The entrepreneurial journey is one of constant learning, growth and development. Our resilience allows us to bounce forward from challenges and setbacks. Bouncing forward means we incorporate our learning from the challenges and setbacks so that we are stronger and better able to adapt in the future.
My research with the Better Business, Better Life Assessment reveals that many entrepreneurs are overly stressed by the challenges we are encountering. Nine out of 10 entrepreneurs experience symptoms of burnout. Eight out of 10 find it hard to switch off from their businesses. In the last three days, 1 out of 2 of us has neglected basic needs, such as sleep, healthy eating and social interaction. As entrepreneurs, we are twice as likely as the general population to suffer from depression and 70% more likely to experience addiction.
Entrepreneurs often prioritize the needs of others over our own. I’ve heard stories from individuals who have sacrificed their well-being for the sake of their businesses. For example, Sandra keeps a stack of paychecks she has written to herself over the years but has never cashed because she fears she couldn’t cover her team’s payroll. Jim tells me he refinanced his house to cover payroll and keeps this a secret from his wife. A colleague shared a story about a successful business owner who wants to walk away from her eight-figure business because it’s taking a toll on her health, family and personal life.
It’s time we stop this. It’s time we take care of ourselves so that we can take care of others. When we put others’ needs ahead of our own, we set ourselves up for burnout.
Ironically, successful entrepreneurs embrace the value of investing in learning and growth opportunities but neglect self-care. We say, “I’ll do it later” and push through crunch times. We must invest in ourselves daily to function optimally and be resilient. Prioritizing our well-being is crucial.
Ask yourself:
• What recharges you and gives you energy?
• What gets in the way of giving yourself permission to engage in those activities more often?
We also need the courage to acknowledge our challenges, the vulnerability to seek support, and the connection to find safe spaces to talk about the tough stuff.
According to researcher Taryn Stejskel, highly resilient people have several practices in common, including vulnerability, connection and gratitude. Vulnerability involves accepting our emotions and experiences. It allows us to connect with others and share our struggles.
Many entrepreneurs feel isolated and misunderstood. In my research with entrepreneurs, 1 out of 2 reports feeling that no one understands us and our struggles. We must connect with our fellow entrepreneurs to cope. Strong social connections increase our feelings of belonging and optimism, essential for overcoming adversity.
Gratitude is also a common practice among resilient people. Practicing gratitude involves recognizing and appreciating the good things in life, even in trying times. When we are tested, we can ask what new possibilities are opening up.
Here are some powerful questions to build your resilience: In the last 12 months, what challenges have you faced? In what ways have you allowed others to support you? What life lessons have you taken from these challenges? What possibilities have evolved because of the challenges you experienced?
With the right mindset, strategies and support, we can build resilience and become better entrepreneurs, leaders and people. Take this opportunity to check in with yourself with our Better Business, Better Life Assessment at tapthepotential.com/assessment.
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