Managing the Stress of Entrepreneurship and Avoiding Burnout

in #business4 years ago

This is hands-down the single most important thing when starting any entrepreneurial venture. Below I'm gonna give a break down on what causes stress, techniques to dealing with it, and how to avoid 'burning out.'

IMG_1287.jpg

S T R E S S

In order to grow, a lobster must shed it's shell through a process called molting. When it is in the molting stage it is extremely vulnerable as it's soft under body is exposed to the outside world. This is a good analogy in regards to entrepreneurship because that is exactly what such a venture entails; shedding the comfort of your shell and allowing yourself to become vulnerable. It is this discomfort that forces us to either adapt and overcome, or fall prey to the stress and burnout. The outcome is based on how one approaches the situation. So what is it that actually causes stress?

Mental stress can best be described as an adverse response to a given environment or circumstance. As humans we stress over logical concerns, such as survival, as well as illogical concerns, such as meeting a room full of new people. The latter will have no effect whatsoever on our ability to survive, yet the unfamiliarity of the situation alone is enough to cause stress.

As an entrepreneur we are forced into this unknown. Will anybody want this product? Will I have enough capital to make this happen? What if I lose it all? Very often we are all in and this by it's very nature is stressful, especially when we have a family to support. So what can we do about this?

What's the Worst that can Happen?

Earlier this year we set out to build a farm from scratch. With only one season of small backyard gardening as the bulk of our experience and very little funds, we decided to leave a steady-paying job and all our connections in Chicago for an unknown market in Asheville, North Carolina. This was a daunting task, especially because we had a sixth month old baby to support. If anybody wants to read the full story they can check out Part 1 and Part 2 of Starting our Farmstead Journey, but for right now I will focus on the psychological effects this venture had upon us.

So we arrived on our new property with maybe 6K in the bank and this money went FAST. And I remember thinking, 'What if this fails? What if we plant out all these vegetables and nothing grows? Or nobody buys our stuff? What then? What then??' These thoughts kept repeating on this perpetual feedback loop and needless to say I was stressing myself out. My wife could tell as I wasn't a very pleasant person to be around. No matter what we were doing my mind was constantly somewhere else wondering, 'What if? What if? What if??' until I finally had the thought, 'Ok what's the worst that can happen?'

I started playing through this thought experiment. Assuming nobody died or become mortally wounded, what was the worst case scenario? I guess if we couldn't grow or sell anything and couldn't make money to pay off the debt we were incurring, then I guess the worst case scenario was bankruptcy. That's it? Bankruptcy? Well that's not that bad, hell, thousands of people declare bankruptcy everyday. My credit would take a hit (along with my pride), but in the end, we weren't going to starve to death and we would always find a place to live even if that meant moving back to Chicago to stay with family. When I realized this it was as though a weight had been lifted. So tip #1 for dealing with entrepreneurial stress: MAKE PEACE WITH THE WORST CASE SCENARIO.

Next I believe prayer or meditation can be an extremely useful tool. Just sitting down before dinner and listing off all the things you're grateful has a tremendous impact on your outlook and helps to put things in perspective. It's very easy (especially when first starting out) to focus on all the things you don't have. This is toxic and should be avoided at all costs. Don't compare yourself or your business to people that have years, even decades of experience more than you. They weren't always the confident, successful individuals you see today--they're human just like everybody else--they had their times of doubt and fear of the unknown just like you. The difference is they learned to manage it properly and persevere and this is what separates those that make it and those that don't.

Fake it Till you Make It

In the early stages when you're just trying to figure everything out and you're working on making connections it can be hard to put on a confident front. However this is absolutely necessary, not only for you, but for everybody you come in contact wth. From employees to potential clients, they need to believe that you know what you're doing, even if you really don't. The leader needs to be in control of their own stress in order to instill confidence in others.

Think of an entrepreneur as an ship captain leading his people to the new world. He has a general idea of where they're going and the faith that they will make it, but along the way as different situations arise they will be tested and his crew will be looking to him for a plan of action. Should they sense even for a moment that he doesn't know what he is doing or where they are going, mutiny is surely to result and the voyage will likely turn catastrophic.

Assess, Acknowledge, Adapt

When a problem arises, don't panic. Instead step back and assess the situation. Identify the problem at hand, come to grips with the reality of the situation, and come up with at least three possible solutions/adjustments that can be enacted going forward. For example, earlier this year I purchased a riding mower from a pawn shop. A bad idea to begin with, but I was trying to save money as we had very little of it left. When I got it home I got about half-way through cutting the lawn and the damn thing broke down on me. At this point, I had three options:

  1. Try to fix it myself
  2. Pay somebody else to try and fix it
  3. Buy a new lawnmower

I did the above in that exact order. It took almost two months between trying to fix it myself, paying somebody else to fix it, and then finally when it broke down again, throwing in the towel and buying a new mower.

IMG_1284.jpg

There is something called the 'Sunk Cost Fallacy,' in behavioral economics that states further investment is warranted based on the fact that the money already spent will be lost otherwise. I knew if I bought a new mower all that money, time, and energy that went into this other one would be essentially wasted. This kept me messing around with it for two months longer than I should've. I ended up spending over $1000 on a worthless machine; the same price I paid for a brand new one.

Learn to See the Forest through the Trees

At the time, $1000 seemed like a lot of money because it was money that we didn't have and we had yet to make a single sale. But as things progressed and we started to make a little money, I was able to step back and gain a more macro-view of the situation. Yes this seems like a lot now, but in a few years it will be a drop in the bucket. Never lose sight of where you're going and how far you've come. Problems will inevitably arise; this is a fact. It's just part of running a business. The key is to stay calm and remain focused on the bigger picture.

Last year I worked for my buddy who has a car and boat detailing business and I got to see first-hand the problems that arise on a daily basis. Customer complaints, employees not working out, trouble getting paid on invoices, etc, etc. There would literally be an endless list of problems my friend would be dealing with on a daily basis and I would sometimes wonder, 'How is he keeping it together?' None of it seemed to faze him and I learned as time went on that he had been doing this long enough to realize the bigger picture. Although he might lose money on a boat that had to be redone, a week later he'd land a super lucrative gig for ten boats and it would more than counterbalance the previous week's loss. It's all about perseverance and remaining calm in the face of adversity. Staying in the game long enough to catch those big breaks and then capitalizing on them.

Avoiding Burnout

This was a tough one for me to learn. My friend originally cautioned me to take some time off to avoid burning out. I replied with the hard-headed response that burnout wasn't an option. Ha! I am here to tell you that burnout is most definitely an option and one that will sneak up on you if you fail to acknowledge its existence.

Here's the thing about burnout; you typically don't know you're burning out until it's too late. The first few months after moving down here consisted of 16 hour days, 7 days a week. At the time I felt like there was just too much to do and since we were depending on this farm as our primary source of income, I reasoned that we couldn't afford to take some time off. What I didn't realize was that we couldn't afford not to.

I remember a specific instance when we were about three months in and I was out there in the field just feeling like an absolute slave to myself. At the time we were harvesting and delivering twice a week which only left three days for everything else. On this particular harvest day I went about trying to get people's orders in and nobody responded. I was out there looking at my field of weeds and everything that needed to get done and thinking 'Why the heck am I doing this?' Coincidentally that day we had a friend driving down from Tennessee to visit the farm. Rather than stay and grind it out, my wife convinced me to take the rest of the day off and go for a hike with them. It ended up being great advice. Getting away from the farm for just half a day allowed me to recharge my batteries and return with a fresh perspective. Coincidentally a few days later we landed a huge account that nearly tripled our revenue overnight. It all harkens back to perseverance and managing stress properly so you can stay in the game and catch those big breaks.

4O8A2478.JPG

Conclusion

In the end there is no silver bullet to managing stress and avoiding burnout. It is a combination of self-control, perspective, and finding the time to get away and recharge. When things get hectic and you start to feel stressed, take a moment to step back and assess the situation. Why are you stressed? What is the underlying cause and what can be done about it? Form a specific plan and go about enacting it. That is all that can be done. Keep your head on your shoulders and reflect upon all the things you have to be grateful for. Take pride in the success you have achieved and don't be afraid to take a some time off. Do something totally unrelated to your entrepreneurial venture and forgo thinking about business for a little while. Most of all, remain positive and have faith that if you keep working hard that big break is just around the corner.

Sort:  

Great write up. It's stories like these that inspire me and also keep from starting my own business. My plan is to buy an existing business that has already gone through some of the growing pains.

Buying an already successful business definitely has its advantages, but one good thing about starting it from the ground up is that you are involved in every aspect of the operation. This way when you go to delegate a task to an employee you are already a master at that task from countless repetition.

Nonetheless, I wish you luck in all of your endeavors. Put your mind to it, work hard, and you'll absolutely crush it!

Absolutely. I agree with you.

This is a great article very well written. Most people dont know the stress and sheer terror entrepreneurs face on a daily basis. A great man once said an entreprenuer is the only person that goes from pure exhileration to sheer terror and back everyday. Having a conversation with the market brings out what your made of

I like that. I've also heard it said that an entrepreneur is the only person that will work 80 hours week for themselves to avoid having to work 40 hours for someone else.

Resteemed
This really speaks to me
Thank you!

Thank you. I'm glad it resonated with you and I appreciate the resteem.

Awesome post, I really enjoyed it. I hope you appreciate the vote!

Thank you 🙏

Wow. I will most definitely bookmark this one and be returning to it often. Trust I need this advice and suggestion so much at this phase of my life. Thank you. I'm following you right away and I'll resteem this.

Hey! If you don't mind take a look at my little voyage into farming on this post. I hope to live on my farm yield like you in no distant time.

Thank you for the resteem. I read your article on powering up your plantation with steem and thought wow, what a great story. This needs to be shared. I'll be resteeming it to help you get the word out. Thanks again for your support. https://steemit.com/farming/@misterakpan/paid-with-steem-my-plantain-plantation-got-steem-powered-up

Thank you so much for that 😊

Your friend sounds like a real smart guy

He has his moments, haha. Welcome to the community bud

Thank you for this post. This is exactly what I needed to see. My husband and I both work full-time jobs and are trying to venture out into new businesses (while raising a child I might add). I have become so frustrated and overwhelmed lately. It's good to see someone else wen thought it, and beat it. I love how you have broken down HOW you overcame it.

Keep on trucking! I know it's hard (especially with a child), but it's also that much more rewarding. I'm glad I could lend some support. That's what this community is all about. Best of luck in your entrepreneurial ventures and keep us posted!

"Make peace with the worst case scenario." I think that's going to be my new way of approaching everything that comes in my way. Great article, thank you for sharing!

It's a good way to live. A lot of times we stress over things that are so inconsequential in the long run. Always good to step back and get a little perspective.

That's pretty much exactly what I meant. Just didn't know how to put it, since you've phrased it so well already, and now you did an even better job.

Great post. Some really good reflective thoughts within it.

So great article! I liked it!
I am also in Entrepreneurship and many times I was in the Burnout state and very depressed! Loved your advices and your writing!
Upvoted for sure!!! :D

You can also check my blog, I believe it can help you! You can find motivations, inspirations, and advices on Life and Business! You can also follow me! :)

Thank you. I like your blog as well. Keep the daily inspirationals coming. There's some really solid advice there. Full steem ahead!

thanks a lot for your kind words @greenshiner !!! have an amazing weekend and Happy September!! :)

I have a farm too. Not really paying but i dont hav a choice. I have decided to continue no matter the issues i might be facing. Hard work has its payday

Keep pushing forward! I'll be putting out part 3 of our Farmstead Journey next week and will mostly be discussing how we cash flow our operation. Hopefully they'll be some good tips in there. Let me know if I can help in any way.

Yes. Please take a loot at my wall. Check my pots about my farm

Heck yeah, there's some cool posts there. Keep em' coming.

Thank you

Another absolutely great post! I really see your determination and feel it myself! It can be hard sometimes to keep an eye on the prize through the struggles of real life homesteading but is so worth it! Thanks for sharing!

Thank you and I couldn't agree more!

I like the post, I'm new here and I will be posting my similar experiences of moving from the city to the country. It's articles like this that remind me that the valleys only last for a small portion of time, something good is around the corner.

Welcome! I think you'll meet some really great people within the Steemit Community.

Thank you! And looking forward to it.

This post has caught the eye of @MuxxyBot and has been nominated by the curation team.
If chosen it will feature in a curation post by @MuxxyBot.
An image from your post may be featured.
Please reply to this comment if you accept or decline.

Great Post I have changed my life over the past year after having multiple health problems, Setting goals and always moving forward has helped me allot in my entrepreneurial ventures. Love the inspiration and story keep it up!

Thank you. I have seen what a positive effect eating fresh produce has made upon my own physical and mental state. "Let food be thy medicine and medicine be thy food." -Hippocrates

Thanks, I really needed this

👍 You got this! Keep pushing forward

Great, quality information! Great job!

Thank you. I appreciate the resteem.

I read somewhere that it is good to have a safety net to fall back onto before you start your entrepreneurship journey. Certain entrepreneurs regretted that they did not stay long enough in their previous job to amass a substantial amount as a safety net. Having a safety net can reduce the stress level. Just my own opinion.

100% agree. Having more capital to start with gives you more cushion and the ability to purchase different tools/infrastructure which will make everything a lot easier. However, I've found sometimes when people have too much start up capital they spend it foolishly. Having to bootstrap it forces you to think about where every dollar goes. I've learned sometimes it pays to bargain hunt and other times (as with the lawnmower) you end up paying more.

Yes, I have seen countless start-ups that simply wasted all of their investor's money.

very interesting, i always struggled with spending as i thought spending on things means wasting money, i never took it as an investment.

Gotta spend money to make money. Just gotta make sure you're spending it on the right things.

I admire the courage you had to change your life. Getting out of our comfort zone is a painful experience at first but indeed turns out to be the right thing if we persevere.

I personally find mindfulness meditation as the best way to reduce stress. Even with short sessions and ideally in the morning and evening. Morning to start a relax and positive day. Evening to ease your mind for a good night sleep.

Best wishes to your family! You guys look free and happy! :)

Absolutely agree. Meditation is such a powerful tool. My biggest problem is getting too caught up in everything that needs to get done that I fail to make time for it. However working in the garden is in itself quite meditative.

Right. You can well meditate by gardening or walking. Sitting with the legs crossed is just another form. I think one of the main advantage of sitting for meditation is stillness. Reach the state of you no longer feeling your body as you stopped moving completely, with your mind fully focused on your breathing.

Nice write up,Thanks for sharing. i have been through the same as well issues, and with a failed business but now picking up the pieces and starting with steemit.

Upwards and onwards!

Props to you for continuing to push forward. I think Steemit holds tremendous potential and that we are literally at the tip of the iceberg.

@greenshiner Brother, it's positive that you are posting about this and acknowledging the struggle. I am here for you, and I'm sure others are as well. Keep fighting, keep on going, don't stop, and if you need to, fall back on those that care for you. All the best :) Namaste

Yeah I think it's something that needs to be acknowledged. Stress is part of life--it's what forces us to grow, but it's important to not get overwhelmed by it. Like anything, it all comes down to perspective.

Great Post! Real Heart! Keep on Keep'in on! Your surrender and relying on Christ can make all of the difference! You are obviously conscientious about the support of your family, which can make a new adventure like this even more stressful...When we are under stress we also revert to the familiar...because of the love for your family, I am sure many of your moods were overlooked, as they should be ...go easy on your wife and yourself...and many more blessings!
Melissa

Thanks Melissa :)

Super good advice and wisdom. It's so easy to be overwhelmed and get burnt out. Taking a step back and regrouping, changing a game plan or just plain taking a break is key. Best wishes to you all. I know you will be the best that you can be and success will come your way for sure. Take care.

Thank you for the kind words. We're definitely trying. Some days are better than others but at the same time there's nothing else I'd rather do..

Congratulations @greenshiner! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

Award for the number of comments

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

Thanks for your advices it really lighten me up..

Glad to hear it!

Great to hear!

Congratulations! This post has been chosen to feature in today's Muxxybot curation post!

https://steemit.com/curation/@muxxybot/muxxybot-curation-15

wooooweeeee... making peace with the worst case scenario is where I am right now! HAWH HAWH HAWH.... thanks so much for sharing!

A good topic to blog on, and you did justice to it. Good one @greenshiner. One the greatest streesors of steemit is the time it costs me..its crazy, as am typing this now, i left my house just to go to a nearby university that has wifi just to browse. And this campis is about 20miniutes away from my house.
But i have to put in the work cos o believe in this platform. Will keep on putting the work, cos one is greater than zero.

@arizonawise

Some fantastic advice and outlooks. I particularly connect with the worst case scenario part. That has in the past got me through some tough times. Now to try and remember the bigger picture!

I wish I'd found this post sooner...

Thank you. I definitely need to keep reminding myself of these things. It's easy to get caught up in the day to day and fail to see the forest through the trees.

Hi All, would you like to read some skin care? Please my article and upvote
https://steemit.com/skin/@rizwana/tips-for-healthy-glowing-skin