To learn how to take care of an entrepreneur’s well-being, we have to examine the common challenges that entrepreneurs face.
Entrepreneurship in the Philippines is booming, with over 1,000,000 business enterprises, according to the latest records of the Philippine Statistics Authority. In pursuing successful entrepreneurial ventures, entrepreneurs face various challenges that make it difficult for them to balance success and well-being. The same is true for already successful business owners and student entrepreneurs. To learn how to take care of an entrepreneur’s well-being, we have to examine the common challenges that entrepreneurs face and their detrimental effects on one’s physical and mental health.
Common Challenges Faced by Entrepreneurs
70% of Filipino Gen Zs and 63% of Filipino millennials in the workforce are experiencing burnout. On a global scale, 31% of business owners reported experiencing high levels of stress.
Entrepreneurial ventures carry with them a heavy load of responsibilities. Needless to say, stress is the root of the challenges entrepreneurs face. Here are some of the stress-related challenges faced by entrepreneurs:
Financial issues
Startups contain qualitative and quantitative problems, and with these problems, a simple log book or organized spreadsheet can go a long way.
Work-Life balance
Finding time to rest and relax after a long tiring day of endless meetings and paperwork can take a toll on your health. Try keeping a diary or reliable software to track your day-to-day activities for better task planning and self care schedules.
Physical and mental health concerns
As much as we strive for a hustle-and-grind lifestyle, we should never forget to aim for at least 8 hours of sleep and 8 to 12 glasses of water daily. These simple tricks can help you maintain a strong immune system.
Detrimental Effects of Stress
Aside from the physical and mental toll of stress on an entrepreneur’s body, here are some of the detrimental effects of stress on a businessperson’s entrepreneurial ventures:
Burnout
Overworking yourself to the point of exhausting is bad for your business because it will negatively affect your performance. This can be avoided by taking rest days and ensuring a strong
Decreased productivity
It may affect your ability to make good business decisions that will negatively impact your entrepreneurial ventures in the long run. As stated in work-life balance, a proper routine is key to maximizing your day without compromising life outside of work and health.
Business failure
The worst thing that could happen is business closure due to the inability to adapt to the challenges. While failure is part of life, failure can be avoided by a systemized and mitigated environment.
Practical Mindfulness Techniques for Entrepreneurs
Mindfulness is the ability to be fully in the present and have awareness of your actions and surroundings without being overwhelmed by external factors. To know how to take care of entrepreneur’s well-being, here are some practical mindful techniques every entrepreneur can do:
Meditation
Focus your mind on clearing your head of all your stressors. Recite a mantra, recognize your accomplishments, manifest your goals, or do whatever brings you peace.
Deep breathing exercises
Find a quiet space, close your eyes, then slowly breathe in through the nose – hold – and out through the mouth.
Mindfulness walks
Pay attention to your leisure walk, using your five senses to observe your surroundings.
Be a Successful Entrepreneur!
CIIT offers one of the best college courses in the Philippines for aspiring student entrepreneurs. Applying to our Bachelor of Science in Entrepreneurship will equip you with the solid foundations of business management and administration while successfully navigating the stressful challenges brought by entrepreneurship in the Philippines. Enroll now!
