A client recently confessed to me, “When I don’t work, I feel guilty!” Does that sound familiar, entrepreneurs? Getting your idea off the ground takes hard work and long hours. You may be tired, stressed, and frustrated with your progress. You can ease the pressure with these seven strategies.
1) Evaluate your business plan. If you’ve never written a plan or had it reviewed by a neutral third party, now may be the time. Many novice plans have significant gaps and an experienced professional can help you close the gap and improve.
2) Focus – The challenge is there’s always something to do. The key is focus. Good executives are good at finding 50 good things to do. Great executives are great at finding 1-5 great things to do. Spend your time on the 1-5. Large to-do lists can consume you.
3) Don’t compare yourself to everyone else – Businesses (and business owners) differ by industry, geography, leadership, culture, skills, etc. Observe and learn, but don’t obsess. Resist the urge to change based on every “best practice” you discover. It may not be the right fit for your business.
4) Consider other financial and human resource strategies:
- Could you adjust schedules in order to work another part-time or temporary job? This is a necessity – not a sign of failure – for many businesses.
- Is there a potential business partner with complimentary business skills and capital? If so, make sure you have the right fit, commitment, and integrity. Seek strong legal advice, and document a solid operating agreement.
- Are there advocates for your business who would consider volunteering without expecting an ownership position in your company?
- Could labor-intensive activities be delegated or outsourced?
- Are there bartering options?
- Is there a friend or family member who could help financially with no strings attached?
- Is crowdfunding or another alternative lending source a good fit for you?
5) Set boundaries and work hours – Keep your work and home lives separate. This is easier said than done, especially if you have a home office or a family business. It may not feel like work when your company is “your baby.” But the more you work, the more you risk losing focus and getting burned out. Try setting regular work hours to keep yourself fresh and your mind clear. Even 10-12 hour days and a half day Saturday might be an improvement for you. Then, when you pass by your home office “after hours,” convince yourself NOT to go in and “tinker.”
6) Organize breaks and diversions – Get as far away from your work as possible. Create social or spiritual outlets, exercise, or pursue a hobby. Maintain some level of life balance. Make sure you get enough sleep. I promise you, the world will not end. Your business will not only survive, but thrive. You’ll feel less stressed and more productive when you return. And your own fresh perspective makes it easier to spot improvement opportunities.
7) Take an honest look in the mirror – Are you really the entrepreneurial type? Do you have the right concept, financing, strategy – and fortitude – to make it? Family and friends may not provide the most qualified business advice, but is there a common theme?
The world of the entrepreneur is not for the faint of heart. If it were easy, everyone would do it and no one would fail. Don’t wait till the money runs out and relationships are damaged. Strategy, focus and balance will greatly increase your chance of success – and decrease your guilt.
Edward Livesay
