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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Here are the Best Strategies Entrepreneurs Can Use to Overcome Rejection and Turn it Into Power

September 13, 2023 No Comments

Here are the Best Strategies Entrepreneurs Can Use to Overcome Rejection and Turn it Into Power Entrepreneurship is often seen as a journey filled with highs and lows, successes and setbacks. One of the most significant challenges entrepreneurs face is rejection. Whether it’s rejection from investors, customers, partners, or even employees, it can be disheartening and discouraging. However, rejection doesn’t have to be the end of the road; in fact, it can be a powerful catalyst for growth and success. 7 Effective Ways Small Business Owners Can Overcome Rejection and Turn it Into Power Rejection is an unavoidable part of life, but it can be especially tough for entrepreneurs. After all, they are constantly putting themselves out there, pitching their ideas, and trying to win all sorts of people over. When they get rejected, it can be easy to feel discouraged and give up. Fortunately, there are a number of ways to cope. Even better to get over the sting and turn a negative into a positive. Of course, this takes time and a considerable amount of practice before becoming a healthy behavior. However, if you learn to use these strategies, they’ll eventually feel natural. 1. Embrace Resilience Resilience is the ability to bounce back from setbacks, and it’s a trait that successful entrepreneurs cultivate. Instead of dwelling on rejection, view it as an opportunity to build resilience. Understand that setbacks are a common part of the entrepreneurial journey and that they can make you stronger and more determined. 2. Reframe Rejection as Feedback Rejection often provides valuable feedback that can help you refine your business idea, product, or pitch. Instead of taking rejection personally, view it as an opportunity to gather insights and make improvements. Analyze the reasons behind the rejection and use this feedback to refine your approach. 3. Maintain a Growth Mindset A growth mindset is the belief that your abilities and intelligence can be developed through dedication and hard work. Entrepreneurs with a growth mindset view rejection as a chance to learn and grow. They see challenges as opportunities to acquire new skills and knowledge, which can ultimately lead to success. 4. Seek Support and Mentorship Entrepreneurship can be a lonely journey, but you don’t have to go through it alone. Seek out support from fellow entrepreneurs, mentors, or business advisors – even family and friends. They can offer guidance, perspective, and encouragement during challenging times. They’ve also faced rejection and can share their experiences and strategies for overcoming it. 5. Stay Persistent Persistence is a key trait of successful entrepreneurs. Rejection should not deter you from pursuing your goals. Use rejection as fuel to drive your determination and persistence. Keep pushing forward, even when faced with obstacles. Remember that many successful entrepreneurs faced numerous rejections before achieving their goals. 6. Develop Emotional Intelligence Emotional intelligence involves understanding and managing your emotions effectively. It’s crucial for handling rejection in a healthy way. Instead of reacting emotionally to rejection, take a step back, assess your feelings, and develop the emotional intelligence to respond thoughtfully and constructively. 7. Refine Your Pitch and Presentation If you’re facing rejection from investors or customers, it may be time to revisit your pitch or presentation. Seek feedback from trusted sources and refine your approach. A well-crafted pitch can significantly improve your chances of gaining support. Two Other Key Strategies for Transforming Rejection into Power Also, stay focused on your vision. Rejection can be distracting, pulling your focus away from your ultimate vision. Remind yourself of your long-term goals and stay committed to your vision. A clear sense of purpose can help you stay motivated and resilient when it counts the most. And, be sure to use rejection as motivation. Instead of allowing rejection to demotivate you, use it as a source of motivation. Let the desire to prove doubters wrong fuel your determination to succeed. Many entrepreneurs have turned rejection into a powerful driving force for their businesses. What We’ve Learned Rejection is an inevitable part of the entrepreneurial journey, but it doesn’t have to be a roadblock. If you can overcome rejection, you will be well on your way to entrepreneurial success. So don’t let it stop you from achieving your dreams. Remember that many successful entrepreneurs faced rejection before achieving their goals, and it’s often those who persevere through rejection who ultimately find success. Interested in learning more about business? Then just visit Waters Business Consulting Group to learn more about us and the services we offer. You can phone 602-435-5474 or send us an email.

How You’re Sabotaging Your Own Business

May 16, 2017 No Comments

You put a lot into your business and have a commitment to make it grow. It’s likely that you want to do more than provide for your family, you probably would like to leave a legacy, and, feel the satisfaction of accomplishment. However, what’s holding your company back from its potential isn’t necessarily sinister, uncontrollable, outside forces–it’s you who is the culprit. That might sound strange, but it’s a reality that plagues many organizations, from the mom and pop brick and mortar, to software as a service, to large community companies. While you’re busy being busy and worrying about this and that, you’re likely missing some behaviors and practices you personally do to sabotage your own business. Sure, you know about your propensity to push yourself and try to keep a sound balance between work and home life, but, there are other ways you could be causing harm. How You’re Sabotaging Your Own Business Entrepreneurs have a dedication to an idea, and ironically, it’s that commitment which can cloud judgment, or, cause myopia–not seeing the bigger picture. There’s more to building a business than recruiting the right people, networking, and delivering a good level of service, along with the products or a services you offer or provide. Success begins with you, and, while you might have the drive to make it a worthwhile venture, you might also be impeding growth. Most entrepreneurs have the drive and desire to succeed. It’s what we grow up learning and what we want from an early age. But many of us have also been adversely wired by negative experiences in ways that sabotage or hinder our chances of personal and business success. The good news is that we can rewire ourselves in ways that not only neutralize our negative programming, but also put us on an even stronger path to success. —Forbes Most business owners understand that the right pricing, marketing, and brand building are crucial factors for success. What goes largely unnoticed is certain behaviors and practices that can inflict real damage, some of which can be long lasting. So, if you’re doing one of these things, identify them, and settle on a fix. Over-promising. It’s easy to give-in to pleasing your customers, and, doing so is laudable. However, when you over-promise, you run the very real risk of coming-up short. That’s a bad place to be and finding a way out of such a situation won’t be simple. Micromanaging. When you have every member of your organization under your thumb, you are sending a message that says you believe them to be incompetent. What’s more, you’re indirectly telling them they are only a tool, not an asset to your company. Not delegating. It’s one thing to micromanage, but it’s not the same as not delegating. You can be hands-off and not delegate, which can create chaos and decrease efficiency, as well as output. You ought to delegate to streamline your organization and make it work better. Keeping dead weight on staff. When you keep toxic team members on-board, you are sending a bad signal to others. What’s more, that particular person can project a negative image to your customers and to the outside world. Not setting achievable goals. You’ve probably heard the Zig Ziglar quote, “If you aim at nothing, you will hit it every time.” That’s certainly true, and, it’s just as true of setting goals that aren’t realistic. Set workable goals, reach them, and then repeat. Another way you can easily sabotage your own business is to take things personally. There will be setbacks, even outright failures, and, you’ll lose good people along the way. Don’t take things personally because you’ll make emotional decisions, not sound ones. [shareaholic app=”follow_buttons” id=”26833294″]

Employee Collaboration is Facing Real Challenges, but Your Business Doesn’t have to Suffer

December 13, 2022 No Comments

A recent Harvard Business Review study found that nearly forty percent (39%) of employees report their coworkers don’t collaborate enough. There are several reasons for this, but whatever the causes, it’s very important to address this issue when it arises in order to get the most out of any team. If poor collaboration continues to persist, it will do real damage to a company – no matter how big or small. So, it’s critical to take action right away. Otherwise, it could very well unleash deleterious effects that just may be irreversible. The Consequences of Poor Employee Collaboration When employees are not collaborating effectively, it can lead to duplication of efforts, miscommunications, and confusion. This can result in employees spending more time trying to figure out what their coworkers are doing, rather than focusing on their own tasks. As a result, overall productivity can suffer. Employees who are not able to work well with others may become frustrated, leading to lower morale among the team. This can also create a toxic work environment, leading to high levels of absenteeism and turnover. It goes without saying that when your employees work together, they’ll be more effective. Not only can people accomplish more as a group, a collaborative atmosphere could motivate employees to do more. But if you feel like employees aren’t cooperating as well as they should, there could be a hidden problem brewing under the surface. —American Express Effective collaboration is crucial for innovation. When employees are not able to work well together, it can stifle creativity and prevent the development of new ideas. This can make it difficult for businesses to stay competitive in a rapidly changing marketplace. Poor collaboration can lead to mistakes, delays, and other issues that can impact the quality of the product or service that a business provides. This can lead to dissatisfaction among customers, who may take their business elsewhere. How to Encourage Better Workplace Collaboration among Employees Collaboration is crucial for success in today’s business world. When employees are able to work well together, it can lead to higher productivity, improved morale, and greater innovation. However, fostering collaboration among employees is not always easy. Here are a few tips for encouraging better workplace collaboration: Provide the right tools. In order for employees to collaborate effectively, they need the right tools. This may include project management software, group messaging platforms, and online collaboration tools. By providing the right tools, you can make it easier for employees to communicate and share ideas. Encourage open communication. Open communication is key for effective collaboration. Encourage employees to speak up and share their ideas, even if they are not sure if they are “right”. By creating an environment where it is okay to ask questions and share ideas, you can foster collaboration. Create a collaborative culture. Collaboration should be a core value of your business. Make sure that this value is reflected in your company culture, and encourage employees to work together to achieve common goals. Provide training and support. Collaboration is a skill that can be learned and developed. Consider providing training and support to help employees improve their collaboration skills. This may include workshops, mentoring programs, and other resources. Recognize and reward collaboration. Finally, don’t forget to recognize and reward collaboration. When employees work together to achieve a common goal, make sure to recognize their efforts. This can be as simple as a shout-out in a team meeting, or something more formal like a team-building event or award. By following these tips, you can encourage better workplace collaboration among your employees. This will help to improve productivity, morale, and innovation at your business. What else can businesses do to foster and improve employee collaboration? Please take a few minutes to share your own thoughts and experiences so others can benefit from your input! 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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Here are the Best Strategies Entrepreneurs Can Use to Overcome Rejection and Turn it Into Power

How You’re Sabotaging Your Own Business

Employee Collaboration is Facing Real Challenges, but Your Business Doesn’t have to Suffer

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