Leadership

Business ethics and boundaries

Business Ethics and Boundaries in Entrepreneurship

Leadership, Reflections

Entrepreneurs are very driven people. After all, we work towards something no one else sees. And to build our vision, we work harder and longer than we ever did at a paid job. Many successful brands have wild stories of risk and sacrifice. Before becoming the billionaire known for Cirque du Soleil, Guy Laliberté was a street busker with a huge bank overdraft. The founders of Airbnb were living on cereal with maxed out credit cards while they were pitching investors to believe in their idea. Recently, entrepreneur Erica Rankin admitted that she sold an unused designer purse she’d been gifted, so she can make rent and keep cash flowing for her business. So it seems we’d do anything to achieve success. A question every business owner should think about is – what are your business ethics and boundaries?

This post may contain affiliate links. I will receive a small commission if you use these links, at no additional cost to you. For the full disclosure, visit this page.

Ethics in business

I’m an optimist. Even during my darkest moments, I believed in a silver lining. I had hope. So I like to think there is a basic level of ethics in business. That companies have a genuine intention to do their best, for customers and for employees. To provide the best possible service and quality products. And to be honest and transparent. Business ethics is a whole field of study which applies to culture, leadership, organizational processes, policies, and personal behaviours.

Basically, I believe good ethics in business is to cause no harm, because businesses are run by people, and people are inherently good. But I also know that isn’t reality. Even good people do bad things, and there are simply just bad people in the world. A bad person tried to cause me harm when they lifted my MacBook from my bag on the Metro in Barcelona. But then he handed it back to me – after I chased him down the crowded platform to confront him with a loud yell and a chest-thump. And I was immediately surrounded by kind people checking in to see if I was ok. There is always good with the bad.

Ethical boundaries as an entrepreneur

As individuals, we have our own belief systems, morals, and values. These have many influences, and may evolve throughout our life. We start with what we learn from the family who raised us, and the society we grow up in. There may be religious and spiritual teachings. Later, education, travel, reading, and personal development work may shape how we see the world. As a result, this all impacts how we live our lives, engage with people, and identify  ourselves. Also, our ethics may cause us to identify as a member of a particular policy party or religious group. Ethics drive our decisions as consumers, causing us to buy organic or sustainable. I ask you to consider – what are your business ethics and boundaries?

Knowing your boundaries in business

Though this isn’t a traditional part of a business plan or marketing strategy, I recommend that entrepreneurs put some thought into knowing your business ethics and boundaries. These will shape decisions you make about how you operate your business. Do you want  your business to match your personal ethics? Great – but do a reality check. For example, if that means shopping local, check if local suppliers can provide what your business needs. Or if you want to use only sustainable materials, how does that cost impact your margins based on your pricing strategy? Knowing your boundaries in business may require that you make compromises, somewhere. This may mean pricing higher and targeting a different market segment in order to stick with your personal ethics of only using renewable resources in your manufacturing. Or it could mean that you work with an overseas provider, and pledge to donate a portion of profits to an environmental non-profit.

Making ethical choices

My boundaries were tested recently. Someone contacted me to get help with a business plan. This is just my sort of work, and I’m looking for work. Then I learned what the business plan was for. This company is delivering a service to an audience whose politics and beliefs do not match mine. I won’t name names. Suffice it to say that I grew up in Canada, voted for the Green Party, and believe that human rights includes the rights of the LGTBQIA2S+ communities. And this American business was, well, on the other side of the aisle on all counts.

So I had an ethical choice to make. Take the contract and do the work on this business plan, whose purpose is to support and connect beliefs that oppose mine? Or do I or walk away? It took me about 1 second to know my decision. Though I’m focused on getting more coaching clients, I have ethical boundaries. I will not cross them, not even for revenue, reach or referrals. Clearly, I will not put my time, energy, education, and experience towards helping a business who was so actively against my ethics.

Love being an entrepreneur

Business ethics and boundaries influence decisions around marketing, operations, customer communication, human resources, suppliers, and collaborations. Enjoying your business and feeling good about being an entrepreneur is more than performance metrics and revenue numbers. Making ethical choices in your business which align with your personal values and beliefs are important to feel fulfilled and love your life as an entrepreneur.

Business Ethics and Boundaries in Entrepreneurship Read More »

How to deal with overwhelm as an entrepreneur

Overwhelm as an Entrepreneur

Leadership, Reflections

Ikea nearly pushed me over the edge. I’d dealt with overwhelm as an entrepreneur. But this was a whole new level. And it reminded me of a few key strategies to cope. But first, I’ll tell you the whole story.  important strategIt was the hottest day in London, ever. The windows of my new flat were cranked open. Dry heat rolled through the unfurnished spaces in rhythmic waves. I was crouched among stacks of moving boxes and Ikea packaging like a hunted animal. Clients were waiting, the deadline to complete my MBA was looming, and there was no place for me and my teenage daughter to sleep. Or eat, or sit – until I assembled this furniture. Feeling crushed by the thickness of the heatwave and the urgency of all these needs. I knew how to deal with overwhelm as an entrepreneur, but was almost defeated that day. Until I was inspired by the simplicity of Ikea instructions.

This post may contain affiliate links. I will receive a small commission if you use these links, at no additional cost to you. For the full disclosure, visit this page.

Inspired by Ikea Instructions

It was the hottest day in London, ever. The windows of my new flat were cranked open. Dry heat rolled through the unfurnished spaces in rhythmic waves. I was crouched among stacks of moving boxes and Ikea packaging like a hunted animal. Clients were waiting, the deadline to complete my MBA was looming, and there was no place for me and my teenage daughter to sleep. Or eat. Or sit. Until I assembled this furniture. I felt crushed by the thickness of the heatwave and the urgency of all these needs. I knew how to deal with overwhelm as an entrepreneur, but was almost defeated that day. Until I was inspired by the simplicity of Ikea instructions.

Ikea and Overwhelm

Actually, the overwhelm hit me hard when I was about 4 hours in on putting together a bed frame, when there was nothing about what I had built which remotely suggested a bed frame. In fact, I’ve taken apart and put together many beds – Ikea or otherwise – over the years of moving and raising children. 4 sides, a headboard, a middle bar to support the iconic Ikea bed slats. And though it should have been easy, and this wasn’t. There were 9 more pieces of furniture to put together after this. This was going to take forever, and I had other things to do. The awareness of deadlines and responsibilities was a slow, crushing fog.

Overwhelm as an Entrepreneur

This wasn’t the first time I felt overwhelmed. Running a franchise system and raising children can do that. And it’s well known how often entrepreneurs deal with it. Studies show that entrepreneurs are more at risk for burnout because of our nature, and habits, and the lack of definition between business and personal. 

Next, I did some deep breathing, and noticed something. I saw the message of “simplify” in the cartoons of the Ikea instructions. So I decided to trust the process of assembly. And to be present with every step, on every page. I resolved to stop skipping ahead to compare where I was, with what the end result is supposed to be. Also, to stop watching the clock and judging where I was at. My intention was to just take one cam lock, screw, dowel, and pin at a time. 

This acceptance felt like a release. I put on some podcasts, and got back to work. I knew that each step would eventually lead me to the end. Just as individual drops of rain will eventually fill a barrel, and the movement of one rock against another can create a hole. Eventually, I finished assembling 9 pieces of furniture. 

5 strategies to cope with overwhelm

Overwhelm as an entrepreneur is not just about a deadline or transition or change. The feelings of overwhelm may not be linked to a specific event or circumstance. There may not be an obvious, identifiable way to know the cause, or the solution. Entrepreneurship is not like baking. There is no clear recipe to follow. Based on my many years of lived experience running a business, here are strategies to deal with overwhelm as an entrepreneur.

1. Have systems

Our bodies have many systems – circulatory, digestive, and so on. Being an entrepreneur also involves many systems. Your business needs systems and processes for marketing, customer service, managing staff, finances. If those systems are not well designed and up to date, overwhelm is inevitable. 

Therefore, have systems for you, as an individual. Systems to manage your time and communication. Do you use a planner? How do you keep track of meetings, appointments, and deadlines? Keeping it all in your head overwhelms the brain. If you don’t have systems, or what you have is no longer working, then take the time to get it sorted. Streamline email, calendars, and task lists. Explore technology to see what fits your working style and is appealing.

Also, consider adding journaling to be part of your support system. Read this article for tips on how to use a journal strategically. 

2. Have habits

Habits have a huge influence on your ability to manage overwhelm as an entrepreneur. Clearly, a framework of systems is useless without the habits to use them regularly. Similarly, it’s not enough to buy a treadmill – it has to be used regularly to get results.  Just as going to the gym once is not enough for you to reach your goal of running a marathon, doing just one task is not enough to reach your business goals. Like those drops of rain filling a bucket, it’s the habitual repetition of actions and behaviours which add up to something.

Most of us have the technology available on our phones and laptops to keep track of schedules, and appointments. The systems are there for us to use. However, if you have systems in place but are not using them regularly, then explore ways to develop that habit. As humans we tend to overcomplicate things, but this can be really quite simple. For example, during a recent accountability session with a client, they mentioned they keep forgetting to do a certain thing in the evenings. I suggested using their phone to set an alarm, which is simple and effective. 

3. Have priorities

Next, get clear about about your priorities. Because if  everything is a priority, how to decide what to do first? The potential of each day is limited by time and energy. It simply can’t all be done at once, or at the same time. So, connect to goals and identify what actions are required to meet them. Also, know what is really important to you. And then recognize what you can let go of, or reschedule, or give to someone else. 

Strategies to deal with overwhelm

Delegate to deal with overwhelm

For example, in working on my strategic case study to complete my MBA, I had a concept for how to present a chunk of my research. The data was important but not worth using up precious word-count, so I wanted a time graph chart which would present the information. I mucked about with different software options trying to get this thing to look the way I wanted. After a full day of working on it and producing nothing better than a hot mess, I decided my priority was to finish the paper, not learn new software. I hired a VA person who had the software skills to take my data and create the graph I wanted. That story is actually the perfect lead to my next 2 strategies for how to deal with overwhelm.

4. It’s ok to change your mind

Really. It’s ok. Even if you announced it to your family or your staff. It’s ok. You can move a project to another quarter, or another year. You can decide something isn’t working like you expected, and be willing to reevaluate it. Creativity and flexibility are traits of entrepreneurship. Keeping your priorities in mind, be willing to make changes. 

At the end of Day 1 of Ikea furniture assembly, I had zero furniture assembled. So that’s what I did. I took a deep breath and knew my priority was for us to have beds. The one I’d been working on for hours still looked more like an abstract art project than a structure to hold a mattress. It may have been the heatwave warping the wood, but I could not get 2 of the sides together. So I changed my mind. I ordered a different model, and arranged to return the lopsided art piece. That new bed was put together in a couple of hours and saved me a load of time and energy.

5. It’s ok to ask for help

After all, who said we have to do it all alone? Humans are pack animals. We’ve been cooperating in groups for thousands of years. It’s ok to ask for help. I made a list of what needed assembly, then did a little  Youtube research for instructions. Next, I checked in with my priorities. After balancing out what item we needed first (beds!) and what was the easiest to put together, I made some decisions. I focused my energy on the stuff I could easily do, and then hired someone to assemble the sofa. After all, the value exchange made sense. Because that decision saved me at least 9 hours of assembly time and energy. And it felt good to support a self-employed local with experience putting together that exact sofa model. I used a company founded by a savvy woman entrepreneur, who later sold her business to Ikea. Love these full circle moments!

Best 3 books to learn how to deal with overwhelm

The Seven Habits of Highly Successful People This 1989 book by Stephen R. Covey was my first introduction to the structure of weekly planning. It breaks down the circle of concern and the circle of influence, which links back to my earlier tip of identifying priorities. “Start with the end in mind” is one of my favourite quotes from this book.

Overcoming Overwhelm: Dismantle Your Stress from the Inside Out For a deep dive into the ways we get in our own way, read this book by naturopathic Physician Dr Samantha Brody. She is very real about the pressures and expectations imposed by society and social media. “You can’t fail at self-care” is solid advice for anyone feeling burdened by perfectionism.

Atomic Habits If you are feeling overwhelmed by all the things you feel you must start doing, or stop doing, then this book is for you. This connects to my awareness that with each turn of each bolt, I was moving towards the end goal of having assembled furniture. As author James Clear says, all big things come from small beginnings.

Conclusion

Obviously, there is no one answer for each person, or each situation. And explained above, entrepreneurship is not like baking. There is no tried and true recipe which can be followed by everyone and get the same results. And there is no one answer to help you manage overwhelm as an entrepreneur. You are an individual. Therefore, experiment with strategies and ideas to see what works for you. Finally, be ok with something new feeling uncomfortable. Don’t abandon it without giving it a real chance. Remain curious, and explore the why behind the why something didn’t work for you.

Overwhelm as an Entrepreneur Read More »

Journal prompts for entrepreneurs

Journal Prompts for Entrepreneurs

Inspiration, Leadership

Are you curious about the benefits of journaling?

You should be.

First of all, studies have shown that keeping a journal improves mental health by managing stress and reducing depression.

And to paraphrase Natalie Goldberg, keeping a journal is important for having a relationship with your mind.

My journal helped me cope with the ups and downs of running a business and raising a family. If you want tips on how to gain the benefits of journalling, read this article how to get started journalling as a business owner. If you are ready to start writing, here are journal prompts for entrepreneurs.

How to journal as an entrepreneur

First, for motivation – let’s explore how to journal as an entrepreneur.

Journalling for soundboarding

Entrepreneurs tend to have lots of ideas. It’s fair to say that it’s part of the entrepreneur mindset.

Generally, there are more ideas than there is time. It may be a new marketing tactic, a way to innovate, or an opportunity to expand.

But the idea today may not fit into current strategy. Before implementing something new, or making a big decision, think it through from every angle.

How does this idea align with overall strategy? What are the risks? What are the costs? How does this impact other business structures and processes? These questions are powerful journal prompts for entrepreneurs to gain value from the process of journalling.

Journalling for accountability

Most people say that planning is a fun part of being a business owner.

However, following through with plans, and being consistent can be a challenge. Entrepreneurs have many responsibilities. It’s easy to get caught up in daily challenges, and be overwhelmed. Action items may get moved ahead on the calendar, again and again. And that is where journalling for accountability comes in. Though mastermind groups, mentors, and accountability coaches are effective for staying on track – so is journaling.

Recording your plans in your journal is powerful for affirming your intentions, and for keeping yourself accountable. It can help stay on track and keep progressing towards goals.

Journalling to celebrate success

Writing about your wins and what you are proud of is one of many benefits of journalling.

Sure, there are spreadsheets, performance metrics, and other reports to show numbers. These results are the outcomes of decisions you took as a business owner. Recording successes and your feelings about them will reinforce your wins.

Also, journalling to celebrate successes gives you a resource of inspiration and encouragement during stressful, challenging times.

Journal prompts for entrepreneurs

Keeping a journal doesn’t require writing skills. If you are looking for ways to loosen up as you start to journal, the classic Writing Down the Bones by Natalie Goldberg is an excellent book. But journalling is really about self-expression, reflection, and processing feelings. Forget about spelling and grammar. Your journal is for your eyes only. Use these journal prompts for entrepreneurs to get started.

  • What is my biggest worry about my business?
  • What am I most proud of about my business?
  • If I could change one thing, what would it be?
  • What knowledge or skills do I feel I’m missing or could improve?
  • Is being an entrepreneur what I thought it would be? Why or why not?
  • What am I procrastinating about?
  • Am I having fun and enjoying my business? If not, what needs to change?
  • What are my hopes and goals for the coming year?

Journal Prompts for Entrepreneurs

Download PDF for more prompts
Download

Journal Prompts for Entrepreneurs

Download PDF for more prompts
Download

Conclusion

Journalling is a powerful way to reflect, process, and brainstorm.

It’s effective for decision making AND for accountability.

Incorporate journalling to your daily routine, or use it as a strategic tool when you are working on your business. To help you get started, download this PDF of journal prompts for entrepreneurs. 

Journal Prompts for Entrepreneurs Read More »

Scroll to Top

Subscribe to
The Hagstone Blog

Insider stuff for entrepreneurs like you