Running your own business can be very rewarding. But, it’s also a lot of work. That can put entrepreneur well-being at risk! At Workr Beeing, we know that it can be hard to practice what we preach. There are only so many hours in the day. You really have to prioritize your well-being if you want to successfully run a business and take care of yourself.
Interestingly, we have never dedicated a blog post to talking about supporting wellness for entrepreneurs! So, for any of you out there who run your own company, or have a side hustle, this article is for you. Learn how to support your wellness and achieve your goals below!
What is entrepreneur well-being?
First, we should define what entrepreneur well-being is. Research shows that it’s a combination of things. First, it’s being satisfied with your work. Second, it’s feeling a lot of positive emotions at work, and also avoiding feeling negative emotions. Finally, entrepreneur well-being depends on feeling psychologically equipped to start, run, and grow your business.
Feeling psychologically ready to run a business is the most complex of these three requirements. For example, you should feel competent in the skill set you have. You should also be willing to learn and grow as your venture takes off. You might also want to feel connected to a broader purpose, aside from just making money. Finally, you should feel you have social support networks to lean on when times get tough. When you feel well emotionally, psychologically, and attitudinally, you fare better as an entrepreneur.
Stress can be good for entrepreneur well-being
Believe it or not, as with most jobs, some types of stress can be good for entrepreneurs. Broadly, there are two types of stressors – challenge and hindrance. Challenge stressors are good for you. These are stressors that make your day more interesting and exciting, but require you to think on your feet or work hard to overcome them. Without any challenge in our work, it becomes boring. For entrepreneurs, challenge stressors are things like having to get done difficult tasks or work quickly. Having to spend a lot of time on tasks can also be a challenge stressor. Finally, having to solve complex problems also falls in this category. Because entrepreneurs are usually experts in their domains, and willing to work hard to make their goals happen, these are generally good stressors to encounter.
Hindrance stressors are not positive, however. For example, a hindrance stressor for an entrepreneur is feeling like you don’t have the knowledge or skills to do the job well. Another one is feeling unsure about where to start or how to execute on a plan to get to your goal. Finally, when entrepreneurs feel their work role is interfering with other roles – like family roles – that can be an problem. Overall, entrepreneurs should take on difficult challenges and be willing to invest a lot of time and energy into their work. But, they should avoid starting ventures that they don’t have a lot of experience in. And they should try to create a reasonable schedule for themselves so they can also have a life!
Find resources to cope with negative stressors
Yet, sometimes, we can’t avoid negative stressors as entrepreneurs. You might have to tackle a problem you’ve never encountered before. Or you might have to learn a new skill set to keep your business up to date. For example, a lot of entrepreneurs have to learn how to market their ventures on social media, even if that isn’t their strong suit. In order to cope with negative stressors, you can acquire resources that help you to get through hard times.
First, you can put yourself in situations where you are likely to gain resources. That might mean meeting with wealthy individuals who might want to fund your venture. It might also mean networking with folks who might be able to give you advice or guidance. Second, you can protect resources you have. You might ensure that you’re checking in with valuable contacts who have helped you in the past. You might also stick to a strict budget. Finally, you can find innovative ways to use the resources you have. You can ask other entrepreneurs to barter time with you. They can give you some help with their expertise, and you can do the same for them. You might also invest in innovative technologies that give you more time to run your business.