Entrepreneurship is an exhilarating journey filled with passion, dedication, and relentless hard work. As entrepreneurs, we often find ourselves deeply committed to our businesses, sometimes to the point where it feels like our business owns us rather than the other way around. In this article, we explore how to balance commitment and control in entrepreneurship, ensuring that your business thrives while you maintain your sanity and well-being.
If you prefer podcast, I covered this topic here in “You Own a Business, It Shouldn’t Own You | Entrepreneurship 101.”
The Initial Obsession
When you start a new business, it’s easy to become obsessed with it. The excitement of building something from scratch often leads entrepreneurs to think about their business constantly, using every available moment to get things done. This hands-on approach is common, especially in the early stages when saving money and intimately knowing every aspect of your business are crucial.
However, while being a Jill of all trades can be beneficial initially, this level of dedication is not sustainable in the long run. No business owner’s life can be put on hold forever, and the constant attention to just one area of your life can lead to burnout.
The Fear of Letting Go
Many entrepreneurs struggle with the fear of letting go of control. Whether it’s the fear of hiring someone who might not meet your standards or the subconscious belief that no one can do it better than you, this resistance to delegating is common. Additionally, the fear of taking on the responsibility of another person’s livelihood and the uncertainty of being able to afford them in the future can be daunting.
While these fears are valid, they often prevent business owners from taking necessary risks that could help their businesses flourish. Evaluating risks logically and being willing to take them when they make sense is a critical part of entrepreneurship.
Signs Your Business is Owning You
One of the first steps to regaining control is recognizing when your business is taking over your life. Here are some warning signs:
- Constant Stress: If you wake up stressed and feel overwhelmed by the amount of work you have to do, it’s a sign that something needs to change.
- No Off Time: Working during your designated off time or not having any off time at all indicates that your business demands too much of you.
- Lack of Presence: If you find yourself unable to enjoy conversations with friends and family because you’re preoccupied with business worries, it’s a clear sign that you need to reassess your work-life balance.
When you recognize that something must shift, the first step is to brainstorm possible solutions. The answer is not always more staff and the right solution for you and your business is often not the first or most obvious idea that comes to you.
Evaluate your business operations to identify areas for improvement. Implementing new systems or leveraging technology can streamline processes and reduce the time you spend on routine tasks.
Consider tweaking your business model or adopting new tools and strategies to make your business more efficient and less time-consuming.
Honestly evaluate if you have to be as involved as you currently are, in each relevant area of your business. Consider where you can delegate to existing team members or perhaps a subcontractor such as a bookkeeper.
Your best solution will be unique to your current situation and may actually involve more that one of the above solutions. Stay open to considering all options and then do your research.
Prioritizing Health and Well-being
Entrepreneurship is a demanding journey, but your health and well-being should always be a priority. Small, consistent actions can lead to significant improvements in balancing your business and personal life. Here are some steps to get started:
- Create Awareness: Recognize the signs that your business is taking over and acknowledge the need for change.
- Plan and Implement: Take 15 minutes each day to plan and implement changes. This incremental approach can make the process manageable less daunting.
- Seek Balance: Aim for a balance that allows you to be committed to your business without sacrificing your mental and physical health.
Entrepreneurship requires dedication, but it’s important to strike a balance between commitment and control. By recognizing the signs of an unsustainable relationship with your business and implementing changes to create more sustainable strategies, you can ensure that you own your business without letting it own you. Prioritize your well-being, and remember that a thriving business is one that allows you to live a fulfilling and balanced life.