Connect with us

Leading

What I Wish I Knew About Avoiding Burnout As An Entrepreneur

Below are some of the things I should have avoided, in retrospect, and believe should be avoided at all costs as an entrepreneur.

Sechaba Selialia

Published

on

Entrepreneurial-burnout

Being your own boss can be a very rewarding experience, but I am of the opinion that burnout is a very real occupational hazard on that pursuit. One can easily find a myriad of thought leadership pieces with advice on avoiding the potential pitfalls of running a small business, and although this is important, little attention is given to the dealing with the reality that is burnout.

This phenomenon became very real to me recently, at which point I had to decide whether or not my hunger to succeed would come at the cost of my health and sanity. Fortunately, nature intervened and when simple bodily functions began failing me, I was forced to take a step back to reflect.

Focus on what is important

With so many things vying for your attention, it is of vital importance to always make the distinction between what is important, and what is urgent.

Related: 5 Burnout Warning Signs (And How To Respond)

With a clearly defined, vivid, image of where I would like to take my business, I use the following guiding questions:

  1. Will this get me closer to achieving my goal?
  2. Do I have to do it now?

Anything that fails on the first question is frankly unnecessary, and a shortcoming on the second question should be delayed. 

Stay organised

Outside of being privileged enough to have a personal assistant, being organised can save you time and unnecessary stress.

I would advise creating or finding a system that works for you in terms of the following:

  • Documenting your thoughts.
  • Managing your schedule.
  • Managing client relationships. 

More important than finding what works for you, is applying it consistently. 

Do things that energise you

Outside of your daily activities related to the business, it’s critical to do more of the things that make you happy. I am alluding to those activities that leave you more energised after doing them, which can range from sporting activities, other hobbies, or just spending time with loved ones.

If time stops for you while doing it, you’re definitely on the right track in this regard! 

Related: Arianna Huffington’s Recipe for Success: Avoid Burnout

We all need an outlet

In my understanding, some of the fundamental needs that people have are to be acknowledged, understood, accepted, and respected; meaning that we need human interaction.

This being said, avoid navigating ‘the road less travelled’ in isolation, and this can be done by surrounding yourself with people on the same mission because they will be able to relate. I meet for breakfast once a week with a group of people also running their own businesses, and besides holding each other accountable, having them as a sounding board has proven to be invaluable.

It’s okay to take time off

I was one of the casualties of the guilt associated with taking downtime. Thinking back, I did so out of some sense of paranoia that while I was relaxing, the competition was working tirelessly on refining their offering.

The truth is that you need to take time out to refresh your mind every single day, because this is when you synthesise and mentally digest information about what has happened, and plan your next moves with a clear mind.

Never forget that the aim is to enjoy the journey, because that is true success!

A financial analyst by training and entrepreneur by calling, Sechaba is founder & Chief Geek at the Scoody Geek Clothing Lab, an eCommerce platform for the Scoody (Scarf Hoody). Sechaba also founded Africa Rebranded, a youth organization that facilitates annual intra-African cultural exchange programs for social entrepreneurs; which led to his selection as a Global Shaper of the World Economic Forum. Sechaba has experience in small business development advisory, and was involved in designing an accelerator program for the Allan Gray-Orbis Foundation, which is one of only four of its kind on the African continent. Sechaba holds an honours degree in Financial Analysis & Portfolio Management from UCT; and serves as Vice-President of Ventures at the Association of Allan Gray Fellows.

Advertisement
Comments

Leading

4 Tips To Become A Team Whisperer (And Improve Your Employee Engagement)

Engaged employees are motivated, innovative and willing to take on more responsibility.

Pieter Scholtz

Published

on

team-business-leadership-advice

Your team needs to be nurtured on an ongoing basis if you want to attract and retain the best employees. You can hire people, you can fire people, and you can tell them what to do. But you can’t make them like what they do. Some business leaders are content with having an unhappy team; as long as they do what they are paid to do then the state of their mental health is seen as superfluous.

This line of thinking is not only wrong, but it is entirely counterproductive to the continued survival of a business. Gallup has run some excellent pieces that demonstrate the difference between engaged and disengaged employees. In particular, they list several additional things that engaged employees bring to the table: Motivation, innovation, and a willingness to take on more responsibility within the company. So how can you keep your team engaged?

That level of motivation contrasts greatly with employees who don’t even want to be there. They do their jobs, but they never put in more than the bare minimum of effort. Don’t expect them to ever go beyond what their job description requires, and if there is a chance for them to duck out of work without getting fired, they’ll take it. Obviously, you don’t want to have a team that consists of these people. But without the right knowledge of how to motivate a team, you’ll find yourself unable to inspire your employees to go above and beyond what is required of them.

Related: How You Can Make Leadership Excellence An Effortless Effort

A great company cannot exist without great employees, and there are steps you can take to mould them into the people you want to have working for you. These tips are proven methods of getting your employees to be engaged in what they do, and anybody can learn to apply them.

1. Be a team, not a dictatorship

Every ship needs a strong captain, but that doesn’t mean that you have to spend every second reminding your employees who’s the boss. Your employees look to you for guidance, but they also want to feel as though you are in tune with everything that is going on. Some managers come off as though they are giving mandates from heaven, or worse, they rattle off long lists of orders because they don’t want to do the work themselves.

If you give the directive and then pitch in to reach the goal, you’ll show your employees that they are all part of a team, and they sink or swim together.

2. Give them a chance to shine

It’s true that some people are placidly content with being a cog in the wheel. I’m sure you know of at least one person who is sitting in a job they are relatively indifferent to just so they can collect a pension in twenty years. Those that fit that mould will gravitate towards jobs that give few chances to stand out and plenty of job security. For those who want to achieve more, they will never settle for a job pushing pencils all day.

Related: Effective leadership – Serving Your Team To Serve Your Clients

These restless employees are always looking for a way to prove to you that they are capable of so much more than low-level work. Denying them this opportunity will either push them to greener pastures, or if they can’t/won’t quit, cause them to become disillusioned with what they do.

If you find somebody who wants to prove themselves, let them. An employee who shows the initiative and drive to better themselves is a person who will bring your business an incredible amount of value. Don’t waste this potential.

3. Don’t take them for granted — show your gratitude

This goes beyond a simple “thank you,” although those two words can have quite a bit of power in themselves. If your employees feel like their contributions are not recognised or rewarded, they will feel little incentive to go above and beyond in what they do. How you show this gratitude is as important as the action itself, because a perceived token gesture is even more insulting than a lack of a reward. Put another way, if somebody comes up with a million-dollar idea and you give them a monogrammed lanyard as a gift, don’t expect that person to stick around. Rewarding achievement is the flip side to punishing failure, and a balance between both is necessary to craft the ideal team.

As intuitive as these three traits seem, you probably know from personal experience that a lot of managers don’t quite know how to implement these strategies effectively.

Related: Leadership Hustle: A Modern View On Leadership

4. Share the bigger picture with them

A really important element of keeping your team engaged is to share the bigger picture with them. This involves amongst others:

  • Constantly communicate the Vision and Mission of your business to your team. If your team can buy into why the business was started, where it is headed and why you exist as a business, they will be able to be as passionate as you are.
  • Provide a monthly update on how the business is tracking against its plan and this will empower them to focus on the areas that matter most to the business at that time. This includes sharing financials with the team — here one needs to take into account any legislation that might be applicable — but the more you share, the more you show your team that they are trusted with the information as well as being able to make better decisions that affect the business.
  • Keeping your team engaged, excited and energised is a pre-requisite to developing a high performing team that is able to take the business to the next level. It takes a team of dedicated people to build a successful business. Without this team, your ability to expand at the rate you had planned to will be severely hampered.

IN YOUR TOOLKIT

Become a leader that inspires greatness

multipliers-how-the-best-leaders-make-everyone-smarter-by-liz-wisemanREAD THIS: Multipliers: How the Best Leaders Make Everyone Smarter, By Liz Wiseman.

Multipliers is profound. It’s been lifechanging for me and everyone that works with me. Leadership is not about having the best answers. You need to ask the best questions, and what happens is that you are turning people into productive engines. Micro-managing stops people from thinking for themselves as they wait for answers from you. The principle is that micro-management on that level means you are paying people 100% salary for 50% productivity. The multipliers effect allows you to pay 100% salary for 200% productivity.” — Robin Olivier, co-founder and MD of Digicape, a R240-million business based in Cape Town. Go to multipliersbooks.com for additional tips, tricks and surveys.

 


WATCH THIS

Radical Candor means challenging employees directly and showing you care personally at the same time. It will help you and your team do the best work of your lives.

Developed by Kim Scott — who led AdSense, YouTube, and Doubleclick Online Sales and Operations at Google and then joined Apple to develop and teach a leadership seminar — Radical Candor is all about becoming a leader who is both respected and followed, without being falsely ‘nice’.

There are two great YouTube videos that will give you her tips and lessons in under 20 minutes:

And if you’re interested in really unpacking the lessons behind radical candor, read the book: Radical Candor: Be a Kickass Boss Without Losing Your Humanity.

Continue Reading

Leading

5 Signs A Business Is Being Poorly Managed

Are you considering investing in a new company? Evaluate its leadership with these five factors first.

Phil Town

Published

on

business-management

Ideally, every business’s success would be so simple that anyone could run it – even an untalented person. Unfortunately, though, many businesses cannot withstand the leadership of an unqualified or untalented person, and, if a business is lucky enough to achieve longevity, odds are that someone unqualified or untalented will run it eventually.

But, how can you, as an investor, identify when a business is being run by one of those untalented people? More importantly, how can you spot when a business is being run by an untrustworthy person?

In this video, Entrepreneur Network partner Phil Town breaks down five signs of bad leadership you need to consider before investing in a new company.

Click play to learn more.

Related: How To Help Your Team Shift Their Mindset To Embracing Technology For Business Management

This article was originally posted here on Entrepreneur.com.

Continue Reading

Leading

4 Essential Steps To Take To Successfully Sell Your Business

Here are 4 essential steps that will help you avoid potential setbacks and increase the chances of a fair and satisfying transaction while you are selling your business.

Published

on

Successfully Sell Your Business

Many startup founders and small businesses dream of receiving an offer to becoming the next billion dollar business. Whether its because they are ready to move onto another project, or they are ready to expand and are looking to leverage the financial power of a bigger partner, selling a business is a big move for any business. For many business owners, getting an offer from a buyer is certainly exciting, but before you jump into anything, remember that are important steps to take before you sign the paperwork that will move a successful transaction forward.

From making sure you have a functioning and potentially lucrative business model, to working with an expert to establish goals and expectations on both ends to ensure everything goes smoothly.

Here are 4 essential steps that will help you avoid potential setbacks and increase the chances of a fair and satisfying transaction while you are selling your business.

1. Preparation is everything

Since you’re already a business owner, you most likely already know the importance of preparation. When it comes to selling your business it’s always wise to conjure up all that you have learned along the way and apply that to the process of making a sale.

Related: The 6 Most Common Questions Business Owners Ask Before Selling Their Business

Some of the key documents that buyers expect to see are:

  • Corporate records
  • Records of any important contracts
  • Information concerning stocks and investments that would affect the relationship with the buyer.

Preparation also entails that you are forward about any setbacks or issues you had in the past that currently affect company operations. Being open about what failed in your business model will help buyers feel confident in their decision working with you, in addition to understanding what to potentially avoid in the future.

2. Setting up the right environment for buyers

Your business may have received endless praise from the press and has made the “most up and coming list” time and time again that doesn’t mean you are ready to sell. Good press will very likely attract buyers, but if you haven’t created the right environment to continue along with a merger and acquisition, those investors and businesses that were one so eager to scoop you up may not stick around that long. To ensure a productive environment for selling your business  it pays to be open to new ideas, while also maintaining a professional setting from which trust can build.

3. Make sure your finances are in order

Financial records are vital when making a sale. Not only to they provide a clear outline of your businesses progress in numbers, they are also key to making sure you get what you want out of the final sale in the end; investments and any and all financial commitments. Ensuring that both parties are satisfied.

4. Hire a merger and acquisitions advisor

Even the most experienced business owners can benefit from the expertise of a mergers and acquisitions advisor. Trained specifically to help owners assess their the value of the business by reviewing it’s strengths and weaknesses on both a macro and micro economic level.

Some of the key ways that an M&A consultant can help you streamline the selling process are as follows:

  • Professional who specialise in mergers and acquisitions are highly skilled at preparing for due diligence, helping you to navigate and organise the necessary documents and information that is needed by all prospective buyers
  • If you are in the unique situation that you have more than one buyer interested in acquiring your business, an M&A consultant can help you assess which one will be the right relationship for you, especially if you will still be activity participating in daily business operations.

Related: How to Position your Business Now So You Can Sell It Later

Again, experienced business owners may know everything there is to know about running a company, but that doesn’t mean they know how to appeal to buyers. Not only do you have to be in tune with your own company’s needs, but it’s essential that you understand what buyers and investors expect from a sale.

At the end of the day, even if you think you’ve found the perfect buyer, taking a few extra steps to ensure that a potential buyout will meet both parties needs and is overall good for the business can be done by being fully prepared and and working alongside an expert that will help to point you in the right direction. Successfully taking your business won’t happen overnight, in fact most transactions take about six to twelve months to complete, so it pays to be prepared every step of the way.

Continue Reading

Trending

FREE E-BOOK: How to Build an Entrepreneurial Mindset

Sign up now for Entrepreneur's Daily Newsletters to Download​​