New entrepreneurs routinely jump into a startup with a full charge of passion and energy, but often find themselves drained of both after a few months by the workload and challenges. As a result, burnout and loss of passion are consistently listed among the top causes of startup failure, according to many studies. The challenge is find ways to continually recharge along the way.
Of course, this same challenge extends well beyond the entrepreneur, into all walks of life and work. I just finished a new book, Are You Fully Charged? by human relations expert and bestselling author, Tom Rath, which explains well the three keys to energizing all your life pursuits. These keys are meaning, interactions, and energy.
Based on my experience working with early-stage startups, I agree with Guy Kawasaki, that those entrepreneurs who set out to make meaning in the world (a positive change) create the companies that will most likely be successful. I have extrapolated Rath's eight insights on making meaning as key focus principles that every new entrepreneur should take to heart:
- Create meaning with small wins. Celebrate small wins by asking yourself what can you do today to make a difference? Real meaning is made up of many small differences, such as a design breakthrough, new business model, a truly satisfied customer, or an excited team member. Take a moment to enjoy each of these and get recharged.
- Pursue life and meaning, as well as a solution. Finding meaning is driven from within, through new learning and overcoming challenges. Every startup has a wealth of these opportunities. Successful entrepreneurs often admit that they enjoyed the journey more than the destination. Meaning does not happen to you - you create it. Don't wait.
- Make your startup a purpose, not just a business. Strive to see the work you do to build a business as the way to make a difference in the world. Make sure your team understands your shared mission, meaning, and purpose. Making meaning is making your life, and the lives of others, stronger as a product of your efforts.
- Find a higher calling than cash. Happiness does not scale up with income. Studies show that doubling your income might increase happiness by 10 percent. In addition, focusing first on money will kill meaning. The more you focus your efforts on others, the easier it is to do great work without being dependent on money, power, or fame.
- Ask what the world needs. You create meaning when your strengths and interests meet the needs of the world. One of the rightful critiques of all the "follow your passion" advice is that it presumes you are the center of universe. A better way is to explore the most pressing needs in your social circles, organization, and the worldwide community.
- Don't fall into the dreams of others. If you walk only in the path of others, your own image disappears. Be sure you create your own shadow, spending some time each day engaging in activities that energize and recharge you. Also plan to spend more time around specific people who energize your work and less around those who don't.
- Take the initiative to shape the future. If you want to make meaning in the world, your ability to do so will be almost directly proportional to the amount of time you spend initiating instead of responding. Being busy is often the antithesis of working on what matters most. Usually you have to focus on less to do more.
- Work in bursts, paired with time to recharge. This can mean focus for 45 minutes, followed by a break for 15 minutes. Short breaks allow you to refresh yourself and work with purpose. Try to remind yourself daily why you do what you do, and if you don't like what you hear, it's time to change to something that has more meaning for you.
In an author survey of 10,000 people, only 20 percent admitted to spending much time doing meaningful work yesterday. Only 11 percent reported having a great deal of energy at work. Clearly, most entrepreneurs are operating well below their capacity, and could be more effective in building their business or making new meaning in the world. If you are one of these, then it's time for you to change before you burnout and disappoint everyone, including yourself.