During times of economic turmoil, the spectre of William Foster from the classic film "Falling Down" looms large in the minds of those who glare at an uncertain future. During the time of heavy layoffs, one is inundated with tales of real-life Fosters, cast out of their livelihoods and left to suffer the bitter sting of joblessness.
But the layoffs are not limited to just the corporate behemoths, even the bright-eyed startups like BYJU'S, Chargebee, Cars24, LEAD, Ola, OYO, Meesho, MPL, Innovaccer, Udaan, Unacademy, Vedantu and the likes have joined this layoff parade!
And as if the layoffs weren't enough, a new threat has emerged to further undermine the credibility of these fledgling companies. Reports of false funding claims have surfaced, with companies like GoMechanic announcing mass layoffs due to grave errors in their financials.
The promising landscape of entrepreneurship has become exposed to a treacherous side that is filled with doubt. So, whether you are a professional worker or a genuine entrepreneur, how you handle stress is a vital ingredient in your journey to success.
The increasing stress for entrepreneurs
As the pressure of running a startup in the times of market disruptions increases, so does the likelihood of founders experiencing mental health issues such as anxiety and depression.
A recent study found that entrepreneurs are 50% more likely to suffer from these types of conditions, with 45% of startup founders reporting feeling stressed.
While the excitement and freedom of being a business owner can be highly rewarding, it can also leave many founders feeling drained and overwhelmed. The constant demands of managing finances, meeting deadlines, and dealing with unexpected challenges can take a toll on even the most resilient of individuals.
However, there is hope for startup founders looking to regain control of their mental and emotional well-being. In this article, we will understand what leads to stress and explore practical strategies for startup founders to manage it and maintain a healthy work-life balance.
Ways to manage startup stress!
- Do SWOT before you begin
Self-reflection is a crucial aspect in identifying strengths and weaknesses as a startup founder. Before venturing into the business, it is important that you perform a SWOT analysis and have a clear idea of your strengths, weaknesses, opportunities and threats. While opportunities and threats can be managed separately, identifying your strengths and weaknesses is crucial at the primary stage. By being honest about your skills and areas where you may need to trust others, you can better tailor your role and manage your workload.
Outsourcing is a key strategy for startup founders to manage their workload and reduce stress. Recognizing when it's time to make hires, outsource to freelancers, or delegate more responsibility to your team can help alleviate the pressure of trying to do everything at once. Not only can this lead to a more efficient and profitable business, but it can also lead to a more motivated and engaged team.
- Mastering the ups & downs
Entrepreneurs who master the ups and downs of the business world are able to navigate the tumultuous waters of uncertainty and come out on top. This requires a combination of resilience, adaptability, and strategic thinking. By being able to weather the storms of financial insecurity and shifting market trends, entrepreneurs can position themselves to take advantage of new opportunities and emerge stronger from difficult times. This can be achieved through careful planning, smart risk-taking, and a willingness to learn from mistakes and adjust course as needed. With the ability to rise above the challenges, entrepreneurs can do wonders and make a real impact in the business world.
- Structuring your day in a new way
Structuring your day is crucial for running a successful business. A well-organized schedule can increase productivity, help prioritize tasks and deadlines, and reduce stress. Studies have shown that people who make to-do lists and prioritize tasks are more likely to achieve their goals. Additionally, scheduling regular breaks throughout the day can help improve focus and reduce burnout. By creating a daily routine, it's easier to stay on track, accomplish more and make better use of your time.
- Balanced use of technology
Technology can be both a help and a hindrance for startup founders when it comes to productivity. On one hand, software and instant communication can help achieve more in a day than ever before. However, it can also get in the way of flow, cause distractions, add pressure, and increase anxiety and stress levels. For example, the average person receives 46 push notifications per day on their smartphone, which can be a constant distraction and interruptions. To avoid these negative effects, it is important for startup founders to use technology in moderation and set boundaries to minimize distractions and increase focus. This can include disabling notifications for non-essential apps, setting specific times for checking email, and creating designated technology-free zones such as during meals or before bedtime. With a balanced use of technology, startup founders can increase their productivity and reduce feelings of overwhelm.
- You’re not alone!
Lastly, It's important to remember that as a startup founder, you are not alone in experiencing the challenges that come with running a business. The stress and uncertainty that comes with being a founder can be overwhelming and isolating. However, there are resources and support available to help navigate these challenges. Building a strong network of mentors, peers, and experts in the startup community can provide valuable guidance and perspective.