There are many reasons why people become entrepreneurs. Regardless of why the business was formed, most new entrepreneurs begin by focusing on developing a business plan, securing funding, and marketing. However, a critical element is often overlooked: well-being.
When you started building your business, did you pause to consider your own well-being at any point?
If you answered no, you are not alone. Keep reading to learn how you can give yourself an edge over your competition by focusing on your business’s most valuable asset – YOU!
There are significant costs for neglecting your well-being as an entrepreneur.
According to the Bureau of Labor Statistics, approximately 20% of businesses fail within the first year. By the end of the second year, 30% of businesses will have failed. By the end of the fifth year, about half will have failed.
While these statistics in no way guarantee failure for new businesses, they are a harsh indication of the challenges that many entrepreneurs face. Failure to prioritize your well-being as an entrepreneur can have an adverse impact on both your personal life and business.
What are the costs of neglecting your well-being as an entrepreneur?
- Burnout: Ignoring your well-being can lead to burnout, which is a state of emotional, physical, and mental exhaustion.
- Reduced creativity and innovation: When you neglect your well-being, you may struggle with feelings of stagnation. You may have difficulty tapping into your creativity and coming up with innovative ideas.
- Poor decision-making: You’re more prone to make impulsive or poorly thought-out decisions when your well-being has been deprioritized. This can lead to costly mistakes in your business.
- Health problems: Sacrificing your well-being can lead to a range of health problems, such as obesity, heart disease, and mental health difficulties. These health problems can impact your ability to run your business effectively, reduce your energy and motivation levels, and may even force you to take time off work.
The relationship between well-being and business growth for entrepreneurs is an important one.
Well-being plays an important role in entrepreneurship in several ways:
- Improved productivity and performance: Productivity increases due to having more energy, better focus, and being better equipped to manage stress. This translates into better business outcomes.
- Enhanced creativity and innovation: Taking care of your well-being helps lessen distraction by negative emotions while increasing your ability to think more clearly and have more mental flexibility.
- Better decision-making: You are able to consider all the relevant information, are less likely to be swayed by emotions, and are better able to weigh the potential risks and benefits of different options.
- Increased resilience: Resiliency is positively influenced by caring for your well-being as an entrepreneur. This means you are better able to bounce back from setbacks, cope with stress, and stay motivated in the face of challenges.
- Better relationships: Entrepreneurs who prioritize their well-being tend to have better relationships with their employees, partners, and customers. When you have properly cared for yourself, you are able to be more empathetic, communicate more effectively, and are equipped to build trust and rapport with others.
- Improved work-life balance: Well-being increases the likelihood of a healthy work-life balance. This means you are able to manage your time effectively, prioritize what is important, and avoid burnout.
- Greater sense of purpose: You are more likely to have a sense of purpose and meaning in your work when your well-being is being properly addressed. Well-being helps you to align your personal values with your business goals, and feel a greater sense of fulfillment as a result.
Overall, the relationship between well-being and business growth for entrepreneurs is a positive one. By taking care of your physical, mental, and emotional health, you are better equipped to build successful businesses and enjoy the journey along the way.
Well-being isn’t optional for entrepreneurs. It is a key to sustainable entrepreneurship.
What can you do to improve your well-being (and thus your business success)?
- Practicing self-care: Taking care of yourself physically, mentally, and emotionally is key to maintaining well-being as an entrepreneur. This includes getting enough sleep, eating a healthy diet, and exercising regularly. In addition, you should prioritize self-care activities such as hobbies you enjoy and spending time with loved ones.
- Establishing a routine: Entrepreneurs can benefit from establishing a daily routine that includes time for exercise, healthy eating, and adequate rest. This can help manage stress and increase productivity.
- Taking breaks: You should take regular breaks throughout the day to avoid mental fatigue and increase your focus. Short walks, deep breathing, or meditation can be helpful. While many people feel they do not have time to take a break, doing so will help you do more, more effectively.
- Managing stress: Entrepreneurship can be stressful, but it’s important to find healthy ways to manage stress. For example, practicing mindfulness, meditation, or deep breathing exercises.
- Setting boundaries: You may feel like they need to be available 24/7, but it’s important to set boundaries and make time for yourself and your personal life. This may mean setting specific work hours, turning off your phone after a certain time, or delegating tasks to others.
- Building a support network: Having a network of mentors, peers, and colleagues can help you feel supported and connected. This can be especially important during challenging times. Entrepreneurs should surround themselves with positive and supportive people, such as friends, family, and mentors who can provide guidance and encouragement.
- Seeking professional help: If you’re struggling with your mental health or experiencing burnout, it’s important to seek help from a mental health professional. There is no shame in seeking help when you need it! Taking care of your mental health is essential for overall well-being.
- Creating a culture of well-being: As an entrepreneur, you have the power to create a culture of well-being in your business. This includes promoting work-life balance, offering employee wellness programs, and prioritizing mental health and well-being for yourself and your team.
What prioritizing well-being meant for me.
I did not wake up one day and recognize the importance of well-being. Sadly, it took multiple events in my life to fully understand this. My first wake-up call was when a loved one told me how deprioritized they felt. All of my time was dedicated to my business and even when I was not working, I was not fully present. Unfortunately, I chalked this up to the other person not understanding what I was going through and being unreasonable.
Next, I had a scare with cancer. As I was managing the doctor visits, biopsies, and surgeries. I was continuing to neglect my physical health. The only exercise I was getting was the walk to and from the office. I ate whatever I could scrounge up between client sessions or meetings. Sleep had become a luxury I was not allowing myself. Again, I convinced myself that this was all necessary as I built up my business. After all, all successful entrepreneurs did this, right?
Finally, my mom lost her battle to early onset Alzheimer’s at the young age of 61. Prior to her death, I had started to make adjustments to my schedule to ensure I could spend more time with her, but I was still neglecting myself in so many ways! After she died, I did what I knew best – I went back to work.
I finally got the message! Something needed to change. Not just for me, but also for the many entrepreneurs I was working with who were falling victim to the same lie I had been telling myself – that neglecting yourself was just a part of the process. Through my own lived experiences and the similarities I was seeing in my clients, the RESET Method was born. The entire focus shifts from solely addressing the growth of your business to how you need to structure your life to sustain all you are building.
What moments in your life may have been calls for you to pause, reflect, and pivot?
Are you ready to prioritize your well-being?
Take a moment to reflect on your own life. Notice the ways you may have been neglecting your well-being and consider small changes you can make – starting today! You do not have to do this alone. At Ancorio, individual coaching and RESET Retreats are available to help identify the issues, teach tools and strategies, and offer the support and accountability needed to help you achieve business success by prioritizing personal well-being.
