An individual who has recently left the stability of a typical nine-to-five job, with its benefits such as sick leave, holiday pay, and bonuses, to start their own business is likely to experience a natural high that is hard to compare to anything else. This rush is addictive, as it gives one a sense of being in charge, in control of their destiny, and having access to their entire financial world. The feeling of being in business is not something that everyone gets to experience, and it can have a significant effect on one’s serotonin levels, comparable to that of any drug, legal or illegal.
However, like a drug, starting a business can be dangerous, and it can ruin both one’s business and personal life if not done correctly. When one has a competitive nature, there is a tendency to want to do everything themselves and seize every opportunity that comes their way, no matter how much they already have on their plate. This approach is a means of chasing that reward chemical, attempting to satisfy an insatiable thirst for success. As a result, one may find themselves adding more tasks and responsibilities, much like an addict seeks out bigger and bigger highs.
Nevertheless, like any addiction, there will come a crash. There is no way that one can do everything and give each task the attention it deserves. Businesses that fail to delegate are doomed to fail. One may begin with something as simple as hiring an accounting service to ensure that the financial element of his business is in good health and he is tax compliant or as complicated as hiring sales and marketing personnel to help the business grow beyond its current boundaries. Business owners who take on everything themselves will ultimately crash and burn; it is not a matter of if, but when. I say this with a great amount of passion, as I was once there. I had to learn the hard way. Now it is my mission to ensure that my clients don’t fall into the same trap.
In my years of business experience, I have learned that the more one tries to do, the less likely they are to do it successfully. It is a painful yet valuable lesson to learn. For me, it was about not dabbling in too many things. I realized that I needed to focus on two or three core functions of my business, most of which fell under the same umbrella. My business is centered on assisting people in achieving their financial objectives, and ultimately helping business owners build financially healthy fruitful businesses.
This is my passion, but this passion has to be controlled.
In a way, this is my business drug, but it is a more sustainable one than it was a few years ago.
So I ask you the following.
- What are you focused on in your business?
- Will you learn from my mistake or will you learn the hard way and crash?
- Are you working on your business or in your business?
- What and who is consuming your energy?
- Are you profitable or are you just busy toiling (working hard)?
- Do you have an accountant/business advisor to help you on your business journey? Or are you perfect with no room for improvement?
- What is the financial health of your business?
- How much time do you have for yourself and your family?
The answers to the above should give you a very good indication of where you are in your business and most importantly, will give you an indication of the influence your business will have on your mental health in the months and years to come.