Managing the stress that comes with entrepreneurship
The stress that comes with entrepreneurship is familiar to Oshoma Zekeri, having experienced the ups and downs. In this article, he will share his personal experience on stress management techniques for entrepreneurs, raising capital in a stressful business environment, funding in a cost-of-living crisis, and solutions to save money as an entrepreneur.
Stress management techniques for entrepreneurs
Entrepreneurship can be thrilling, but it can also be stressful. Mental and physical strain can be caused by constant pressure to meet deadlines, manage finances, hit significant milestones and deal with unexpected obstacles. As an entrepreneur or founder, it is essential to manage stress levels to prevent burnout and maintain productivity. Here are some stress management techniques I have adopted:
- Exercie: Regular exercise can help reduce stress, increase energy levels, and improve overall health. I schedule at least 30 minutes of physical activity at least three-four times a week and these include jogging, walking, or cycling.
- Meditation: Do you know that by meditating, you can clear your mind and improve your focus? I suggest setting aside time daily for meditation, focusing on breathing and letting go of negative thoughts. I tend to do this at the end of the day and sometimes in the morning. Also, my Apple watch does prompt me to meditate which is good.
- Time management: Poor time management is a significant source of stress. I create a schedule at the beginning of the week that prioritises my most important tasks and I break larger projects into smaller, effortless steps. This has helped increased my productivity and reduced my stress level.
- Sleep: Getting adequate sleep is important for your mental and physical well-being. I aim for at least seven hours of sleep each night and create a conducive sleep environment. I believe it is not in the length of sleep but in the quality.
Raising capital in a stressful business environment
Securing adequate financing for a business is one of the most significant challenges entrepreneurs face. These challenges are even more important in stressful business environments like the one we are currently in. I suggest you follow the below tips to raise capital in a stressful business environment:
- Consider all funding options: Traditional business loans, crowdfunding, angel investors, and venture capitalists. Research each option to determine the right fit for your business. Consider establishing a relationship at an early stage to help ease the process.
- Be prepared: Prepare a solid business plan, financial projections, and a pitch deck. Investors need to see that you have a clear vision for your business and a solid growth plan.
- Network: Attend networking events and connect with potential investors. Developing relationships can open doors to funding opportunities and lead to valuable connections.
Funding in a cost-of-living crisis
Entrepreneurs face a significant challenge in finding funding because of the cost-of-living crisis and all other external contributing factors. People are spending more on essentials such as food and housing because of the rising cost-of-living, leaving them with less disposable income to invest. Here are some of the tips I used to secure funding in a cost-of-living crisis.
- Reducing cost: I had to find ways to cut costs in my business without sacrificing quality. I achieved this by negotiating with vendors and suppliers, reducing overhead expenses, and where possible switching to a more affordable supplier. This is the first step to take as this will reduce your monthly burn rate.
- Alternative financing options: We looked into crowdfunding, accelerator programmes and grants to find alternative financing options that were less impacted by the rising cost of living. This also includes speaking with VC's who best fit your business model.
- Alternative revenue streams: Although Vendoir only recently started generating revenue; as an establish business or companies in your growth stage, you can diversify your business by exploring alternative revenue streams. This could include selling a product or service that is complimentary to your business or partnering with other companies to boost traction and growth.
Solutions to save money as an entrepreneur
To ensure your business success, you should save money as a startup founder or entrepreneur. Every penny counts, and the more money you can save, the better off your business will be as this will give you a longer runway and more time to execute your growth strategy. Here are some tips I used, or you could use as an entrepreneur to save money:
- Welcome the sharing economy: Whether it’s using shared workspaces or leasing equipment, the sharing economy provides a cost-effective way to run your business. Currently, we are using a shared office which is cost-effective and saves us money.
- Outsourcing: Consider outsourcing aspects of your business such as accounting, bookkeeping, or IT to reduce labour costs. Currently, Vendoir is outsourcing our accounting and some aspect of our labour to save cost and we have found this very effective.
- Essential expenses prioritised: Identify which expenses are important to your business and focus on these. Vendoir has cut out non-essential expenses and prioritized those that directly impact our business's success. This has helped increase our runway and put the focus where it belongs which is traction and growth.
- Partnership: Vendoir is constantly shopping around for deals on products and services that will bring value to our organisation. We are taking our time to find deals that will help save us money over time and is in line with the overall business strategy.
In conclusion, managing stress levels, securing adequate financing, and saving money are essentials for entrepreneurs. I believe this is a unique approach to managing stress that entrepreneurs can adopt based on my experience and knowledge of raising capital in a stressful business environment, securing funding when living costs are high, and securing solutions to save money as entrepreneurs. By adopting these tips, entrepreneurs can improve their chances of success and maintain a healthy work-life balance.