If we have both financial success and personal joy in our lives, we can be unstoppable as entrepreneurs. But the fact is, there are far too many business owners out there who are hugely successful but extremely miserable. I've been there myself.
Ask yourself: Is my business helping me lead a deeply satisfying life -- or is it actually holding me back from meaningful happiness?
If your work-life balance is out of whack, here are five ways to right the ship. The advice comes courtesy of Steve Moeller, who for more than 20 years has helped entrepreneurs and professionals bridge the gap between building profitable companies and enjoying truly fulfilled lives. Moeller is also the author of Endorphonomics: The Science of Human Flourishing.
1. Rethink your perspective on money. Moeller recognizes that while money won't buy happiness, "without it you will be miserable." But he argues that getting paid large sums to do something you fundamentally don't like is a surefire path to unhappiness.
The process of finding a balance starts by recognizing that there is a point of diminishing returns when it comes to income (one study puts that number at around $75,000). "Once you get to a level of income where you can satisfy all your basic life needs, additional income has very little impact on your moment-by-moment happiness," says Moeller. "It does, however, increase your self esteem and life satisfaction, a bit."
So what does impact your happiness at that point? Moeller says it's what you do, moment by moment. "That's the thing we have to really think about as entrepreneurs: What are we doing every day that brings joy to our lives, so that we're not just chasing additional money that won't enhance our life experience?," he says. "Instead of working really hard in hopes that it will eventually lead us to happiness, how can we be happy while we're doing that work and while we're on that journey?"
2. Be successful on purpose. Entrepreneurs who are successful and happy don't hope to stumble into great results. They make things happen for themselves by being successful on purpose. Purposeful success starts with a crystal-clear vision of what you want to achieve -- in your business and in your life.
Moeller argues that we have to have something we're focused on and working towards to achieve success that actually feels like success. "If we just put our nose to the grindstone and work, work, work, we might very well generate high incomes, but we may be sacrificing our quality of life. We just don't feel good about ourselves or the world around us," he says.
Indeed, says Moeller, when researchers interviewed people who lived through suicide attempts, they found that the reason people tried to commit suicide wasn't that they expected terrible things to happen to them -- it was that they lacked positive anticipation of the future. In short, they lacked meaningful goals.
3. Focus on what "lights you up." We all have unique abilities, and usually what we enjoy doing most is what we're really good at. Ask yourself: What do you do well that you also love doing and that you can bring to the table every day in your work? When you know the answer and take action accordingly, you'll gain a competitive business advantage while also having a lot of fun. "This is the sweet spot for what you should be doing in life -- the stuff that really lights you up," says Moeller.
Unfortunately, many entrepreneurs don't focus on their strengths. Instead, they work on their weaknesses -- and feel constantly frustrated because they ultimately end up with strong weaknesses that do little to further their success and the enjoyment they get from life.
4. Delegate and outsource the rest. Once you devote yourself to what lights you up, organize your life so that other people -- be it outside vendors or internal employees -- do the things you don't want to do and aren't great at. The key to success with delegating and outsourcing is to farm out these tasks to the right people -- meaning those who are "lit up" by the things you don't want to do. Not adept at balancing the books? Hand it off to a professional who is passionate about accounting (yes, they exist).
Moeller points out the importance of surrounding yourself with people who bring complementary skills to the business mix. Too often, entrepreneurs hire only "mini-me"s -- virtual clones of themselves. "When your team possesses a combination of talents and interests, you then get the capabilities you need to free up your time and energy to focus on what makes you happiest and most productive," he says. "That leads to less stress, which in turn promotes greater happiness."
5. Create a great work environment for everyone. Don't be the type of entrepreneur who creates a business to support your own quality of life at the expense of everyone else's. If the people around you are in more positive states and are doing the things that inspire them, your whole operation will be more productive, creative and innovative -- and you'll be happier and have more freedom. The right environment has a multiplier effect that ultimately leads to a bigger pie for everyone involved in your success.
Think of creating the right environment as akin to building a greenhouse, says Moeller. "You have to have the right amount of air and water and sunlight for everything under the roof to flourish. That means having the right people, the right space and the right culture, which largely stems from the top -- from you," he says.
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