Special Sources of Stress for Entrepreneurs and How to Manage Them

entrepreneurship Mar 27, 2019

Whether you are a business professional, a new business owner, or a well-established entrepreneur with a thriving business, it is likely that, at some point, you will experience some degree of stress. Stress has become an epidemic over the past several decades, affecting people of all ages, backgrounds, and professions. However, due to the unique set of pressuresand daily requirements faced by professionals and business owners, it is necessary that entrepreneurs do something to combat their stress and launch themselves forward, successfully overcoming their difficulties and surpassing their original goals. Here are some simple ways you can start to improve your mental health while boosting your overall job performance.

Dealing with Money

It is important to be aware of the special sources of stress faced by higher level business professionals and business owners. First, there is the stress that comes from money. While most people experience some form of stress due to money, business owners are in a particularly difficult position because they have to manage the overhead of running a business on top of taxes, home payments, and car payments. It is therefore important that you reduce your overhead as much as possible, repeatedly throughout the year. 

One easy way to significantly cut your costs is by giving up your leased office space in favor of designing a home office. Home offices can make it easy to get your work done as long as you design the space with your preferences and tastes in mind. To ensure you will use the space for work, put your home office far away from your living room or recreation area, and make sure it has a comfortable desk and chair (quality chairs can be purchased online for less than $35), as well as all the things you may require for your business, like a laptopwith an internet connection or a printer. If you’re willing to spend a little more, you could hire a handyman to design a custom-made desk, shelving, and an organizer for you cords. In Birmingham, you’ll like pay $136 to $342for this work, depending on the scale of the job. You can offset these costs by seeking out ways to spendless money; for instance, you can buy used equipment instead of brand new merchandise, or make your lunches at home instead of always going out to eat.

Dealing with Employees

Another major source of stress for business owners is the stress that comes with having employees to manage. Not only can the hiring and management process be difficult, but there is also the added stressthat comes from allowing yourself to question the abilities of your staff. The instant you think that you can accomplish a task more effectively if you took it on yourself, you start adding to your stress. 

However, the opposite is actually true. Delegating work to your employees is one of the best ways you can use your resources because it frees you up to take on other, more complex projects while giving your employees a certain degree of autonomy, which can boost their job performance in turn. The key is to learn how to manage employeesin a way that reduces your stress, instead of adding to it. Try focusing on general leadership — instead of losing your temper when a member of your staff messes up, use it as a teaching opportunity.  Everybody has to learn, and by showing them the way you would accomplish a task instead of yelling at or berating them, you will increase their respect for you.

The stress of managing money and employees simultaneously can prove detrimental to your abilities as a business owner to get things done. However, if you approach work with your mental health in mind by training your employees and delegating tasks, as well as by constantly re-evaluating ways to cut costs, you will find that you feel less stressed and free to accomplish a new set of goals over the next few months.

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