Opinions expressed by Entrepreneur contributors are their own.
or Walmart Business Study shows that 70% of small business owners have experience FIRE at least once a month and only 10% think they take enough vacations. 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 a negative feeling about hustling culture and I want to change this mindset through our social hustling community, Fudd. Our aim is to turn the hustle back to working smarter and finding freedom, building something sustainable and not chasing growth at all costs.
It's time to get a change from the relentless all-in rush culture for a healthy mindset that integrates personal well-being with professional achievement. Here are three rules I practice to build a resilient business while living a balanced and fulfilling life.
Related: 8 Ways Successful People Master Resilience
Work hard then work smart
It is a deeply held belief that hard work is the ultimate path to success. When I started my entrepreneurial journey, I worked tirelessly, pushed harder and put in endless hours, believing that this is the only way to reach the top.
Over time, I realized that progress is not only determined by how hard I work. Doing everything myself and prioritizing work above all else does not always give better results and it can negatively affect my health and relationships. I knew I needed a smarter approach to work if I wanted to overcome my limitations and grow a scalable business.
But there's a catch: working smarter only works when it's hard work first. This means laying the foundations to support a sustainable business. Whenever 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 creating systems, building my expertise and gaining my reputation, I move on working smart. I decided to be intentional with my time and efforts to make 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 may include hiring a team, outsourcing activities, or leveraging technology to automate tasks and increase productivity.
It also involves spending time with family and nurturing relationships. I find that investing in my personal growth, asking for help when needed, and taking time to rest help me recharge 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 to long-term success without neglecting my health and wellness. WELFARE.
Grieve with self-compassion
According to Angela Duckwortha pioneer psychologist and researcher of grit, individuals with high levels of grit show strong persistence and passion for long-term goals, which makes them more likely to succeed in their personal and professional endeavors. Through her explorativeshe found that grit can be developed through experience, which is why many entrepreneurs focus on strengthening this trait.
However, the problem is that an intensive pursuit of gravel can sometimes be overlooked emotional well-being. Relentless persistence can be counterproductive when obstacles are taken too personally, leading to self-criticism that breeds self-doubt, reduces motivation, and increases the risk of burnout.
To build grit holistically, it must be balanced with self-compassion. Being able to face challenges with kindness and understanding helps to objectively assess the problem 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 spin rather than power through
As an entrepreneur, knowing when to change course and take a different approach can mean the difference between failing like Kodak and thriving like Netflix. Kodak became obsessed with preserving its legacy through them business model based on film and reluctant to innovate in the digital age. This eventually made their products and services obsolete, leading them to declare bankruptcy in 2012.
Meanwhile, Netflix is a great example of a business adapting to changes in the market. From a DVD rental service, the company branched out into streaming and later expanded into content production, becoming a major player in the streaming and entertainment industry today.
I ran into a similar challenge with my UK-based startup, SimplyFinance. We specialized in personal finance lead generation when the Great Financial Crisis hit. At first, mortgage leads were valued at up to £200 each, but during the global financial crisis, they fell to just 50 pence per lead.
Related: The Art of Sailing “No” – When to move on, roll over or give up and pack it in
With the market down, 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. Ultimately, I should have taken a step back, assessed the situation more objectively, and asked for help since I didn't have all the answers.
After rethinking our approach, SimplyFinance successfully transitioned into insurance leads and an investment advice Q&A service. I realized that it was essential to appreciate our strengths and adapt rather than resist the realities of the market.
Entrepreneurs who power through challenges in any circumstance can be seen as commendable. However, their strong commitment to a particular goal or method, combined with a reluctance to adapt can sometimes cause them to miss opportunities for greater success. While hard work and agility can turn dreams into reality, it is essential for business leaders to regularly assess whether the means and ends are still relevant and valuable to the markets they serve.
Unlearning and redefining old beliefs is really challenging, but a holistic approach towards success is what we need for sustainable growth and long-term success. Hard work must be guided by strategy, courage tempered with self-compassion, and dedication balanced with adaptability. Remember, true success enhances all aspects of life, not diminishes it.