Culture Disruptor Magazine Issue 02

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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