A recent comparative study of entrepreneurs by the National Institute of Health revealed that entrepreneurs experience higher levels of stress and receive less social support than managers. In addition to this, entrepreneurs experience higher burnout. In fact, according to Statistic.com, over 60 percent of employees report high stress levels and report workload as the leading cause of stress.
Below are 10 ways that entrepreneurs can avoid business burnout:
1. Set Reasonable Expectations
Entrepreneurs often take on too much and set high expectations for themselves. This is a recipe for business burnout. Entrepreneurs need to be patient, set obtainable goals and look at the big picture.
2. Proper Project Management
Entrepreneurs often take on multiple projects by themselves, which can be frustrating and overwhelming. Consider using software programs, spreadsheets or project management tools to break down projects into individual parts. This will allow you to focus on the individual steps and follow up in a timely manner.
3. Build a Support Network
Successful entrepreneurs have both a formal and informal support system. Formal support includes employees and vendors. Informal support includes family, friends and acquaintances. Don’t be afraid to ask for help or advice.
4. Learn How to Prioritize
Many entrepreneurs struggle with handling multiple tasks at the same time. However, proper planning and prioritizing will reduce stress and ease the workload burden. Consider using a whiteboard to track daily tasks with deadlines and priority level.
5. The Right Attitude
Entrepreneurs need to have a healthy amount of confidence and be comfortable with change and chaos. Successful entrepreneurs will be passionate about their product or service and committed to bringing the benefits to their clients.
6. Mission vs. Goals
Business goals traditionally are extracted from the business mission. Consider creating your business mission and 2 to 3 main business goals. Give each goal a specific, obtainable result that can be objectively measured. Update these goals as needed. Goals will help you focus and avoid unnecessary work.
7. Set Boundaries
Inexperienced entrepreneurs often view boundaries as negative and incorrectly think they will limit business success. In order to be a successful entrepreneur, it is imperative to set both personal, social and business boundaries. Otherwise, you will end up constantly working and suffer relationship conflict with family and friends.
One of the leading causes of burn out for supervisors and entrepreneurs is under-delegation. That is, they fear delegating tasks because they only trust themselves to correctly complete them. Delegating tasks to employees is the key to improving employee competency while improving the entrepreneurs’ supervisory and training skills.
Failure to plan will result in consistent business failure. Incorporate your day planner with your online and smart phone calendar. Consider using your smart phone and Outlook calendar to schedule regular tasks. This will ensure that you complete tasks on time and in the right way.
Never forget to schedule yourself weekly and monthly vacation time. Many entrepreneurs are anxious about falling behind or missing opportunities, but burnout has a lot more negative consequences than taking a day off. In fact, being able to get away from work so you can mentally and emotionally recuperate will improve your mood, health and business efficacy.
In conclusion, these are multiple, proven ways for entrepreneurs to avoid burnout.