Launching your dream startup is an exhilarating experience, but it also sets you up to encounter challenging hindrances. From tight budgets to lack of coordination, endless task lists, and stiff competition, entrepreneurs find themselves struggling with many challenges. The looming fear of failure is an even bigger hindrance.
According to a 2022 survey, the biggest reasons for startup failure during the year were lack of financing or investors (47%), running out of cash (44%), and the COVID-19 pandemic (33%). Besides these evident reasons, statistics uncover a more surprising fact that 16% of businesses worldwide failed due to burnout in the same year.
As a startup owner, you should worry as much about your mental health as the financial well-being of your business. Impending burnout can push you to the edge and topple your dream venture as well. Fortunately, the right approach can boost your resilience as you relentlessly pursue your goals.
We have a list of actionable tips to help startup owners to prevent burnout during the early phase of the business.
Start With Realistic Goals
While goal-setting is a good practice for entrepreneurs, chasing unrealistic ones can affect your mental health. They cause constant pressure and contribute to burnout in the long run. Conversely, realistic targets inspire you, boost your confidence, and keep you on the right track. You can follow these steps to set realistic goals and achieve them:
Break Down Goals
Big goals may sound stressful, but breaking them down into smaller, manageable milestones makes it easy to handle them. Your progress becomes more tangible, and you do not feel overwhelmed while pursuing them. Start small with daily milestones and write them down. Also, create weekly and monthly goals.
Celebrate Progress
Besides setting milestones, celebrate every small achievement along the way. Recognizing progress, no matter how incremental, keeps you motivated and fosters a positive mindset. At the same time, avoid blaming yourself for failures because they are an integral part of running a startup.
Be Adaptable
Being adaptable is another aspect of goal-setting, as you cannot take a set-and-forget approach with startup targets. Situations may change, and new challenges may necessitate a change of goals and plans. Embrace adaptability to build a resilient mindset while facing setbacks.
Invest in Self-Care
Self-care is seldom on the checklist of startup founders, but missing out on it can push you toward the brink of burnout. Prioritizing self-care enhances your well-being and positively impacts the business by promoting sustained creativity and productivity. Here are a few actionable self-care practices you can consider as a busy entrepreneur:
Set Aside “Me” Time
Setting aside time for yourself is crucial when you give everything to a goal. Commit to time off from work and personal life to unwind. Adopt activities that bring you relaxation during time alone. You can even plan an annual solo trip to regain perspective.
Regular Health Check-ins
Your health may bear the brunt of the constant stress and pressure that come with the entrepreneurial mindset. Commit to regular health check-ups to build your defenses against chronic health problems. Timely detection and intervention can be saviors. Also, prioritize a healthy lifestyle with adequate sleep, a balanced diet, and regular exercise.
Find a go-to stress relief aid
Anxiety is a part of the package, but you cannot pop a pill every time stress hits. Find a go-to stress relief aid that helps you stay sane without the fear of habit formation and side effects.
Mindfulness practices such as meditation or yoga are good options. You can also try CBD for relaxation, better sleep, and instant stress relief. CBD edibles are a good option because they are discreet and offer lasting effects.
Edwin’s Edibles recommends gummies because it is easy to dose them. You know the amount of CBD in every piece, making it easy to control your intake. The best thing about CBD as a stress remedy is that it is non-psychoactive and natural.
Prioritize Work-Life Balance
Research suggests that optimal work-life balance and entrepreneurs’ satisfaction are linked with subjective well-being and firm growth. However, statistics also show that 95% are unsure of how to achieve an optimal work-life balance. The blurred line between work and personal life can contribute to burnout. Some steps to draw the line are:
Define Boundaries
According to HubSpot, 84% of small business owners have a 40-hour work week, while 19% work more than 60 hours per week. No matter how many hours you invest, set specific timelines and stick to them. Communicate these boundaries to your clients, team, and yourself.
Designate “No Work” Zones
Setting timelines is only half the work. You must also create spaces where work-related discussions and activities are off-limits. For example, you should avoid discussing the workplace in your bedroom or dining room to maintain a healthy family time.
Scheduled Breaks
A Forbes article highlights that the hustle culture has no future. Whether you are an aspiring entrepreneur or an employee, you must schedule downtime to prevent burnout. Regular breaks during the workday rejuvenate your mind and replenish your energy levels, so you shouldn’t miss out on them.
In conclusion, burnout comes as an indispensable part of the startup deal. According to Forbes, 42% of small business owners experienced it in the past month, and 24% reported currently going through it in a 2022 survey.
However, you should not let it dampen your enthusiasm or keep you from giving your best. You can follow these actionable tips to survive and thrive amid the challenges of entrepreneurship.
