Being an entrepreneur is stressful by the very definition. An entrepreneur is someone willing to take huge risks in search of huge profits. While the profit part about entrepreneurship is not always certain, the stress that follows is inevitable. Whether it is due to uncertainties or due to the sheer amount of work that comes with the chair of the founder, managing a startup is no less stressful than maneuvering an F-16 amidst heavy firing. Silicon Valley is full of stories of CXOs who broke down on their path to break-even. The glorification of the endless hustle of the startup world also adds to the pressure. Unshaved beard, dark-circles, all-nighters – all these are considered badges and not symptoms of an unhealthy lifestyle. It is almost as if the world needs these entrepreneurs and their innovations at the cost of their lives. This doesn’t need to happen this way. A paradigm shift is required sooner than later. Entrepreneurs must unlearn their old ways and reinvent new-age work ethics. Here are some tips that might sound simple but proven effective in ensuring a stress-free entrepreneurial life.

  • Under-promise, over-perform.
    In other words, set fewer goals. A quarterly goal of 15 might look ambitious on paper but can wreak havoc in real life. You and your team will world under this constant pressure that won’t even let your complete tasks that are possible in the given time frame. Make a list of 5 goals. Reassess and reduce it to just three goals. Be laser-focused. Keep some space for flexibility and contingencies. The idea is to create a goal-list so specific that you never distract from crucial tasks that might get overlooked under a heap of unnecessary tasks.
  • Hire less; hire wisely
    A company run by smart people will always have fewer people. While the illusion of ‘more people, more productivity’ might try to lure you into hiring more frequently, it has been observed to be a recipe for disasters. Therefore, the founders must take a week to figure out how to move forward without hiring every month. There is a reason the most successful missions are performed by a handful of commandos and not entire armies. Hire commandos, not just foot soldiers.
  • Build a lean product portfolio
    An archer is not judged by how many arrows he/she has in his/her quiver, but by how many of his/her arrows hit the bullseye. Similarly, you can expand your product portfolio all you want; but in the end, you can only build only a few winner products. Top consultant might try to convince you, “Oh, you already have a customer base. Now all you need is more products”. Never fall for this one. Great companies focus only on their core offering. Everything else is just a supporting offering. Apple’s core product is the iPhone, iTunes is just an additional product. Make sure you have penetrated your primary market truly only then start thinking of expanding the product portfolio.
  • Adopt minimalism
    Minimalism is magical. Unfortunately, Silicon Valley has taken away its essence by throwing it ever so casually. It has been reduced to a mere buzzword. But, let us assure you, if done right, minimalism is the best thing that can happen to a startup. By doing it right, we mean – weave it into the core fiber of your company. Hire fewer people, buy fewer possessions, involve fewer investors, hold fewer meetings, etc. Create a workplace culture that celebrates minimalism both in personal and professional life.
  • Don’t just network, build meaningful relationships

 In a dog-eat-dog corporate world, networking has been degraded to finding people who can give ensure your benefits. But networking is much more than that. It should be as sacred and meaningful as friendships. Well-maintained professional relationships go a long way. Therefore, you must meet people from all fronts of business and life. Established brands and corporates must come forward and offer a helping hand to startups.

Rajan Nanda Innovation Lab is one such corporate name that intends to help budding entrepreneurs by acting as their big brother in their startup journey. It recently announced its latest edition of Inter College Innovation Challenge, in which startups from Indian colleges can present their new business ideas to industry stalwarts. These startup ideas must provide disruptive solutions in rail-tech, infra-tech and agri-tech. 10 lucky winners will win seed funding of Rs. 5 lakhs each. Log on to their website to know more about the challenge and the process.