How Bad Mental Health Affects Your Business Growth?
by Priya Jain Business ConsultantSetting up and running
a small startup business tends to be
thought of as a glitzy affair. Many people are coming up with money-making ideas and want to turn
them into a reality because they believe being an entrepreneur will provide
them with larger-than-life experiences.
A lot of people
see the enriching lives of many entrepreneurs on social media who show off
their “freedom, independence and grandeur”. However, the truth is divorced from
the complete reality. People often fail to understand that this kind of life
makes up a very small minority of entrepreneurs.
According to a
report by https://www.ncbi.nlm.nih.gov,
“financial distress is the major cause of poor mental health of small business
entrepreneurs”. Many entrepreneurs also report a lifetime history of ADHD,
depression, substance use, and bipolar diagnosis. The constant fear of failure,
managing finances, workforce management, and pressure to perform are some of
the other crucial factors that are experienced by growth-ready Indian
entrepreneurs.
It results in
low productivity, absenteeism, zero focus, and no motivation that can leave a
negative impact on any startup business.
Being an
entrepreneur isn`t just about waking up on a remote island and sending out a few
emails before hopping on a private jet to a foreign country. Running a small startup business is a
daily grind even for those who have established a strong presence of their
company and have turned it into a money-making revenue machine.
So how can
entrepreneurs keep their sanity intact and protect their mental health
throughout the stressful, yet rewarding journey of building their own business?
Here are a few ways:
1.
Keep your Finances in Check
Financial issues
are reported to be the primary reason behind anyone`s mental stress and
anxiety, especially among entrepreneurs. Some people start on a very small
scale. Some take a loan for their startup
business and others invest their entire savings into their dream startup
with nothing to fall back on.
According to a
report by smallbizgenius.net, around 39% of small business owners use cash to
fund their startup, which puts them at risk, if the business fails.
The journey of
establishing a startup business is stressful enough. And it is not smart to put
everything into a basket that fails 90% of the time. Hence, it is crucial to
ensure that you have financial support to live on for at least three to six
months should anything goes wrong.
If that is not
possible, you can also take up a part-time job that allows for flexible working
hours. Another thing you can do to ensure your financial support is to have an
alternate source of income. The biggest takeaway for any entrepreneur is to try
and leave as much money on the table to take care of your things.
You can also
take the help of a professional business coach
that can guide you in starting up, setting up, and running a business from the
scratch.
2.
Learn to Delegate
Trying to do
everything on your own is another way to overburden yourself with stress and
work. Even if you feel that your startup has not reached up to that level where
you can hire full-time employees, you can outsource certain tasks. There are
endless resources available to help you with it.
Learn to
delegate as it is quite essential for smooth operations. Even the best business motivational
speaker in India like Dr. Vivek
Bindra suggests delegation of work because burnout can happen very quickly
when a business is at its initial stage.
You can also opt-in
for a business partner to avoid crumbling down under the pressure of too much
workload. Your business partner would be an expert in some areas of the
company. His or her expertise can take a certain amount of pressure off your
mind. He or she can also drive the business forward with their professional
experience and expertise.
3.
Stay in Touch with the Right People
Whenever anyone
decides to start something unconventional, they must surround themselves with
positive influences. You might be having an excellent money-making
business idea, but your friends and a family member might not agree. There
will be some people including your friends and family members that will
question your decision.
They might also
ask you to go back to corporate life with a steady paycheck for a more stable
life. But remember, they come from a position of care and love. However, they
are not entrepreneurs.
Surround
yourself with business mentors who have been successful as entrepreneurs. You
can seek advice and guidance from them through the beginning of the start-up
journey and try to continue flourishing that relationship. It will also help
you to expand a professional network as your business starts growing.
Mental health
can easily deteriorate with stressful conditions, pushing oneself to the point
of burnout, and with wrong people giving the wrong advice. Running a startup
business successfully is essential, but taking care of your mental health is
crucial. Following the above tips and frequently staying in touch with one`s
emotions will help to ensure your mental wellbeing is in good shape.
Are you looking
to find solutions for your burning problems? Get practical solutions easily
with our Business Coaching Program that
will help you grow your business with step-by-step learning strategies, action
plans, frameworks that are designed to empower you with various business
functions.
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about this course, visit: www.badabusiness.com
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Created on Oct 26th 2021 02:33. Viewed 247 times.