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June 29, 2020 1:54 pm
Entrepreneurs Need to Know the True Costs of Overworking Themselves
Real success includes having a life.
Entrepreneur burnout is common among business owners, especially those in the early stages of establishing their businesses. Symptoms include anxiety, hopelessness, restlessness, irritability and depression -- and depression is the most dangerous.
According to research by Dr. Michael Freeman, a clinical professor at University of California, 30 percent of all entrepreneurs experience depression. This is an alarming rate, especially because depression is a leading cause of suicide. The statistics echo our experiences of hearing about bright entrepreneurs taking their lives.
How can you, as an entrepreneur, make sure you run your business without running yourself into the ground? Here are four telltale signs of impending burnout.
1. It’s not just about the hours.
According to the Bureau of Labor Statistics, most small business owners work up to 50 hours a week -- at least 16 hours more than the national average. A poll of New York Enterprise Report readers found that 33 percent of small business owners work upwards of 50 hours a week, with an additional 25 percent clocking 60 hours a week. And these aren’t the only studies demonstrating the long working hours business owners put in.
The issue of entrepreneurs’ mental health, however, goes beyond the long work days.
Entrepreneurs are also under immense pressure because they are usually responsible for the livelihoods of other people. And if they don’t have employees, they may be stressed because their small businesses don’t have many resources to fall back on.
2. It’s like alcoholism... but for work.
Starting and running your own business requires a huge commitment not many can sustain. But for those who can, this commitment can quickly devolve into addiction, i.e., workaholism.
Even when on vacation, about two thirds of small business owners check in with their businesses at least once a day, according to an OnDeck study. This illustrates the attachment they have to their businesses and the fact that most don’t even know they’re overworking.
Just like an alcoholic can’t function without drinking, workaholics can’t function without working. Working is like medication to workaholics -- they work to relieve stress and anxiety caused by external factors such as family. But like alcohol for alcoholics, work for workaholics eventually ceases to be medicine and turns into poison.
Related: 6 Ways Entrepreneurs Can Make Their Lives Easier and Avoid Burnout
3. The importance of having enough sleep.
Nearly everyone needs about eight hours of sleep every night to function. Sleeping fewer hours leads to adverse health effects such as fatigue and headaches. Apart from short sleepers, who need only four to six hours of sleep to perform properly, all of us -- entrepreneurs most of all -- need to rest at least a third of the day to make sure we function the remaining two thirds.
As a business owner, you need to stay calm and approachable at all times -- for your sake and for the sake of your employees and customers. No matter how hectic things are, you have to remain even-keeled to create a safe and stable environment for those led and served by you.
Good leaders are able to stay calm and focused on their jobs because they allow themselves to rejuvenate through proper sleep, despite the stress and technological distractions of the modern world. According to findings by Sleepenvie, 48 percent of Americans experience insomnia regularly, and 22 percent report suffering from it nightly. Smart entrepreneurs make sure they do not become the sad statics.
4. Almost everything can be delegated.
An effective way for entrepreneurs to free up time for themselves is to delegate. Unfortunately, many are not comfortable handing over tasks to other people.
In a study of U.K. business owners, 70 percent of the respondents said they preferred to do everything themselves. A good number cited reasons such as:
- Being the most capable for the job (30 percent)
- Employees lacking proper skills (20 percent)
- Rushing to get things done (20 percent)
- Liking doing the tasks (19 percent)
Whether you like doing the tasks or not is irrelevant to the fact that you can delegate or outsource them. It’s a choice between being bogged down by doing everything yourself or setting up your business for growth.
If you want to create a system that works, set up strategies that will take your business further. That’s the part you cannot delegate.
Related: 4 Tasks Successful Leaders Should Delegate
Conclusion.
Most business people do not separate life from work. Work is life for them. They spend endless hours at work; they stress; they don’t sleep well; and they do everything themselves.
What they don’t realize is that a work-life balance will create the life they crave -- an opportunity to enjoy life’s finer things while growing their businesses.
Related:
Some Aspects to Guide You Towards Success in Business
How to Utilize Creativity Like a Pro for Entrepreneurial Success?
Follow The Leader: Ahmed Khouri, Managing Director, Union Properties
Copyright 2018 Entrepreneur.com Inc., All rights reserved
July 1, 2020 8:24 pm
I definitely relate to this. I am in the process of opening up my own place it is the most stressful, tiring, and frustrating thing ever. Constantly spending money, worrying about insurance, making sure you have all the licenses and documents to provide etc the list goes ON AND ON! I haven't even opened yet but I know once I get everything all set and I start working and get over that period of getting everything settled I think it will be much easier.
Topic starter
August 6, 2020 3:01 pm
Yes, opening your own business is not for everyone. People sometimes have the idea if they are a business owner it is easy. It is certainly all the things you mentioned Gabby. Self discipline is a must and willing to make lots of sacrifices
May 3, 2021 12:08 pm
I feel like I go very back and forth about wanting to own my own business or not. I think working for yourself sounds like a great idea to me, but obviously there are more things than I'm sure I don't even realize right now that would go into having my own business. I watched my dad do it my whole life which makes me feel a little more hopeful, but I can only begin to imagine the stress and worry that could also go into this.
May 11, 2021 12:10 am
today it seems like everyone wants to start a business which I think is great, I love that society is finding ways outside of the traditional 9 to 5 to sustain ourselves but I think a lot of people, myself included often forget how much dedication and commitment it takes to run a successful business and to build it from the ground up
May 11, 2021 12:11 am
@kaytlynmolinaiectskin-com i would also love to start my own business eventually. i definitely want more hands-on, working experience though.
September 17, 2021 11:13 am
This is definitely something I've been thinking about recently. It's hard to imagine the amount of work that must go into running your own business. I think the point about being comfortable delegating tasks is important, because a lot of people may feel that they have no option but to do all the work themselves. Running a business takes an entirely different type of time management and self management than any other job performed within the workplace.
September 17, 2021 11:14 am
@jaydensugickiectskin-com I definitely agree with you that I think a lot of people may see this as a way out of a typical 9 to 5 job. But it's clear how this can be a slippery slope, and if you take on more than you were prepared for you can definitely end up working significantly more hours than with a 9 to 5 job.
September 18, 2021 10:22 am
Ever since I was younger I knew I always wanted to be my own boss. I want to be able to say "I did this. I built this amazing business." With having your own business or starting your own business comes the hard parts like experiencing anxiety, depression, restlessness, etc. When you start a business everything is YOUR responsibility. Being that everything is on you, that can cause the things I listed, anxiety, depression, and restlessness.
September 18, 2021 4:29 pm
@jaydensugickiectskin-com I totally agree with you about that. I forget that it is a process trying to open a business on your own and its not gonna happen overnight.
September 18, 2021 4:35 pm
The thought of self employment sounds so glorious until its time to put a business plan together, find the funds, and make it your baby for years. Creating a business has a lot more going on behind closed doors than it meets the eye. Licenses, insurance, finding clientele, 9/10 you dont make any money within your first year in business because its just circulating back into the business. Creating a business from the bottom up takes time, patience and a whole lot of work.
September 18, 2021 4:37 pm
@keyonnastarksiectskin-com Im the same way, ive always wanted to open my own business and be able to sit back and know i did it by myself. I think with the right help and the right mindset any business can be successful.
September 18, 2021 4:41 pm
@delaneyhiggonsiectskin-com I completely agree that it'll be more hours put in that a normal 9-5 . However once youve created your business and have a nice client following and have everything settled you then can choose the hours you want. I dont know if i ever will want anyone to work under me, that seems like another body id have to be responsible for lol.
August 22, 2023 3:57 pm
In the beginning of the esthetics program my dream was to be on my own, owning a business. The dreamspa project made me realize how much work and dedication it is running a business and being your own boss. You have to make sure you are ready financially and mentally.
August 22, 2023 3:59 pm
@abigailcochraneiectskin-com exactly, opening a business takes a lot on someone, and like the article states it's hard to separate your work life, from your home/personal life.
October 23, 2023 10:25 am
As an entrepreneur myself, I can understand the struggle of working 16-18 hours a day. At the start of my business, I could barely sleep because I had new ideas running through my head and I would wake up in the middle of the night to get them on paper. After a few weeks, I was completely burned out and it took a toll on my immunity because I wasn't eating as I should and although I was exercising, the lack of nutrients was affecting my health.
October 23, 2023 10:30 am
@sydneyhurdleiectskin-com I agree. I think most people's dream are to become their own boss and have a successful business and what we initially believe is that we will put in a few additional hours or even take as much time as we want but we end up finding out soon into our journey is that we have to work extra hours. We become interior decorators, receptionist, accountant and everything else in the book when we're starting small. It only becomes more stressful if you have employees because when the season gets slow, you have to come up with ideas on how to draw clients into the business to meet payroll and if you haven't had the chance to put away money to pay your employee, you may have to come out of pocket to cover the pay and the business expenses.
October 23, 2023 10:33 am
@abigailcochraneiectskin-com It's something to think about and consider to have an employee under you. Although it's more responsibility, it also gives you the flexibility to focus on growing your business. It also gives you the flexibility of having somebody divvy up the work when your schedule is too hectic, to avoid burn out. Another benefit of having and employee is that you don't have to shut down the shop when you're going on vacation.
