Mind, body and soul - the new generation of entrepreneur
“Taking care of myself doesn’t mean 'me first', it means me too.” L.R.Knost
There is a revolution underway, and it is long overdue! No, not politics, lifestyle, or more accurately work-life balance, and if you want to work with the next generation of bright minds, you had better get on board! In this article, we build on previous insights into the challenges of entrepreneurship with the importance of looking after yourself, both mentally and physically, to give yourself the best chance of success.
If you are or aspire to be an entrepreneur, this really does mean you! Forget the bravado, whilst the first in last out attitude is commendable, it is not a sustainable long term strategy, either for you, or for those around you. There is an unprecedented opportunity to adopt a holistic, engaging, empowering leadership style in the working environment, as Millennials start to outnumber ‘Generation X’ in the workplace - to re-imagine a working environment built on personal development and growth in the search for “meaningful work”.
Research speakers such as Adam Smiley Poswolsky are actively working with companies to attract, retain, and engage their employees, and foster intergenerational collaboration in the workplace like never before. The statistics speak for themselves - a study by the Millennial and Employee Engagement Institute suggests only 25% of the 'average' office are engaged, with 55% disengaged, and a staggering 20% actively disengaged - actually working against the organisation!
We all have a responsibility to drive this process forward, and to think about how we engage as our ‘working self’. Whatever your role is today, your mindset and attitude can have a material impact on your own happiness and fulfilment (see video post 'what is your most important resource?), your colleagues and the broader organisation if you choose to engage positively, and the skills and experiences you gain whilst doing it will stand you in good stead when you come to build your own team in the future.
What do you stand for? What does the business stand for? What is expected of the team? What does the team expect from you? Take work seriously, engage in the process, prepare for success…but not at the expense of everything else in your life…bring the best version of yourself to every situation, both personal and professional, and see what impact that has on your own sense of self-worth and fulfilment.
Clear mind, clear thinking. There is always more to do. It is important you are disciplined and focused in all that you do, and looking after yourself is equally important. If your decision-making is to be at its best, you need mechanisms to ensure you can clear your mind and, contrary to popular belief, rest! 100 hour weeks are no guarantee of success and are generally counterproductive - we all have a breaking point!
So what does this mean for the entrepreneur?
If you look at the underlying reasons for business failure, the primary issues are lack of demand, poor management, cashflow and finding capital. In order to be able to respond to these issues and ensure you are in a position to make effective decisions you must take your mental and physical health seriously – your success, and the success of those around you, depend on it.
Building on the previous article You have all the time in the world!, which looked at your most precious resource, time, in the context of self-discipline and focus, the time you allocate for your family, exercise, meditation, and sleep will all contribute to your fulfilment and success as a human being, and the same applies to entrepreneurs! Your ability to prioritise your workload, to recharge and reflect will stand you in good stead for all the ups and downs you will face along the way.
Clear decision-making - the key to success!
Don’t underestimate how blinkered you can be once you have started your business. The positive outlook is great for the sales and marketing team, but when it comes to the ‘left brain’ activities (forecasting, financial management, fund raising, legal) this is not a time for ‘rose tinted glasses’. Be clear on what you’re prepared to risk, and how you’re going to fund that critical first 12-18 months when, inevitably, the unexpected happens and you have to think on your feet.
Above all, be honest with yourself! Talk to people, value constructive criticism, and be prepared to refine your thinking as you go. The objective here above all else is to build a business which is successful – and by successful, we mean still trading! If the business model or the market strategy change as you go to make this happen, then so be it – there are no prizes for doggedly sticking to the original business plan if a better path materialises!
Find someone you can confide in, who understands the pressures, who can help you re-focus when the pressure is on. It can be a lonely place, but give yourself the best platform and lay down the right foundations from the start…you won’t regret it!
Colin Aurelius is an entrepreneur, investor and strategic adviser who has worked with a broad range of start-ups and early stage businesses over a 20 year period. Colin’s experience derives from both successes and failures as an entrepreneur in a broad range of industries including IT, enterprise software, electronics, health and digital media.
Colin works with both established businesses and start-ups in the quest to encourage talented business leaders and entrepreneurs to build profitable businesses which have a positive impact on the world. Colin has worked with Henley Business School on entrepreneurial development programmes, and more recently with the Oxford Said Business School in areas including Fintech, Blockchain and Disruptive Marketing.