We all have our fair share of stress every once in a while. Being successful is a great feeling, but stress comes with it.
Entrepreneurs endure a lot of stress as they have a lot on their plate all the time. But we know that always being stressed is not a good thing.
Stress is a silent killer. While a lot of millionaires or billionaires flash a wonderful smile on their faces, many also suffer stress or depression.
Entrepreneurs are a high-risk group for occupational stress because their lives are dominated by work. They typically work harder and work longer hours than their employees and managers.
Many of them are workaholics, working an average of 60 hours per week. Ironically, being an entrepreneur gives you freedom but also ties you up with so many responsibilities.
And unfortunately, chronic stress is associated with cardiovascular diseases and depression.
Here are some of the situations that put on more stress on an entrepreneur:
1. Building and maintaining a positive reputation in the market
No company can survive with a bad reputation. Starting up a new business is stressful enough. But maintaining good standing in the market is even harder, and for some, it may not be always enough.
Some entrepreneurs feel that they are always in competition. They are always thinking of better ways to edge out competitors. This can be really stressful, particularly if the competitor is doing good in business.
Instead of stressing yourself out, take a break and enjoy where you’re at.
2. Fear of failure
Again, nothing is perfect in this world. There are plans that you think would work, but are foiled by circumstances. It pays to have a back-up plan.
3. Financial problems
This is a problem that we all face, especially these days. If you are going through a financial crisis, remember that it happens to everyone.
Sometimes you are lucky, sometimes, you’re not. Just learn from the mistakes and strive not to commit the same mistakes again. Or if there is a need to do cost-cutting just to save the business, then do it.
4. Delegating tasks
You may be the boss of your company, but you don’t need to be all around the place all the time. That is why we hire managers and supervisors. Learn to delegate tasks, and just look over the decisions made by your managers if they are right or wrong. Let them deal with the employees individually.
5. Conflict with business partners
Getting into some discussion with your partner is not unusual. You are different individuals with different views. But to eliminate yourself from the stress over a heated argument all the time, make sure to choose a business partner that shares the same views as you. Also, admit that you don’t know everything and that you may also need to listen to your business partner’s ideas sometimes.
There are actually a lot of stressors being in business. But to handle stress, you need to learn how to balance your life. Take some time off and have yourself recharged.
Remember that you only get one life to live. Live your work at work, and when you get home, spend time with your family. If you give yourself time to relax, you become more productive the following day.
Most importantly, help your family realize the importance of your hard work. When you have the full support of your family, it makes life a whole lot easier.