WHERE TECH MEETS CULTURE
Editor: Kenna Craver Creative Design: Olha Pomazkova SPECIAL THANKS TO THIS EDITION’S INTERVIEWEE AND CONTRIBUTING EDITORS Arlan Hamilton Jeet Banerjee Stefanie O’Connell culturedisruptor.com Letters to The Editor Mail@culturedisruptor.com Marketing Opportunities Marketing@culturedisruptor.com
TABLE OF CONTENTS
05
10
How to Buy a Business at Great Value
How to Save for Retirement When You’re a SelfEmployed Millennial
17
23
Arlan Hamilton: The Venture Capital Power Broker for Underestimated Entrepreneurs
7 Ways for Business Owners to Recharge after Burning Out
LETTER FROM THE EDITOR Funding is one of the primary obstacles most entrepreneurs face when deciding to start or grow a business. Determining the best option for funding a startup – raising capital, bootstrapping, and/or crowdfunding can be a daunting task. Additionally, it’s no secret that women and minorities are vastly underrepresented in the world of venture capital. In this issue, we speak with Arlan Hamilton, Founder and Managing Partner of Backstage Capital, as she works to provide access to capital for underrepresented [and underestimated] entrepreneurs of color.
Reviewing your finances and planning for the future is critical to the achievement of your professional and financial goals. The end of the year is a great time to reflect on your business’s progress over the past year and plan how you want it to develop in the coming year.
As we wrap up 2017, let’s not forget to take time to recharge. Stepping away from work to relax and make time for the people and things you love will prevent burnout and ensure that you begin the year with clarity, new insights, and the energy to tackle all those resolutions!
Wishing you a happy holidays and a productive new year.
To Your Success, Kenna Craver Publisher + Editor
HOW TO BUY A BUSINESS AT GREAT VALUE
HOW TO BUY A BUSINESS AT GREAT VALUE
When a realtor gets the call on a house that’s absolutely rock bottom and the seller is really motivated, they’re going to call their friends first. They’re not going to put it publicly for sale on the listing services because it takes time and effort to do. Find people who are involved in
When most people think of starting a
the process of buying and selling busi-
business, they think of beginning from
nesses. Let them tell you what rumors
scratch. That process involves devel-
they’re hearing through their sources
oping your own ideas and building the
and that is a good way to find potential
company from the ground up. Starting
businesses to make offers on.
from scratch presents some distinct disadvantages, including the difficulty of
2. BUYING A BUSINESS THROUGH
building a customer base, marketing the
A BROKER
new business, hiring employees and es-
Brokers facilitate the buying and selling
tablishing cash flow...all without a track
of e-commerce businesses. Perhaps
record or reputation to go on.
the seller doesn’t have the time or the necessary experience to deal with po-
If you have some cash that you’re willing
tential buyers. As a result of this, he/she
to invest, buying a business at a great
hires a broker to market the sale of the
value is always an option. Most people
business and to manage prospective
are often times thinking of starting their
buyers.
own businesses and they overlook how
The best part about using a broker is
beneficial it can to be purchase another
that they are extremely experienced.
successful business.
Brokers can also give you a lot of in-
Here’s a guide on how to buy a business
sightful information about the sellers
at great value:
that can help you value the business. Brokers will always price the business
5|
1. GO RIGHT TO THE SOURCE
much higher than it should be. The
If you see a business listed for sale, it’s
reason for this is that they take a cut and
probably not a great deal. There are a lot
they almost always convince the seller
of places to find businesses on the mar-
that they can get them top dollar. Bro-
ket. To get the best deals in anything…
kers are a great place to buy businesses
whether it’s a house, a boat, a car, or
from especially if listings have been up
whatever else is to buy it before it gets
for a while because you can often win
taken to the market.
with low ball offers.
3. CHECK THE INVENTORY
brand without paying for inventory at a
Inventory is referring to all the prod-
high price. Many sellers will include in-
ucts and goods that one business
ventory in the sale of the business and
has. Often times, you’ll be surprised
use that as a tool to hike up the value
to find out how much people value
of the company.
their inventory at. If you’re looking to
Smart buyers will always isolate each
buy a business at a great value, you
part of the business and understand
can potentially try acquiring a business
how much it’s costing them. From
without the inventory. By doing this,
there, they can make more calculated
you’re taking over an established work-
decisions on the best way to acquire a
ing organization with employees and a
company.
4. HAVE ALL FURNITURE, FIX-
mally in the pricing of a business. An-
TURES, EQUIPMENT AND BUILDING
other popular thing is known as physical
CHECKED
assets such as furniture, fixtures, equip-
As I mentioned in the last section, there
ment and other types of things. If you
are many things that are included nor-
have your own furniture and equipment,
|6
you can always exclude these items
equity while staying involved with basic
from the sale price. However, if you do
things.
want to buy the fixtures, equipment and furniture from the existing seller,
6. VERIFY FINANCIAL STATE-
you must check the condition of all the
MENTS FOR THE PAST FIVE YEARS
items. Get receipts to see how much
Evaluate the financial statements of the
they paid, when they bought it and
business you are purchasing very care-
how well it’s working/running today.
fully, including all books and financial
This includes all products, office equip-
records, while comparing them to their
ment and assets of the business at
tax returns. This is especially important
the value during the time of purchase.
for determining the earning power of
Over time, the value drops significantly.
the business. If you are not experienced with this, hire an accountant or some
5. THINK OUTSIDE THE BOX
sort of expert to guide you through this
One of the best ways to buy a busi-
process. For you to buy a business at a
ness at a great value is to really see
great value, you must know the num-
what the seller wants. Does the seller
bers inside and out. After that, you have
have any emotional attachment in the
to value what the business is worth to
business? Is there anyway you can
you and how quickly you can recoup
lower the value of the sale price signif-
your initial investment. If you buy a
icantly by keeping the seller somehow
business for $100,000 and you can get
involved in the business? These are all
all your money back in 12 months, is that
great questions to ask yourself when
a great purchase? In my eyes, absolute-
making an offer. If someone is look-
ly! However, if it takes longer than 2.5
ing to sell a business because they’re
years, I wouldn’t be as interested. Figur-
looking for a cash payout to use for
ing out metrics like this makes it easy for
something else, then money is going
you to know what you’re willing to pay.
to be king. However, often times people also sell businesses because they
Acquiring a business is hard when you
want to retire or work less. In these
don’t know what you’re doing. There
types of unique situations, you can
are a lot of things you need to consider
offer them a part-time job for giving
before acquiring a business, especially
you a discount or let them keep some
if you want to buy one for a great price.
Jeet Banerjee is a serial entrepreneur, TEDx speaker, and digital marketing consultant.
7|
HOW TO SAVE FOR RETIREMENT WHEN YOU’RE A SELF-EMPLOYED MILLENNIAL
I’m 30 years old and with the exception of a few short months, I’ve never had access to an employer sponsored retirement plan. In the post-recession, gig economy era, individuals (millennials especially), increasingly lack access to the kind of long-term financial infrastructure typically provided by employers – a regular paycheck, health benefits, paid time off, retirement contribution matches, and the aide of an HR professional to navigate it all. According to Pew, 41 percent of millennials have NO access to either a defined contribution plan or a traditional defined benefit plan through an employer. For Gen X’ers and Baby Boomers, those numbers drop to 35 percent and 30 percent respectively. Regardless of generational identity or employment status, lack of employer sponsored retirement plan access is not an excuse to skip saving for retirement. A 2013 survey showed that nearly 70 percent of America’s 10 million self-employed workers aren’t saving regularly for retirement, and 28 percent aren’t saving at all. If anything, saving for retirement is more important when you’re self-employed, because the burden of securing your future falls entirely on you. Just as you create your own work opportunities and set your own schedule, it’s up to you to fund your own retirement. Here’s how…
| 10
HOW TO SAVE FOR RETIREMENT WHEN YOU’RE SELF-EMPLOYED
setting aside whatever’s left over at the end of each month, employer sponsored 401(k) plans have employees transfer a percentage of their paycheck directly into retirement savings.
One of the greatest challenges of
This is kind of automation goes a long
self-employment is the unpredictabil-
way in prioritizing retirement savings,
ity and irregularity of income. When
ensuring that future funds don’t get
you don’t know how much you’re going
spent unnecessarily elsewhere. You can
to make from month to month, it’s
develop your own system of automation
hard to commit your cash to retirement
to make sure your retirement contribu-
accounts that you can’t touch until your
tions don’t get spent in favor of current
60s.
wants and needs. While you may not be able to set up direct withdrawals from
What if you need it to cover a dry spell?
your paycheck, you can easily schedule
Or reinvest in an unexpected growth
regular transfers from your checking
opportunity?
account to your retirement account.
While this kind of longer-term financial planning is certainly a challenge with
Don’t worry, you can always adjust
inconsistent income, it’s not impossible.
how much you’re setting aside. In
One of the best ways self-employed
fact, when you’re self-employed it’s
millennials can make saving for retire-
especially important to make regular
ment a priority is to pay their future
reassessments of your retirement
selves first.
contributions. If business is particularly busy, use that opportunity to sock
If we can learn to treat retirement sav-
away more money and compensate
ings like our other essential expenses,
for times when you may not be able
housing, food, etc, and pay that ‘bill’ to
to contribute as much.
ourselves at the start of each month,
11 |
we’re more likely to make the changes
Considering the cyclical tendencies of
necessary to make retirement savings a
your work opportunities and planning for
priority.
the highs and lows accordingly, can help
We can also take a page from employer
you ensure that saving for retirement
sponsored 401(k) plans and automat-
isn’t an area of your life that becomes
ically deduct retirement contributions
continually compromised by the irregu-
from each of our paychecks. Rather than
larities of your income.
WHERE TO SAVE FOR RETIREMENT WHEN YOU’RE SELF-EMPLOYED
contributions. What makes the ROTH IRA such an attractive retirement savings option for the self-employed is the flexibility it offers. You can withdraw your ROTH IRA
THE ROTH IRA
contributions at anytime for any reason, without penalty. (Note that if you with-
A ROTH IRA is an excellent option for
draw your investment earnings, you will
self-employed millennials who want a
be subject to penalties, unless you have
simple, no-fuss way to start saving for re-
a qualifying reason for making those
tirement. You can open a ROTH IRA through
withdrawals).
online with as little as $1,000.
While raiding your retirement accounts
The maximum contribution per year is
(even penalty free) should be avoided,
$5,500 as of tax year 2017 for singles (un-
having access to that cash as a back up
der 50 years old) making less than $118,000.
plan can be particularly helpful to millen-
While that isn’t likely to give you enough
nials contending with the challenges of
tax-deferred savings to fund a comfortable
self-employment and inconsistent income.
retirement, you can always use your ROTH IRA in conjunction with another retirement
The other major draw of the ROTH IRA
account to boost your annual retirement
is its tax advantages. While you contrib-
| 12
ute to a ROTH IRA with your after-tax
Contributions aren’t taxed until you
dollars, the money in your account
start withdrawing from the account, so
grows tax-free. Meaning that when you
the SEP IRA could potentially save you
withdraw your money in retirement, you
thousands in taxes each year, (which can
don’t have to pay any taxes on any of it!
be particularly attractive when you’re
THE SEP IRA
self-employed and sending in your own tax payments each quarter). THE SEP
While the ROTH IRA offers a great tax
IRA also allows you to make larger annual
advantage in retirement, the SEP IRA
retirement contributions than a ROTH
can help reduce your tax bill now, as
IRA – up to 25% of your earnings, or
you’re saving up for retirement. The
$54,000 (as of tax year 2017), whichever
set-up is similar to that of an employ-
is less.
er-sponsored 401(k).
Like the ROTH IRA, this type of retirement savings plan is fairly simple to administer,
13 |
in that it’s flexible, low cost and easy to set
to the account – either a dollar for dollar
up. There are no required minimum contri-
match, up to 3 percent of salary, or a flat
butions and you can wait until your busi-
2 percent of pay.
ness’ tax filing deadline to pay into to the
While this account is cheaper to set up
account, allowing for strategic last minute
and run than a traditional workplace
increased (or decreased) contributions
retirement plan, it can come with hefty
based on annual earnings and tax liabili-
annual fees and IRS penalties if you don’t
ty. It’s important to note that should you
keep up with contributions.
eventually add employees later on down the line, you’d have to contribute the same
THE SOLO 401(K)
percentage to their SEP IRA accounts that you put in yours. That won’t be an issue if
A Solo 401(k) is a retirement savings plan
you’re the only employee, but it’s some-
specifically designed for sole proprietors
thing to consider if you plan on adding
and businesses run by married couples.
full-time staff in the future.
Because you’re technically both employer and employee, the solo 401(k) allows you
THE SIMPLE IRA
to contribute up to $18,000 (as of tax year 2017), plus an additional 25% of your net
A SIMPLE IRA also functions similarly to an
earnings from self-employment each year.
employer-sponsored 401(k), in that your contributions are tax deductible and your
The Solo 401(k) also comes with a ROTH
investments grow tax deferred until you
savings option, where you contribute
are ready to make withdrawals in retire-
your after-tax dollars to the account and
ment. The main difference is that you’re
you’re not taxed when you withdraw
the employer.
your funds in retirement. Unlike the
You can contribute 100% of your net
regular ROTH IRA though, there are no
earnings from self-employment, up to
income phaseout limits in a Roth Solo
$12,500.
401(k) plan.
This plan is a particularly good option if you already have a few employees, or if
HOW TO CHOOSE A RETIREMENT
you plan on expanding your solo business
PLAN WHEN YOU’RE SELF-EM-
in the future and would like to offer pro-
PLOYED
spective workers an added perk. You should note however that that SIMPLE
Now that you know where you can save
IRA requires you to make a contribution
for retirement when you’re self-em-
on your employee’s behalf, regardless of
ployed, the question is, which plan do you
whether or not the employee contributes
choose?
| 14
To answer that, consider your current
accounts can be deducted from your
self-employment status and your
taxable income.
future business goals. For example, if you already have
According to TurboTax, retirement contri-
a day job and you’re using your
butions are the number one tax deduc-
self-employment income to save
tion for self-employed business owners.
more for retirement, a SIMPLE IRA that allows you to save 100 percent
In other words, taking advantage of re-
of your side-hustle income, rather
tirement accounts when you’re self-em-
than capping your contributions at
ployed may not only support your finan-
25%, might be a better fit than a SEP
cial future, it can help you keep more
IRA.
money in your pocket today.
But if you’re hoping to eventually grow your self-employment income
While you don’t have an entire HR
into a six figure business, options like
department to help you save for retire-
the SEP IRA or Solo 401(k) may allow
ment when you’re self-employed, you
you to save more in the long run.
can always do your own research and
It’s also important to consider wheth-
consult with a financial advisor about
er you plan to add employees in the
which retirement savings option best
future. For example, you can’t add
suits your current and future needs.
employees to Solo 401(k), so you’d
With so many demands on your lim-
have to change your plan if you hired
ited time and resources, it’s easy for
someone who wasn’t your spouse.
a seemingly distant retirement to be overlooked. But remember, the impli-
You also want to consider how saving
cations of retirement planning are not
for your future can benefit you in the
limited to ten, twenty or thirty years
present, specifically when it comes time
down the line, even as a millennial.
to pay your taxes. The traditional Solo
Putting the proper accounts in place
401(k), the SEP IRA and the SIMPLE IRA
and making regular retirement con-
are all pre-tax plans, meaning every
tributions non-negotiable can benefit
penny you save for retirement in those
you today too.
Stefanie O’Connell is a millennial money expert, speaker and author of the book, “The Broke and Beautiful Life.”
15 |
ARLAN HAMILTON: THE VENTURE CAPITAL POWER BROKER FOR UNDERESTIMATED ENTREPRENEURS
Venture capital is funding the future.
Arlan Hamilton is the founder and Man-
However, what the future of American
aging Partner of Backstage Capital, a
society should look like and who should
boutique venture capital fund based in
be shaping it has become a fundamen-
Los Angeles that invests in exceptional
tal conversation due to the lack of diver-
women, people of color and LGBTQ tech
sity at the investment partner level of
founders. Started from scratch in 2015,
most VC firms. While large tech compa-
Backstage has now invested more than
nies are beginning to take diversity more
$20M in 50+ companies led by under-
seriously, recent studies have shown
represented founders.
that the firms and investors funding them are not. A lack of diversity among
In this feature interview, she shares
top investment partners translates to a
some insights into the venture capi-
lack of diversity in the companies they
tal world, where founders should start
invest in.
when seeking funding, and her hope for
While 13% of the American population
a more colorful future in tech.
is black, only 1% of VC-backed startups have black founders, 12% are Asian, and
CD: The Backstage Capital mission
87% white, according to CB Insights.
is to minimize funding disparities in
The stats are similar when it comes to
tech by investing in women, people
gender, with 92% of VC-backed found-
of color and LGBTQ tech founders.
ers being male.
Since you started BC, have you seen progress in this space and/or do you
It has been well documented that diver-
see a shift occurring in the future?
sity and inclusion lead to positive effects
17 |
on innovation and bottom line perfor-
AH: Yes I’ve definitely seen progress,
mance in an organization.
there’s been a lot of bombshell things
Overlooking entire segments of socie-
that have happened since I started that
ty doesn’t just hurt women or minority
were negative, just in the ecosystem.
entrepreneurs; it hurts the entire ven-
Obviously things have come out, and
ture capital economy because it leaves
been brought to light, and there is no
potential innovation on the table. So,
doubt that more will happen. Overall, I
where do we go from here? The change
definitely see a positive change, I see
we need will require bold leadership from
more people caring about it, many, many
the industry’s power brokers.
more people recognizing it, and I think
that the biggest part is that before
want to partner with people who we feel
three, four years ago, I just felt like
are genuine, and who are skilled. There’s
people were hiding something, and not
so much that we don’t know, and that
acknowledging it, and that you could
we’re learning, and it’s great to have peo-
hide behind this thing called “uncon-
ple that have been there, done that, and
scious bias”. Today you just can’t, and
who can help us, but at the same time,
so I don’t think I’d still be doing this if
recognize our value, and the value of the
I didn’t feel hope, and I definitely feel
companies that we’re investing in.
hope. I feel that we are at the middle of what will be an amazing shift. I think
CD: What advice would you give to
we’re at the beginning of what will be a
someone interested in becoming a
Renaissance for underestimated folk in
venture capitalist?
tech for sure. AH: The first thing I would do is find CD: What does Backstage Capital
out why you want to become a ven-
look for when choosing investors
ture capitalist, like really, really have a
to partner with?
moment. I would even suggest taking like a personal retreat, or a retreat with
AH: We definitely look for people that
someone that you care about, even
we feel have integrity, and that they
if that means just going in your bed-
are there for the right reason. They’re
room, and closing the door. If you can’t
not there to reach some quota, but
actually, physically go somewhere. I
they have a genuine, sincere, and deep
think that a lot of research has to be
respect for our founders, the founders
done before you make the decision to
that they’re interested in investing with.
do this. Why do you want to be a VC?
The investors who are on the Cap Ta-
Is it because you think you’ll make a
ble, the people that are all involved, we
lot of money? Is it because you like the
have to become some sort of cohe-
idea of being able to control what sort
sive unit in order to help, and support
of money goes where? It’s a tough
the companies that we back, and the
road, whether you’re starting a fund, or
companies in turn have to trust us all,
working at one, it’s a long, tough road
so we definitely want to partner with
for most people, so it has to be some-
people, other investors, whether they
thing that you really have a specific
be angels, or micro VCs, or VCs, we
passion for. You see a long-term goal,
| 18
a means to... You see it being where
CD: Many startup founders put
it leads somewhere that’s important
a lot of initial focus on obtaining
to you, and it can’t just be about the
capital, however, there’s an argu-
money. It’s like what they say about
ment to be made about the ben-
becoming an actor, or becoming a
efits of bootstrapping a business,
musician, if you’re in it for the mon-
focusing on increasing revenue,
ey, you are in it for the wrong reason,
then reinvesting back into the
because the money is a byproduct of
business instead of seeking out-
a lot of other things, including a ton of
side investment. What are your
hard work. Once you really decide you
thoughts on bootstrapping vs.
want to be a VC, then there’s different
raising capital?
ways to get in. If you look at the stories
19 |
of other people, you’ll notice that not
AH: I think 70% to 80% of the cases,
many people have the same story of
bootstrapping is the way to go, it’s the
how they became a VC. There a lot of
way for you, and for the investor...find
operators who became VCs, so may-
out if there is a there there. The way
be start your own company for a few
you figure that out, is that you try to just
years, and then become one. That’s
go out there with your product. Now in
a way that’s been working for a lot of
some cases, that doesn’t necessarily
people.
work as well as others. It’s harder when
You could also partner with people, if
you’re doing hardware for instance, or if
you want to start your own fund, or you
you’re doing something that has a very
can go and you can volunteer to work
long sale cycle that only a few clients
with or shadow another VC, if they’re
is like your entire year, and then also
interested, and have your own story,
it takes several months to get a client.
your unique take on things. Talk with
Sometimes bootstrapping doesn’t
them, give them examples of compa-
work, but what you will do in that case,
nies you would invest in if you had your
is you’ll become a consultant, and pour
own capital to invest, or if you’re an an-
your consultant fees into your com-
gel already, that’s a good head start. It’s
pany. I definitely am a bootstrapper. I
about research, I don’t think you have
bootstrapped a magazine when I was in
to go to college for it, but if you want
my 20s, and I bootstrapped Backstage
to, you definitely have that edge over
Capital for a long time before outside
someone. That’s one way to start.
funding came in. And so I’m a big fan of
it. I think if you at all can, do it. It’s your
ever, unlike other firms, you “pat-
edge, it’s your leverage, and the per-
tern-match” for grit instead of a
son it’s best for is you. The moment
founder’s background. How do you
you take someone else’s money for
determine grit in the founders you
an investment, you’re diluting yourself,
work with?
you’re losing some of your equity, so why not own more of your company?
AH: I have a lot to pull from in my
Try that.
personal life when it comes to making something out of nothing, continuing
CD: What one piece of advice
without any resources, having resil-
would you give to a startup begin-
ience, bouncing back over, and over,
ning their journey of raising capi-
and over again. Hearing 100 no’s for
tal?
every 1, hearing 1000 no’s for every 1. I have that experience in my life, so
AH: Know more than the next person.
I am able to recognize that in some
Learn every day, research, research,
others, it’s not always perfect, I don’t
research. It doesn’t mean that you’re in
always get that right, but what I see
a holding cycle, and you’re never doing,
in people is this drive. Passion is one
you’re never acting, that’s not what I
thing, but drive, determination, tenacity,
mean. I mean that the smartest people,
resourcefulness, and the biggest thing
the most successful people, the most
I look for, the two biggest things I look
fearless people I know in business, still
for, are kindness. When you have all
read every day, they learn every day,
those things I just listed, and you are
they always know what’s going on.
kind, you are unstoppable. The second
They never just kind of give up on that
biggest thing I look for, is would you
side of things, just because they’re
keep going if I say no? If I don’t hand
making it. So, you certainly, if you hav-
over capital, does that stop you? Be-
en’t made it, you need to be doing that.
lieve it or not, it stops a lot of people,
Be the constant student, forever curi-
and that is a big tell, so I have to, in that
ous, be insatiably curious and that will
conversation, in that introduction, and
lead to other things.
that getting to know you over a few weeks, or months, I learn about your
CD: Backstage Capital, like other
resilience, and if you make everything
VC firms, “pattern-match”, how-
about outside forces, outside factors,
| 20
do you take control of your own destiny,
great high EQ (emotional intelligence)
or do you throw your hands up, and say
that they only want what’s best for
that it was someone else’s fault? That’s
other people, and they celebrate other
a big deal.
people’s successes. That watching a group that grows, and grows, and
CD: What do you find most chal-
grows as our portfolio grows, and
lenging about working in venture
then meeting all these people who are
capital?
just amazing, it’s fuel.
AH: Politics, not being able to please
CD: What do you hope to accom-
everyone all the time, and also dis-
plish with Backstage Capital over
appointing people. That’s all of those
the next 5 years?
three things, there’s politics which just suck, and that’s a long story. Not being
AH: I hope that over the next five
able to please everyone, and disap-
years, we have invested in 100 com-
pointing I guess are the same thing,
panies at least. I hope that some of
but that messaging, and some people
those companies have gone on to
not understanding how venture capital
exit in a big way. I hope that more of
works, and so they think that I’m saying
those companies go on to hire peo-
no for a reason that I’m not, or what-
ple, and have great relationships with
ever, that’s really tough. Then I guess
their customers, and have wonderful
disappointing is different, because
quality of life, and that we had some
disappointing is more about the people
small part in that. That’s huge suc-
that I really do think should be getting
cess to me. I see that we will have
our capital, and not being able to deliver,
more, and more capital under man-
so that’s tough.
agement. We will become, over the next five years at least a hundred
CD: What do you enjoy most about
million dollars under management is
what you do?
what I imagine we will be, and I hope that we just continue to break new
21 |
AH: I love, love, love working with
ground. That we don’t get compla-
founders who are changing the world.
cent, that we remain hungry, not
I love working with people who are so
thirsty, and that I never forget how
kind, and so awesome, and have such
this all started.
7 WAYS FOR BUSINESS OWNERS TO RECHARGE AFTER BURNING OUT
7 WAYS FOR BUSINESS OWNERS TO RECHARGE AFTER BURNING OUT
2. TAKE A BREAK You may not need or want to completely leave your current work, but you definitely need a break. If at all possible, find a way to arrange a short vacation. Take a leave of absence if you can. If absolutely nothing else, try
In a fast-paced, performance-driven
to arrange for a day or two away from
society, working long hours and enduring
the office. One way or another, get off
perpetual stress is inevitable. However, if
the hamster wheel so you have time
you constantly stay on the move without
to really think about your priorities
finding time to rest and reflect, you face
and goals. As you take this break, fill
burnout. At this stage, you will feel deplet-
your time with things you love. Spend
ed physically, mentally and emotionally.
time with your partner, your friends
You are running on an empty tank of gas.
and your family members. Eat good food and grab a brew. Visit new plac-
When you’re in the zone at work and
es and use your time to check things
trying to juggle many things at once, it’s
off your bucket list. The goal here is
easy to experience burnout. Whether
to bring the good back into your life.
you’re an employee or a business owner,
The more you encourage it, the less
it’s almost inevitable for you to burnout
burned out you’ll feel and the more
at some point.
insight you’ll discover into changing your current situation to permanently
HERE ARE 7 WAYS FOR BUSINESS
prevent burnout.
OWNERS TO RECHARGE AFTER BURNING OUT:
3. FOCUS ON DIET & EXERCISE Working too many hours or working
1. FIND SUPPORT
too hard at the same tasks without
Be honest with friends, family and work
variety for years at a time takes a toll
colleagues about your struggles. Don’t
on your health. As you navigate your
be ashamed of feeling weak or inca-
burnout, make time to eat nutritious,
pable. You’ll likely find that others have
good food and get your body moving.
dealt with the same problems in the
You’ll feel much better as you make
past and they can help you out. Try to
yourself a priority again. You’ll recover
delegate as many things as possible,
your energy, get sick less often and be
even if the person you’re delegating to
able to think more clearly about the
may not do them the way you envision.
future.
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4. GET OUTSIDE YOURSELF AND
ing proper meals regularly, hydrating
HELP OTHERS
enough and getting as much sleep as
Take some time and energy to do
you possibly can. Get out of the house
something for another person or
every day, get some exercise and enjoy
group you care about. Burnout can be
time with your friends and loved ones.
like tunnel vision, where your world
Make time for what makes you happy!
has narrowed and only involves you, your work and your emotional strug-
7. EXPAND YOUR NETWORK
gles. To overcome burnout, expand
The company you keep can be tremen-
your vision and reach out to others
dously helpful for your business, but
who need your help.
you will also want to meet new people outside of your existing relationships
5. BE PATIENT
when you’re tired of work. Newly-made
Undoing burnout can take a long
connections expose you to different
time and it may often require some
perspectives, present fresh opportuni-
pretty drastic changes. Even if you’re
ties and spur different conversations. In
feeling good short-term, chances are
general, it’s often helpful to have some
you may not be ready to jump back
friends that don’t have any connections
into things. Be prepared to end up in
with you in the working world.
an entirely different place to where you are now, whether it’s a different
CONCLUSION
role, a different department, or even a
Unfortunately, burnout is a common
different career.
experience that few people know how to appropriately address. There is no one-
6. FOCUS ON THE BASICS
size-fits-all solution and recharging from
Even the simplest of tasks become
burnout can take a while. In this post,
monumental efforts when you’re
I shared with you 7 ways for business
burned out. Try to focus on eat-
owners to recharge after burning out.
Jeet Banerjee is a serial entrepreneur, TEDx speaker, and digital marketing consultant.
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