Entrepreneurship is difficult and often stressful. While this can make anyone very rich, it could also reduce a rich person to a non-body. By rich I mean someone who feels comfortable and healthy. The stress that entrepreneurs experience has many root causes, most of which are self-induced and in this article try to fid What Is a Main Reason Why Entrepreneurs Experience Daily Stress?.
What are some of the causes of stress in the life of entrepreneurs?
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Competition
Competition is by far the number one cause of stress for most entrepreneurs. They worry about what their competition is doing, who they are entertaining, what they are planning, where they are going, etc. As much as you need to work to keep up with the competition, you don’t have to stress yourself about it. You can’t control what your competition is doing, but at best you can understand your competition and focus on your own actions.
Solution: Focus more on the competition, not the competition. Remember sometimes that you could be very successful without necessarily being the best in your field. Be satisfied with good success and compete more with yourself.
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Unrealistic goals
You’ve been taught the importance of setting goals. It should also have taught you that goals have to be S.M.A.R.T to be achieved. S.M.A.R.T means that they must be specific, measurable, achievable, realistic and time bound. This means that before you make the decision to work towards a goal, you need to make sure, among other things, that it is realistic.
Many entrepreneurs are stressed by the difficulty of meeting unrealistic goals. They think they can be successful and then they work very hard, but they get frustrated and discouraged when in the end they realize that they were too ambitious. When your goal requires more skill, energy, knowledge, time, and other resources than you have available, it is unrealistic.
Solution: Set realistic goals. This doesn’t mean your goals have to be small. In fact, they must be big enough to scare you.
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Limited capital
Most startups underestimate their initial capital requirements, and most small business bankruptcies have limited capital. When an entrepreneur underestimates his initial capital requirements, he quickly realizes that he cannot support the operations of the business and must borrow to comply. Workers’ wages are late, bills are piling up, production stops for a while, and all of this leads to significant stress.
Solution: Make sure you set aside more than what you think you will need as seed money.
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Meet expectations
No one goes into a business with the hope of failing. Everyone has high expectations for success, and when that doesn’t happen, it creates stress. However, I have come to realize that the stress caused by unfulfilled expectations is due more to the disappointment of not meeting the expectations of others, even more than those of the entrepreneur.
Family, friends, relatives, community, etc. they have expectations that we often try to meet. We care what they think of us. When it seems like we are making little or no progress, we become disillusioned with ourselves. That’s why we work hard every day to make sure we impress the people in our lives. It is a great source of stress for many entrepreneurs.
Solution: Ignore the expectations of others, if any. Know that everyone has problems in their life to deal with. Be responsible only to yourself. Work hard to be successful, not to satisfy anyone, for no one is ever satisfied.
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The “Solomonic”
Overloaded-image-entrepreneur One of the main sources of stress for most entrepreneurs is what I call “the solomaniac ”. Starting a business does not mean that you have all the knowledge, skills and experience to run it alone. And even if it does, it can’t.
A lot of Entrepreneurs get stressed out trying to do everything on their own. Sometimes they
even hire workers, pay them, but not build them, enough confidence. So they think, plan, strategize, organize, lead and build alone. The end result is too much load for one body to carry and since they are human with limitations, soon collapse in stress.
Solution:
Apply the division of labor, one of Henry Fayol’s 14 management principles. Reduce tasks to small action steps that can be performed by any category of your workers and give them the means to take initiatives.
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Growth and expansion
As much as we all want to grow, we are not always ready for it. This is especially true in business. When we try to keep growing and expanding faster than we can cope with, we get stressed and it could lead to a serious collapse.
The growth and expansion of businesses could lead to additional responsibilities, a need for more labor and capital, more thinking and planning, more production needs, more working hours, more management challenges, more competition, etc. When all of this is what an entrepreneur has to put up with and is unprepared, the result is stress.
Original Source: Major Techo
Solution: Give serious thought to your decision to upgrade / expand your services. Make sure you are well prepared in terms of resources to deal with the increase / expansion.
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Change and challenges
The business world is one of the most changing platforms I know of. Every day, new products, practices, specializations, prices and activities arrive on the market. As people think and find better ways to do things, the business system is continually evolving. This could create significant stress for an entrepreneur. An entrepreneur must be innovative and surround himself with very innovative people. When that is lacking, you will always be behind the change and innovation.
Solution: Change is inevitable in life and very often difficult to manage. However, there is nothing more you can do against change than prepare for it, welcome it, and move on. In fact, a good entrepreneur is an architect of change.
If you are an entrepreneur, you will surely come across one or more of the stressors mentioned above at any time. I’m sure after reading this post you are more likely to face them. Now read my article “How to Prevent Stress in Business (Practical Tips)”.
Always remember, health is wealth. You need to stay healthy to keep working and be successful. If you strive for success and lose touch with your health, you are preparing for disaster.
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