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Las Vegas, NV Estate Planning & Probate Blog

Friday, April 27, 2018

Avoiding Entrepreneurial Burnout

Entrepreneurs typically embody ambition, drive, and passion. However, entrepreneurs often burn out quickly. Why does this happen?  In short, they give too much of themselves to their venture; if it fails or if they face road-blocks, it may be difficult (mentally and/or financially) for them to keep going.

Maintaining high levels of enthusiasm is hard for everyone.  However, constant interest is vital for the success of the entrepreneur.  The extreme passion that creates the business & keeps it thriving can turn into boredom, due to the banal tasks associated with day-to-day management.

Additionally, experiencing emotional highs and lows can drain the entrepreneur’s ambition. Thankfully, there are strategies to minimize entrepreneurial burnout.

1. Plan: But Don’t Over-Do It

Planning is obviously an essential part of developing one’s brand and creating a successful business.  However, over-planning can actually be an obstacle to success.  According to Entreprener.com, flexibility is key for brand evolution.  Over-planning and obsession over trivial details often get in the way of big-picture goals. A flexible entrepreneur embraces change & handles unexpected situations with aplomb.  As many entrepreneurs commit themselves to a certain outcome, flexibility can be key in relieving some of the mental pressure of a perceived “failure”.  The flexible entrepreneur can step back and look for creative opportunities when plans go awry.

2. Delegate!

Delegation is key, as it gives the entrepreneur more time to do what they love (and what they’re good at!).  The information-age allows us to delegate more tasks than ever before- from virtual assistants to technology-based bookkeeping, opportunities to clean menial tasks off of one’s plate abound.   If you don’t love it, or if you’re not proficient at it, delegate the task & allow yourself more time for business development.

3. Go Pro

Smart business owners know they can’t do it all and turn to professionals when needed.  Mistakes in business formation, contracts, taxes, and intellectual property rights can not only be aggravating, but very expensive.  Hiring professionals (i.e. attorneys, CPAs) can be a prudent investment, as experts can help avoid costly oversights and mistakes.

Don’t over-plan, delegate tasks and use professionals to assist in your endeavor.  It is only with a healthy balance that your business will succeed, and you will be confident in your ability to face obstacles in business- and in life.

“If you are offered a seat on a rocket ship, don’t ask what seat. Just get on!” – Sheryl Sandberg

 

 -by Laura Bown (Law Clerk/J.D. Candidate, 2018, Boyd School of Law, UNLV) and Tiffany Ballenger Floyd, Esq. (Nevada & California Estate Planning Attorney), © 2018, Phillips Ballenger, PLLC 


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