Which Las Vegas hotel receives requests for the "Rain Man" suite and the "Hangover" suite? Answer: Caesars Palace…
Stress always finds a way to penetrate any business and even more so when you’re running a Las Vegas business and taking responsibility for its success or failure. Small, medium, and micro-sized enterprises (SMMEs) are the future of a country’s employment and economic development. The common stress-induced factors that cause failures for SMME include the difficulty to access funding and markets, insufficient skills/education, tough regulations, and infrastructure challenges.
Although we are aware of these for years now, and regardless of all the efforts to solve them, we are still not seeing the desired growth in the sector. According to studies and researches, stress is most likely the main culprit of our dilemma-something that most people find hard to define and talk about.
Devastating effects vs motivation
Most people tend to undermine the impact of stress, be it personally and professionally, for various reasons. Unbeknownst to them, this could lead to devastating effects. While it is true that access to finance and markets, tough regulations, infrastructure challenges, and not enough skilled and educated employees are all reasonable hurdles that are hindering small businesses, they are bound to encounter these hurdles as they are perfectly common in a competitive and developing economy. Research has revealed that good leaders who can get their businesses to overcome each hurdle that comes their way, also have the ability to manage their personal negative stress and harness their positive stress. Contrary to what many people believe, stress, in general, can be motivating.
Kinds of stress
Positive stress is chosen and only lasts for a short time while tolerable stress is unexpected, lasts for a bit longer but then stops, giving you time to process it. Meanwhile, toxic stress or distress is tolerable but is left to last without end, without rest, and without time for processing and healing.
The third kind of stress is what business leaders are likely experiencing, and it could be even more serious for business owners in Las Vegas. Why? This is because small business owners tend to establish very high and often, over-the-top goals when setting up their businesses. As a result, they are incessantly feeling strained in either striving for these goals or doing all means to stay the course.
Internal locus of control
Another cause of distress for small business owners is that they have this internal locus of control set in mind. This means that they take great pride in being personally responsible for the outcomes and results and so when things go south, they blame themselves and often, find it hard to forgive themselves for failing to achieve the desired results. Moreover, they have this innate sense of accountability for their staff and even to their staff’s families, which only places a heavy load on their shoulders as business owners.
What does this mean to SMME owners?
To sum it up, all those factors lead SMME owners to suffer from high levels of stress, which in turn, result in long-term pressure—or toxic stress—on their emotional, psychological, cognitive, and spiritual resources. When this happens, it causes a drop in their productive activity and motivation, withdrawal from forming personal and professional relationships, low energy, reckless decision-making, and poor health condition.
Lastly, it damages their resilience, causing business leaders the inability to bounce back from both personal and business obstacles, which we all know are part of life and business. With an incapacitated leader, the business is bound to suffer daily, and possibly, crumble down in the end.