Entrepreneur
A Walmart Business study shows that 70% of small business owners experience burnout at least once a month and only 10% feel they take enough vacation. This statistic highlights the challenge most entrepreneurs face in maintaining a healthy work-life balance.
As an entrepreneur, I am not indifferent to this concern. I know there is negative sentiment on hustle culture and I want to change this mindset through our social hustling community, Fud. Our goal is to take the hustle back where it is about working smarter and finding freedom, building something enduring and not chasing growth at all costs.
It’s time to take a shift from the relentless all-in hustle culture to a healthy mindset that integrates personal well-being with professional achievement. Here are three rules I practice to build a resilient business while leading a balanced and fulfilling life.
Related: 8 Ways Successful People Master Resilience
Work hard then work smart
It’s a deeply ingrained belief that hard work is the ultimate path to success. When I started my entrepreneurial journey, I used to work tirelessly, push harder and clock endless hours, believing that it’s the only way to reach the top.
Over time, I realized that progress is not only determined by how hard I work. Doing everything on my own and prioritizing work above all else doesn’t always yield better results and can negatively impact my health and relationships. I knew I needed a smarter approach to work if I want to overcome my limitations and grow a scalable business.
But there’s a catch: Working smarter only works when hard work is put in first. This means laying the foundation to support a stable business. Every time I start a new venture, I keep this in mind and commit to mastering my craft, understanding the market, expanding my network and learning from failures.
After establishing systems, building my expertise and earning my reputation, I shift to working smart. I decided to be intentional with my time and effort to create a meaningful impact in both my business and personal life. Working smart means having a clear vision and strategy, maximizing resources, optimizing processes and creating space for collaboration and support. This can involve hiring a team, outsourcing activities or leveraging technology to automate tasks and boost productivity.
It also includes spending time with family and nurturing relationships. I find that investing in my personal growth, seeking help when needed and taking time to rest help recharge me and keep me motivated to achieve my goals. Working really hard and then working smart gives me the confidence to trust my team and the process, so I can focus on strategic decisions to drive my business toward long-term success without neglecting my health and well-being.
Related: Resilience Is One of the Most Essential Entrepreneurial Traits. Practicing This Can Help You Build It.
Take grit with self-compassion
According to Angela Duckworth, a psychologist and pioneer researcher of grit, individuals with high levels of grit show strong perseverance and passion for long-term goals which makes them more likely to succeed in their personal and professional endeavors. Through her research, she found that grit can be developed through experience, which is why many entrepreneurs focus on strengthening this trait.
However, the problem is that an intense pursuit of grit can sometimes overlook emotional well-being. Relentless perseverance can be counterproductive when setbacks are taken too personally, leading to self-criticism that instills self-doubt, reduces motivation and increases the risk of burnout.
To build grit holistically, it should be balanced with self-compassion. Being able to face challenges with kindness and understanding helps in assessing the problem objectively and gives a new perspective to find effective solutions. Combining grit with self-compassion fosters resilience in a way that is both sustainable and mentally supportive.
Choose to pivot than power through
As an entrepreneur, knowing when to change course and take a different approach could mean the difference between failing like Kodak and thriving like Netflix. Kodak became fixated on preserving its legacy through their film-based business model and was reluctant to innovate in the digital era. This ultimately rendered their products and services obsolete, leading them to declare bankruptcy in 2012.
Meanwhile, Netflix is a great example of a business adapting to the changes in the market. From a DVD rental service, the company pivoted to streaming and later expanded into content production, becoming a leading player in the streaming and entertainment industry today.
I encountered a similar challenge with my UK-based startup, SimplyFinance. We specialized in lead generation for personal finance when the Great Financial Crisis hit. At the start, mortgage leads were valued at up to £200 each, but during the Global Financial Crisis, they plummeted to just 50 pence per lead.
Related: The Art of Navigating ‘No’ — When to Persist, Pivot or Give Up and Pack it In
As the market declined, I made the mistake of taking it personally and pushed myself to work twice as hard, believing I could turn things around on my own. In hindsight, I should have taken a step back, assessed the situation more objectively and sought help since I didn’t have all the answers.
After rethinking our approach, SimplyFinance successfully pivoted into insurance leads and a Q&A service for investment advice. I realized it was crucial to evaluate our strengths and adapt rather than resist the realities of the marketplace.
Entrepreneurs who power through challenges in any circumstance can be seen as commendable. However, their strong commitment to a specific goal or method, combined with a reluctance to adapt may sometimes cause them to miss opportunities for greater success. While hard work and grit can turn dreams into reality, it’s essential for business leaders to regularly assess whether both the means and end goals are still relevant and valuable to the markets they serve.
Unlearning and redefining long-standing beliefs is truly challenging, but a holistic approach to success is what we need for sustained growth and long-term success. Hard work should be guided by strategy, grit tempered with self-compassion and commitment balanced with adaptability. Remember, true success enhances all aspects of life, not detracts from it.
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