The stress of launching a new business can be overwhelming at times, especially when trying to balance personal and business priorities simultaneously. Especially where there is a justifiable amount of pressure placed on you from the realization that feeding your family is contingent upon the success of business – there is equal pressure over aspects such as maintaining employee payroll accounts or personal investment management, to name a few. Learning how to manage this daily stress effectively can provide more than just a decrease in headaches! Statistics show that effective stress management enables you to make more ethical business decisions – decisions that in turn, generate more income. Need we say more?
The confidence and ability to manage stress effortlessly is acquired with experience over time. Seasoned business owners are better able to handle stress due to the routine of the issues. First time experiences and uncertainties can cause a higher anxiety rate than normal. Never be afraid to take charge of an issue head-on despite the outcome. The subconscious mind will naturally weigh the pros and cons, building the anxiety within the mind. Many experts believe that training your mind to take control can empower the decision making process and minimize business risk.
Solidify and Strengthen Your Control
Here are some helpful pointers that can help successful entrepreneurs achieve a healthy level of control over their business decisions:
1. Gather Stakeholders – The most successful entrepreneurs will admit that they did not achieve their status alone. Many professionals take control by soliciting other professionals to contribute to their project. Stakeholders can be located in all areas of the business, work from any location and play any role such as employees, contractors, suppliers, investors, and of course, the potential target market. Keep in mind that when an abundance of small commitment to the project add up – you won’t have to ask one source for such a large contribution.
This is what is known as the buy-in process. An essential process that when successfully completed can help advance a company to the next level. Experienced entrepreneurs have been known to secure several stakeholders in each business category in order to expedite a project with diligence and effective time management.
2. Invest at a Steady Pace – Especially in the beginning stages of business development, it is always a good idea to investment small and wisely in order to stabilize your surroundings. We’re not talking about avoiding those inevitably late work nights and lost weekends. We’re talking about weighing the options carefully to ensure that handling the work is more productive and cost-effective than outsourcing the same.
This is the exact method you should use to solicit stakeholders during the initial stages of development as well. Requesting smaller investments from them creates a stronger likelihood that they will comply.
3. Early Commitments Never Fail – Many entrepreneurs agree that the concept of fail early and fail often, is a negative cycle that can be hard to break, but is ever so true. This is also another major element that can attribute to your stress levels as a business owner. Presenting yourself with a variety of different opportunities that can enhance your idea in the early stages can save you both time and money in the long run. The best way to accomplish this is by going straight to the source – your customers. Anytime you come into contact with your target market – Pitch your idea. Everyday go out and find another resource that enables you to share your demos and prototypes. Be prepared. Be excited. Be persistent. Most importantly, you should actively encourage others to critique your product.
4. Work Within Your Limits – There are only 24 hours in each day and you will surely need time to take care of yourself. Setting realistic goals and budgets will help you manage your stress levels consitsenly. You may think that having a money tree in the backyard will solve all your problems, but in all actuality, it will only invent you a hundred new ones! Working within realistic constraints, such as a strict budget, can not only lower your emotional stress, but can do so without putting your production at risk.