If you’re thinking about taking the plunge and starting your own business, you’ll need to harness some essential psychological skills.
Here are four key traits packaged in a Start-Up Mentality Toolkit, combining advice from experts in the field with some lessons we learned from our own journey.
Focus
Practice The Rule of Three.
As an entrepreneur or business owner, there’s no shortage of daily tasks to complete. In fact, our ever-growing to-do lists can feel never-ending. In spite of our best efforts to be productive, psychological research shows that we can only hold about three priorities in our mind at once. We are actually more productive if we start every day with only three top priorities. If something more important arises throughout the course of the day, we can weigh the relative importance of that item against our three priorities and make adjustments. Structure your day around your top three and delegate or eliminate everything else.
Wellness
If you can afford it, identify a high quality therapist and/or executive coach.
Many start-ups aim to be disruptive in their respective industries, but studies have shown that owning a business can be extremely disruptive to the mental health and wellness of entrepreneurs and business owners. Entrepreneurship is inherently stressful. As a group, we are exponentially more likely to suffer from burnout, isolation, chronic anxiety, and sleep disturbances like insomnia, but they are rarely discussed. Instead, a pervasive “Hustle Mentality” often aligns entrepreneurship with unhealthy behaviors and glamourizes phrases like, “There’s no time for sleep. I’ll sleep when I die.” The health and profitability of your business are inextricably linked to your wellbeing. If you don’t take care of yourself, nothing will thrive. Regular sessions with a therapist and/or an executive coach can provide invaluable insight and critical support through every stage of business development.
Boundaries
Set Your Limits.
Regardless of the sporting event, every sport has a clearly defined field of play, and anything that occurs outside of the lines are deemed out of bounds. Just like in the world of sports, boundaries help us define our limits and responsibilities, and they hold us accountable. We need to set boundaries in every aspect of our lives, and this is especially important when it refers to managing our time as entrepreneurs. Saying “yes” to one obligation means saying “no” to something else. It’s no secret that business owners often work long hours, but we must also be intentional about setting limits to the workday. Some examples of healthy boundaries include scheduling in time for lunch our calendars, establishing a hard stop for work each day, logging off from email at least an hour before bedtime, and saying no to Zoom meetings at certain hours. Establishing healthy boundaries also helps keep burnout at bay.
Motivation
Never lose sight of the reason why you started your business.
Experiencing setbacks is an inevitable part of running a business. It has happened to all of us. When we’re faced with obstacles and ultimately deal with disappointment, it can feel dispiriting and frustrating. As an entrepreneur, it’s hard to feel motivated and inspired when your confidence has been shaken. In reality, motivation will wax and wane, and some days will feel better than others. But on days when you’re struggling to find your drive and motivation, think about why you started your business in the first place. Reflecting on your business’ origin story can remind you of the impact of your work and the clients you’ve helped. It can also be a good reminder to help motivate you to keep going!