or seems blindsided, then you need to look at your Leadership and Management communication as it relates to setting expectations, boundaries and clear direction. Give reasons why, don’t sugarcoat them, but do not be blameful or belligerent. Give praise where it’s deserved. You can give points of praise where it’s deserved but don’t overdo it. Be genuine and graceful while keeping yourself aware of how it’s being received. Be ready to listen. Being told you’re no longer needed or feel unwanted are powerful emotional stirs. You might hear insults, threats, or other unpleasantness, but it’s out of an emotional outburst, don’t take it personally. Explain what will happen next. The finality might take time to sink-in, and, you’ll do him or her a great service by explaining what happens next. For instance, returning company property, retirement account options, these sorts of things. Another kind gesture is to allow them to say goodbye and get their personal possessions together. Rushing someone out the door isn’t dignified, and, it creates a lingering, negative perception that will be with those you still employ. Show courtesy, respect, and empathy and you’ll make the best of a bad situation. [shareaholic app=”follow_buttons” id=”26833294″]

Feeling Overwhelmed by Your Small Business? Why Not Ask a Friend for a Favor. Here’s How.

May 19, 2023 No Comments

As a small business owner, you’re used to being busy. You’re always juggling multiple tasks, and it can be hard to keep up. Sometimes, you may feel so overwhelmed that you don’t know where to start. If you’re feeling this way, don’t be afraid to ask your friends for help. How Small Business Owners Can Ask Their Friends for Help Your friends are there for you and want to see you succeed. They may be able to help you with a variety of tasks, from doing routine things, like answering emails to running errands. So, here are three effective tips on how to ask your friends for favors: Be specific. When you ask your friends for help, be as specific as possible about what you need. This will help them understand what you’re asking and make it easier for them to say yes. For example, instead of asking your friend “Can you help me out?”, try asking “Can you please pick up some supplies for me at the store?” Be grateful. When your friends do help you out, be sure to thank them profusely. A simple “Thank you so much for your help!” can go a long way. It’s also a good idea to offer to return the favor in some way. Don’t take advantage. It’s important to remember that your friends are doing you a favor, so don’t take advantage of their kindness. If you find yourself asking them for too much help, it’s time to start looking for other ways to get the job done and bring on more or more new employees. Asking your friends for help can be a great way to relieve some of the stress of running a small business. By following these tips, you can make sure that your requests are well-received and that your friends are happy to help. More Tips Entrepreneurs Can Use to Ask for Help A good percentage of entrepreneurs would much rather rely on themselves than anyone else. So, this makes asking for help difficult. But, if the above advice doesn’t appeal to you, there are also some additional tips for asking friends for favors: Choose the right friend for the job. Not all of your friends are created equal. Some friends are better at certain tasks than others. For example, if you need help with a marketing project, you might ask a friend who has experience in marketing. Be flexible. If your friend can’t help you with the exact task you’re asking for, see if they can help you with something else. For instance, if you need help with a marketing project, but your friend is busy, they might be able to help you with some administrative tasks. Be patient. It may take your friend some time to get back to you. They may have other commitments, or they may simply need some time to think about your request. Be appreciative. Again, when your friend does help you out, be sure to thank them. A simple and sincere “Thank you!” can go a very long way. By following these tips, you can make sure that asking your friends for favors is a positive experience for everyone involved. By the way, do you have anything to add to these suggestions? If you have your own thoughts and experiences, please feel free to leave a comment so others can benefit from your input! Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer.

3 Ways Small Business Owners can Help Employees Out during Tough Economic Times

April 28, 2022 No Comments

Small business owners are often in a unique position to help their employees during tough economic times. They may be able to offer more work hours, give gas and grocery gift cards, and allow schedule flexibility for side gigs. In this blog post, we will discuss some of the ways small business owners can help their employees out during these difficult times. How Helping Your Employees Benefits Your Small Business When you help your small business’ employees, they are not only appreciative but often become more loyal. They’ll also be more productive and deliver a higher quality of work, as well. Plus, happy employees are far less likely to leave, meaning you won’t have to find replacements and spend extra time training new employees. During challenging economic times such as a recession, many companies struggle to stay afloat while the employees worry about losing their jobs. Management has the tough task of finding ways to keep employees loyal and productive while assuring them that they can survive the challenging period. —Houston Chronicle Small Business All this is to say that your small business’ employees are a true asset. They are an investment in your company and usually, bring a healthy return on investment. Smart, long-term business owners realize this and therefore do anything and everything they can to help their employees when economic times get tough. 3 Ways Small Business Owners can Help Employees Out during Tough Economic Times Difficult economic times put far more stress and pressure on hourly employees than salaried executives. If your business is in the position to give employees a little help, it will go a long way. Here are three ways small business owners can help their workers through trying economic times: Offer more work hours. Offering more work hours is one way small business owners can help their employees during tough economic times. This can help employees make ends meet and keep them from having to find another job. Give gas and grocery gift cards. Giving gas and grocery gift cards is another way small business owners can help their employees during tough economic times. This can help employees with their daily expenses and allow them to save money on groceries and commutes. Allow schedule flexibility for side gigs. Allowing schedule flexibility for side gigs is another way small business owners can help their employees during tough economic times. This can help employees earn extra income and provide them with better financial stability. These are just a few of the ways small business owners can help their employees during tough economic times. If you are a small business owner, consider how you can help your employees during these difficult times. Your employees will appreciate your support. Do you have any other suggestions for how small business owners can help their employees during tough economic times? Share your thoughts in the comments below. We would love to hear from you! Interested in learning more about business? Then just visit Waters Business Consulting Group.

How Entrepreneurs can Get Off the Hedonic Treadmill

The Hedonic Treadmill Explained

Effective Ways Business Owners can Avoid the Hedonic Treadmill

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Related Posts

How to Fire Someone, Anyone, Like a Boss

Feeling Overwhelmed by Your Small Business? Why Not Ask a Friend for a Favor. Here’s How.

3 Ways Small Business Owners can Help Employees Out during Tough Economic Times

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