Most people will agree that 2020 has been a stressful year. For us locally in Canberra, not only have we dealt with the pandemic, but with bushfires and a damaging hail storm that still has roofs under repair. Still, if there are any lessons I’ve learned, it’s the ability to de-stress through options. What do I mean?
Focus is overrated
Almost every business guru will tell you to become focussed and good at one thing if you want to be successful. For me as an entrepreneur, I found that practice to be very stressful. For about 18 months, I put all my effort into The Refoundry to not only build a business, but to also create an income for myself. While I learned a lot, my savings account took a serious toll.
Then, I started doing consulting work again – this time independently. And I can honestly say that it was the best thing I ever did. No longer was I putting all my hopes into the next recycled plastics idea or hotel deal for Harvestcare. Suddenly, I could breathe again because the personal financial stress was no longer there even if I was working way more hours.
Consulting also gave me my confidence back. I remembered that I’m actually good at a lot of things. It’s just the size of my current business has me in my weak spots. This is something that I will get through as time evolves, and I can bring on more people to help.
Options reduce risks
Finally, dividing my attention reduces my risks. I don’t have to beg for investor money right now. If I can bootstrap my business, I will. When it gets to the appropriate size where I can no longer grow it without outside capital, I’ll consider investors then. For I didn’t start a business to instantly have a boss.
Keeping this financial independence will also allow me to build the company more slowly, but with less risk. A products-based business like The Refoundry was never going to be an Australian Silicon Valley media story. That’s just the way products business are because they are cash flow heavy until you can create sufficient scale. So, now with income coming from consulting work, I am very relieved that I won’t have to depend on a pay check from the business.
My lesson learned therefore is a singular focus for me on anything is too stressful. Whether it’s a singular client, a singular investor or a singular source of income – why put all my eggs in one basket? I personally de-stress through options, and I don’t see the need to focus if options reduce both my risks and stress despite a bigger workload.