Navigating the Emotional Ups and Downs of Entrepreneurship
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Chapter 1: The Importance of Hiring the Right Team
Building a Strong Team: Early in my journey, I made some regrettable hiring choices. These often stemmed from the urgency to fill positions quickly to address immediate issues. Instead of taking the time to find individuals with the right skill set, I rushed the hiring process and ended up with unsatisfactory results. My current philosophy is to recruit for future growth rather than just immediate needs. I prefer to have extra capacity within my team, ensuring we are better equipped for unexpected challenges.
Being a founder or business leader is filled with exhilarating moments, but it also brings its share of uncertainty and anxiety. How can one effectively manage the emotional highs and lows of entrepreneurship? In this series titled "How to Successfully Ride the Emotional Highs & Lows of Being an Entrepreneur," we engage with accomplished entrepreneurs to share their experiences. I recently had the opportunity to speak with Alan Wikman.
Alan and his wife, Liz, own SYNERGY HomeCare of Prescott, which offers non-medical in-home care for seniors. They reside in Prescott, AZ, alongside their children, Collin and Emma. Their mission revolves around providing exceptional care to the aging community.
Thank you for joining us in this enlightening interview series! Before we delve deeper, could you share a bit about your background and how you embarked on this journey?
I spent 13 years working for the State of Michigan in the Department of Health and Human Services. Making a positive impact on people's lives has always been a priority for me. However, during my tenure there, I felt limited in my ability to effect change, and the environment in Michigan was becoming increasingly challenging. Consequently, Liz and I decided to explore new opportunities. We chose Prescott and SYNERGY HomeCare, sold our large home, let go of most of our possessions, and relocated across the country in a motorhome with our then-infant son, Collin. For the first year, we lived in that motorhome while establishing our business.
What was the pivotal moment that inspired you to create your current company? Can you share that experience with us?
My "aha moment" was rather unremarkable but significant. It came after researching the job and demographic market in Prescott, a popular retirement destination where the demand for in-home care was evident. At the time, the job market seemed bleak, which prompted us to consider starting our own business.
Do you believe you were always destined to be an entrepreneur, or did you cultivate that skill later in life? Could you elaborate?
Initially, I didn't see myself as an entrepreneur. My first foray into this realm was when I purchased a duplex in Marquette as an investment. Many warned me about the potential challenges of being a landlord, but I countered that if it were easy, everyone would do it, and if it were impossible, nobody would. This mindset helped me become less fearful of taking risks, a common barrier for many aspiring business owners.
Was there someone in your life who motivated you to pursue this path? Please share that story.
A close friend of mine in Michigan, a retired school superintendent, provided invaluable support and guidance during my decision-making process. One piece of advice that resonated with me was, "If it's worth doing, it's worth doing right." This principle has guided me throughout my journey.
What sets your company apart from others? Can you provide an example?
We take pride in being employee-focused. Without a happy and well-trained workforce, our business would falter. We invest considerable time and resources in recruiting, training, and retaining our staff. When our employees are satisfied, our clients receive better care, which leads to positive word-of-mouth referrals.
As a successful business leader, which three personal attributes do you believe contributed significantly to your success? Please illustrate with examples.
Passion: My enthusiasm for the work my team does drives me to seek continuous improvement.
Commitment: I am dedicated not only to my business but also to the clients and community we serve. My industry operates beyond traditional hours, and I am committed to helping those in need at any time. For instance, I once received a call at 2 a.m. from a client needing to go to the ER. I immediately went to her home to stay with her husband while she was away.
Optimism: Running a business is both challenging and rewarding. Each obstacle I've faced has imparted a valuable lesson. Although it can be difficult to maintain perspective during tough times, I strive to focus on solutions rather than problems.
Often, leaders are asked to share their best advice. Let's flip the question: can you recount a piece of advice you received that you later regretted following?
I can't pinpoint any specific advice I wish I hadn't followed. When I decided to launch SYNERGY HomeCare, I received a mix of opinions, from encouragement to skepticism. I learned to process all advice critically, recognizing that everyone has their own perspective.
What recommendations would you offer colleagues in your industry to foster a thriving work culture that prevents employee burnout?
I’ve realized the importance of supporting both administrative staff and caregivers during challenging times. Recently, after a tough week in the office, I mandated that everyone take at least two days off in the coming month to prioritize their well-being.
What guidance would you give other business leaders to cultivate trust, credibility, and authority in their field?
Building trust and credibility starts with honesty. My team sets realistic expectations from the outset—whether with new clients or referral partners. We don’t overpromise; instead, we aim to exceed expectations. To establish authority, we invest in comprehensive training for our caregivers, including a six-hour course led by a nurse educator. This not only enhances their skills but also underscores their importance to our business. Furthermore, we prioritize internal promotions for full-time office positions, fostering a sense of growth among our caregivers.
Why is this approach crucial in today's landscape?
Over the past five years, the home care industry has transformed significantly. Demand for our services is rising, yet the labor market is struggling to keep pace. We strive to foster long-term relationships with our caregivers to ensure continuity for our clients. Transparency about our staffing capabilities is key, and we refrain from making promises we can’t fulfill. Navigating these challenges has been rewarding for our entire team.
What common pitfalls do you observe among CEOs and founders when they start their businesses? How can they be avoided?
Many CEOs become complacent during prosperous times and give up when facing difficulties. New business owners should learn from both the highs and lows, using effective metrics to gauge performance. If business slows, understanding whether it's due to a lack of prospects or conversion issues can guide where to focus efforts.
Let’s shift focus to the core of our discussion: How to Successfully Ride The Emotional Highs & Lows Of Being An Entrepreneur. The entrepreneurial journey is fraught with obstacles, setbacks, and triumphs. Can you articulate why successful entrepreneurs experience significant emotional fluctuations, unlike those in traditional jobs?
The emotional rollercoaster of entrepreneurship is often more intense and personal than in conventional careers. My business has expanded from zero to 100 caregivers in just five years, and the early highs and lows were stark. Losing a single client represented a substantial loss. I could start a day on a high note, only to feel like I was on the brink of failure after receiving a cancellation call—only to be uplifted again moments later by a new client. Managing these emotional swings was a significant challenge in the early days. As our business has grown, I've learned to navigate these fluctuations with greater confidence, aided by a supportive team.
Could you share a personal story highlighting a moment of exhilaration in your entrepreneurial journey?
I vividly recall the thrill of receiving our first client's call to schedule an assessment. They reached out on a Friday, with our opening set for Monday. I was a bundle of nerves and excitement as I waited in their driveway for the assessment, reminding myself that my entire business didn't hinge on this single opportunity. Fortunately, they signed up for services, marking a pivotal moment for us.
Conversely, could you describe a time when you felt exceptionally low due to your business?
Service mishaps are inevitable in any business, and my first experience with one was eye-opening. We had a client unhappy with a caregiver because the bed wasn't made to her standards—she preferred the pillows on top of the comforter instead of underneath. Early in my business, this incident left me feeling overwhelmed, questioning how to train caregivers to meet every client’s unique preferences. I focused too much on the problem rather than finding solutions, which was a valuable lesson learned.
How did you manage to recover from that experience?
Bouncing back from the pillow incident took more effort than it should have. My wife helped me realize the importance of documenting the client's preferences, which provided clarity moving forward. After explaining our plan to the client, everything was resolved. This experience taught me to focus on solutions rather than problems and to learn from challenges.
Now, let's discuss your "Five Essentials for Successfully Navigating the Emotional Highs & Lows of Being an Entrepreneur." Please provide examples for each.
#1 Assemble a Strong Team
I’ve learned the hard way that hasty hiring decisions can lead to regrettable outcomes. Now, I prioritize hiring with a vision for the future instead of just immediate needs, allowing for better preparedness when challenges arise.
#2 Cultivate Confidence
I've developed confidence in my abilities and business. When faced with difficulties, I put in the effort to make changes and trust that improvements will follow.
#3 Exercise Patience
Overcoming challenges often requires time and a bit of luck. Acknowledging that results take time has tested my patience but ultimately strengthened my resolve.
#4 Establish Realistic Expectations
In the past, I set overly ambitious goals, which led to feelings of inadequacy. Adjusting my targets to be more attainable has resulted in greater satisfaction and a sense of achievement.
#5 Be Authentic with Yourself
I’ve come to realize that managing myself is often one of my biggest challenges. Understanding and working on my weaknesses while enhancing my strengths has been a significant part of my growth.
In these turbulent times, resilience is vital. How would you define resilience, and what traits do resilient individuals possess?
Resilience is the ability to adapt and change course during challenging periods. Characteristics of resilient individuals include decisiveness, flexibility, and strength.
Did any childhood experiences contribute to your resilience? Would you share a story?
Growing up in a small town in Michigan, I faced harsh winters. Getting out of bed to face the cold and wait for the bus was tough. I appreciate how my parents instilled resilience in me during those challenging times.
Do you maintain a positive outlook during difficult situations? What helps you achieve that?
I generally work towards a positive mindset during hardships, although it sometimes takes time. Engaging in positive self-talk often assists me in reaching that perspective.
Can you explain how a leader's positive attitude can positively influence their clients and team? Please provide an example.
A positive attitude is infectious. Recently, I assisted a family overwhelmed during a client’s transition home from rehab. They felt lost, but my positive demeanor and supportive solutions helped them feel hopeful for the first time since the discharge.
What’s your favorite inspirational quote that motivates you towards greatness? Can you relate it to your life?
"Success is not final, failure is not fatal: it is the courage to continue that counts." – Winston Churchill. I've encountered both triumphs and setbacks, realizing that success can swiftly turn into failure without vigilance.
How can readers follow your journey online?
Thank you for this inspiring conversation! I wish you continued success and good health!
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