CRICOS Provider No. 00103DCRICOS Provider No. 00103D

Minimise the entrepreneurial toll –a strategic approach.

Alan Labaš – Management Lecturer

October 4, 2019

Entrepreneurial roles and their working environment can lead to stress.Buttner, E. H. (1992). Entrepreneurial stress: is it hazardous to your health?. Journal of managerial issues, 223-240.

“Initiating and running one's own business requires significant risk taking” (Buttner, 1992, p.224)

Buttner, E. H. (1992). Entrepreneurial stress: is it hazardous to your health?. Journal of managerial issues, 223-240.

The risks in entrepreneurship

Four types of risk1. Financial risks2. Career risks3. Social risks4. Health risks

SOURCE: Schaper, M. T., Volery, T., Weber, P. C., & Gibson, B. (2014). Entrepreneurship and small business

(4th Asia-Pacific ed.). Milton, Qld.: John Wiley and Sons Australia.

“Running your own business can be hugely rewarding, but for many small business owners having sole responsibility for the company’s success or failure, cash flow and people management can take its toll”

https://www.headsup.org.au/news/2015/10/01/mental-health-risks-facing-small-business-owners

Small Business Stresses

financial stress due to

unpredictable income

high levels of uncertainty

where you don't know where the

next job is coming from

high job demands and

multiple responsibilities

in the workplace

isolation and lack of social

support

high level responsibility to others including employees and

family

Presenteeism where you continue to

work even if you aren't well

long hours

blurring of boundaries

between home and work

http://www.abc.net.au/health/features/stories/2015/03/05/4191859.htm

Entrepreneur/small business online portals provide help.Business Victoria - Stress savvy in businesshttps://www.business.vic.gov.au/disputes-disasters-and-succession-planning/cope-with-stress-and-anxiety

Business.gov.au – Managing stresshttps://www.business.gov.au/risk-management/health-and-safety/managing-stress

Heads Up – Mental health and small businesshttps://www.headsup.org.au/your-mental-health/mental-health-and-small-business

Beyond Blue - Free mental health guide for small business advisershttps://www.beyondblue.org.au/media/media-releases/media-releases/free-mental-health-guide-for-small-business-advisers

So What?

What would happen to your entrepreneurial venture without you?

Even for a short time.

What are you going to do about it?- Do you have a strategy?

- Have you done a risk analysis?

- How do you plan to mitigate the risks?

Do you have a strategy for:- How you intend to manage your own health;

- Are family holidays a part of your strategy;

- Have you considered mental health approaches in your maintenance plan – i.e Guitar lessons;

- Have you created boundaries between work and home;

- Budgeted for these strategies.

Have you ever done a SWOT analysis on yourself?

Any Questions?