Stress management is a combination of juggling priorities and energy balance.
It’s a sophisticated topic by itself. My best advice for people dreaming of entrepreneurship is to join a fast-paced environment that is stress-tolerant.
72% of entrepreneurs are directly or indirectly affected by mental health issues compared to just 48% of non-entrepreneurs. (NIMH)
Source: superpowershq
Handling stress is a skill that becomes critical in the high-stakes, fast-paced world of entrepreneurship. The culture shock can be overwhelming if you dive into entrepreneurship without adequate preparation.
The stressors are numerous: tight deadlines, financial pressures, personnel issues, and the constant need for innovation, to name just a few.
Stress often arises from the inability to handle and process problems effectively. These problems can be complex and multifaceted in entrepreneurship, requiring quick but well-thought-out solutions.
When unprepared, each issue can feel like a crisis, leading to a reactive rather than proactive approach. This reactive stance can create a vicious cycle of stress, poor decision-making, and more stress.
Preparing an Action Plan
Having an action plan is crucial for resolving problems and managing stress. This involves identifying the issue, breaking it into manageable parts, and tackling each piece methodically. Here’s how I go about it:
- Identify the Problem: The first step in any action plan is recognizing the problem. In the heat of the moment, it’s easy to get lost in symptoms rather than identifying the root cause.
- Prioritize: Not all problems are of equal importance. I prioritize based on the potential impact on my business and the urgency with which the issue needs to be addressed.
- Break It Down: Complex problems can be overwhelming. I break them down into smaller tasks or components, making them easier to tackle.
- Seek Advice: I’m open to consulting mentors, peers, or team members. Different perspectives can offer invaluable insights into problem-solving.
- Take Action: Once I have a plan, I act. Procrastination only exacerbates stress. Even if the action is small, it’s a step toward resolving the issue.
- Review and Adjust: After taking action, I review the outcomes. Did it work? If not, what can be adjusted? This is an ongoing process.
Stress Management Techniques
In addition to having an action plan for problem-solving, I employ specific stress management techniques:
- Mindfulness: I practice mindfulness to stay present, which helps me make more rational decisions than emotional ones.
- Physical Exercise: Regular physical activity is a proven stress reducer. Even a quick walk can clear my mind and lower stress levels.
- Time Management: Effective time management allows me to allocate specific periods for problem-solving, reducing the stress of feeling like I’m always “on.”
- Boundaries: I set clear limits to ensure I have time to recharge. This includes not checking emails constantly and setting aside time for family and self-care.
- Positive Reinforcement: I remind myself of past successes and achievements. This boosts my confidence and reduces stress by reminding me I am capable.
Entrepreneurship is a continuous journey, and failure is merely a part of the process.
- You will lose some clients.
- Potential partners will sign deals with your competitors.
- Some of your employees will quit at the worst possible moment.
I often joke that we’re either running out of cash or unable to handle all of the workloads. There’s rarely a middle ground—and it’s always the calm before the storm.
A transitional period is one of the best teachers. Career growth, freelance, consulting, a small business, a large product.
Being able to handle smaller responsibilities at first is a bit more manageable than working for minimum wage and suddenly joining an organization as a financial director dealing with millions of dollars in weekly transactions (figuratively speaking).
In terms of decompressing, to each their own. Some can recharge best during family time. Others pick a sport. Or read a book. Or go out for the night and get completely wasted at some club.
Former experience in a stressful environment as a non-executive is a good alternative to test yourself, measure your stress levels, and find a way to balance and boost your energy for maximum performance and longevity.
And, with time, it gets easier. You grow a thick skin.
At first, you get stressed out when something small fails. Then it takes 5 things instead of one to stress you out, then it’s 10 things instead of five.
A massively chaotic process.
You lose a major client. The company is going downhill.
Suddenly, you find a new, better alternative and make it work.
That scenario may occur 5 times over the course of a single month. It becomes a repetitive process as long as you push hard and keep hustling.
You become much better at risk management. Finances are tracked closely. New ventures are measured properly. Processes are designed to reduce the probability of failure in certain departments.
It’s a lot of crash and burn—but great entrepreneurs learn their lessons, introduce preventive mechanisms, and employ stress management techniques for the long term.
