Founder wellbeing and mental resilience
There’s no other place quite like the startup journey. A place of excitement, long hours, big highs, sweat and sometimes the odd tear. At a recent Coffee & Jam session well-known kiwi founder Derek Handley, and CO.STARTERS cofounder Will Joseph shared some ideas on not knowing all the answers, taking three deep breaths and realising it will be OK.
Derek Handley - founder of Hyperfactory, Snakk Media, co-founder of BCorp with Richard Branson, and Aera VC.
Every business has highs and lows. As a team leader how do you keep your team motivated when things aren’t going so well?
People want truth, integrity and vulnerability from a leader. The challenge is you still need to be confident and a leader. People want to look up to you, but if they see you are a mess then that won’t help them and they can lose hope, inspiration, motivation and ideas.
Communicate with truth and vulnerability at the same time. You don’t know all the answers, you can’t know all the answers but you’ll ask the questions. Constant frequent communication.
Remind the team of the vision and what the team is trying to achieve. Remember to lift people up, remind them why they are here and what you are trying to achieve in the company. Be clear about your vision so people don’t start questioning why am I here?
How much should you talk to your team about company issues and how much should you keep to yourself?
Consider the level and detail of information you tell employees. Sometimes total open communication about your concerns and problems can cause people stress. No one will ever care about the company as much as the founder, only the founder will go to the ends of the earth. Talk to people outside of the company and other founders.
The vision has to be so clear it’s worth doubling down in the hard times.
How to communicate well in a new team and when there are disagreements?
For a founding team flesh out; what is important to you? Is integrity important to you, or punctuality? Create shared ideals and values that are agreed on at the beginning.
What is motivating you? Its ok if people have different motivations. Understand why people are in the game and understand what people are good at and not good at. Understand that thinking styles are different and that’s not a bad thing.
One option is a third party like a coach, to help founders and teams. A third party can provide regular meaningful and real discussions. Coaches are fundamental for building companies, not just the mental health side but also for building the company and team.
One of the top problems Derek’s seen is the implosion of teams. They end up so incompatible or one team member explodes because they have put themselves under pressure because they can’t communicate. In the beginning build a space to talk and space to grow as people. Recognise that some people are good at something’s and other people are good at others.
Derek’s practical tips for helping founders; coaches (or external support), meditation, journaling and exercise. Build in time to think and to separate yourself from it all.
Will joseph - Good Startups and cofounder of co.starters
Are there any regular practises that you do to help your wellbeing?
Journaling, meditation, being still. Three deep breaths can do amazing things and help to understand the world around you.
Find something you are curious about that puts you in a state in awe. Whether it’s your kids, hiking or something else that puts things into perspective. For 15 seconds I just watch my children. So many things that are beautiful that can pass us by. Realise the whole world doesn’t depend on me. Allows me to let go. OK I’m going to make it through this.
Have you had conversations with founders that are approaching burnout?
So many founders face burnout. If you can identify it then that’s a huge thing and have the courage to do something about it. This is a chance to step back and realign. Its ok to realise this is part of humanity. It’s OK, let’s rest and examine what’s going on. Find out what is causing it. Is it lack of family time or friends? We’ve become so focussed on the idea that being a successful entrepreneur means you have to do business all the time, but humanity is different and for long term sustainability it needs to be more balanced.
There is no shame in feeling burnt out, whatever changes just iterate, take that step, and seek to improve and grow.
Ask the hard questions. What needs to change? Don’t see it as a failure but a chance and an opportunity to grow and thrive to who you are meant to be.
We benefit from hard times. Founders need to know the risks and relatively understand that either way they will be ok. Seek external advice, people you can ask outside your head.
What are the common mistakes made by founder’s in regards to their wellbeing and resilience?
The idea that there is one solution that will solve all the problems. An illusion that one day ‘out there’ it will be ok. You have to learn to be ok with it today. Take the steps today to be ok with today and be ok with yourself. It’s not about the silver bullet or quick fix. It’s a daily process being ok with who you are, if it’s a good day or a bad day and see it as a learning day even the ones that aren’t so good.
Advice on finding a coach?
It’s ok to walk away from a coach, they may not always be right. They need to fit with you. They need to challenge your and give you wisdom.
How do you leave your startup at night?
Remember I am more than my company. Build in other things in your life so you can shut off from work and concentrate to enjoy other things. Like watching your kids. It’s a tough place to be if your company and you become the same.
Don’t put all your eggs in one basket.
These takeaways were from the recent Coffee & Jam session on Founder Wellbeing and Mental Resilience. The full interview is in the video at the top of the article.