Happiness Highs and Lows: Welcome to Entrepreneurship

Dr. Louise Lambert

Welcome everyone to my new podcast series, Happiness Matters, a positive psychology informed series on happier living and working. Now, many of you already know me. I'm Dr. Louise Lambert, a positive psychologist living in Dubai. What you may find strange though is my voice. Yes, I've moved to AI and I'm using it to do this 8 episode series. But rest assured, it is me behind the voice writing the scripts, pulling up the studies, finding the appropriate references and editing intensely to bring you the best experience. It's also to save time recording in order to do my best work with organizations and individuals directly. So, I hope you'll engage with the ideas and strategies and create your best life going forward, as well as gain some ideas for your organization too.

Dr. Louise Lambert

So, let’s start with this: entrepreneurship comes with freedom, autonomy, and—let’s not forget—the thrill of being your own boss. But, it’s not all rainbows and unicorns. Sure, the highs are high and yours alone to celebrate, but the lows? Oof, they tend to hit hard and fast, and you can't even blame them on anyone! And that's very unlike the experiences of others.

Dr. Louise Lambert

Think about office workers. They might not have that exciting rollercoaster effect of starting a business, but they do have stability—regular paychecks, fixed schedules, even holidays and proper lunch hours. And emotionally? Well, working in the corporate world isn't a picnic either and they also experience stress of a different kind, but generally it doesn't cost them their pay cheques. Their emotional experience is far more even and in the neutral zone. In contrast, entrepreneurs ride giant waves of unpredictability, financial ups and downs, client issues, long nights crunching numbers, and pitching ideas constantly.

Dr. Louise Lambert

And on top of it, as an entrepreneur, you wear so many hats. One minute, you’re a social media expert, the next, you’re deep into financial forecasting, then—boom—accounting, sales, and everything in between. I mean, how do you even explain all that to someone who’s not an entrepreneur themselves?

Dr. Louise Lambert

And yet, the research is still compelling: entrepreneurs are happier for it all. They gain in autonomy, mastery and independence, as well as the right to those positive emotions and the learnings from those negative emotions. They tend to be happier than office workers and... more stressed too. It might sound like a paradox, but both are possible. And it's why, for entrepreneurs, learning how to ride those emotional highs and lows, and taking charge of your well-being, isn’t just a nice-to-have, it’s gotta be part of your entrepreneurial toolkit, just like finances, social media, and building client relationships.

Dr. Louise Lambert

Alright, let me toss this out there: you can’t pour from an empty cup, right? So how do you refill it as an entrepreneur when life is constantly demanding more from you? That’s where the ‘three R’s’ come into play—Respite, Reappraisal, and Regimen. Think of these as your recovery toolkit for navigating stress while keeping your well-being intact.

Dr. Louise Lambert

Let’s start with Respite. Picture this: you’re a tech entrepreneur, stepping out of yet another meeting. Instead of diving straight into emails, you take a ten-minute walk in a green space or crank up your favorite playlist and sing at the top of your lungs. Small pauses like these recharge your energy and clear your mind for the next challenge. Simple, yet effective. And if you think you don't have 10 minutes to spare? Think of that 10 minutes out as a way to boost ideas, oxygen, and energy for better performance. Anything that comes next is supercharged because of the 10 minutes you just took. If you can't do 10, fine do 3. But just do it.

Dr. Louise Lambert

Now, Reappraisal. This is about flipping the script in your head. Say you’ve had a product launch flop—it happens, or something even simpler, your posts are not landing on your audience the way you want. The point isn’t dwelling on ‘failure.’ Instead, ask yourself, what lessons can I extract here? What are others doing? What's worked before? What's a pattern I can spot? Can I ask for feedback? This reframing, along with journaling and asking for other inputs, helps reduce emotional overwhelm, reorients your thoughts outwards and upwards, instead of inwards and downwards, and keeps you moving. And this is where having enough social capital, that is, other people from all walks of life to whom you can ask questions, get perspectives other than your own, and advice from all angles. Of course, that assumes you have a network, which as an entrepreneur, you need and should be investing in every single week.

Dr. Louise Lambert

And finally, Regimen. Routine is not the enemy; quite the contrary, it’s your safety net. Putting in structure where you can, even flexible structure as I like to call it, means the non-negotiables get done: hard exercise to burn off adrenaline and anxiety, as much as boost courage and confidence, a moment to clear the mind (whether it's driving in silence, taking a walk, staring out the window to allow thoughts and ideas to percolate), a morning and evening to-do list to stay organized, and a strict bedtime for good sleep. Sounds counterintuitive for entrepreneurs? Maybe. But it’s this steadiness that fuels success over time.

Dr. Louise Lambert

But most of all, these aren’t one-size-fits everyone solutions. Tailor them. Experiment. Your mental health and happiness? They need to fit you and your needs and your lifestyle, but they are not options. If you want to succeed in business, you are the engine that can't afford to go down.

Dr. Louise Lambert

Alright entrepreneurs, buckle up for this one, because if there’s one skill that can supercharge both your business and your happiness, it’s financial literacy. Yes, the F-word that actually makes or breaks the entrepreneurial game.

Dr. Louise Lambert

Here’s the scoop: according to research from the National Financial Well-Being Survey, there is a connection between your financial skills and your overall well-being. When you’re confident with money, you feel more in control. And when you’re in control, life feels lighter.

Dr. Louise Lambert

And this applies to everyone frankly, but entrepreneurs even more so. As an entrepreneur myself, I went to see a financial consultant last year and it was the best - smallest - investment I made. I didn't learn about money in school; I didn't learn enough about how to make it, invest it or think about it. Knowing how helps you experience lower stress, more clarity, less worry and more confidence. And that positively impacts your wellbeing and your business, while the unpredictability of finances erodes well-being over time.

Dr. Louise Lambert

So, start small. Take a short financial literacy course or watch a quick tutorial on YouTube—there’s tons out there. Don’t be scared of it. You don’t have to be a math genius; you just need the essentials: how to budget, track cash flow, and plan for taxes. And for the techies out there, tools like budgeting apps or even AI platforms like ChatGPT can simplify the learning curve.

Dr. Louise Lambert

Second, and this is big—get comfortable talking about money. Ask questions. Confer with financial advisors if you can. And don’t forget, sometimes the simplest tool, like tracking expenses with a notebook, can be a game changer if you stick to it. Financial discipline isn’t about flashy spreadsheets; it’s about consistency.

Dr. Louise Lambert

Look, at the end of the day, if you wanna ride the entrepreneurial rollercoaster, you need to ace this skill. Money management doesn’t just protect your business—it protects your peace of mind. And honestly, it feels so good to know you’re in control of your hard-earned outcomes.

Dr. Louise Lambert

So, here’s my parting thought—you’ve got the freedom, the resilience, and now, with financial literacy, the stability to thrive as an entrepreneur. Take that step, even if it's a baby step. Because the road to entrepreneurial joy? It’s paved with skills, self-awareness, and—above all—the willingness to keep learning. On that note, we’ll leave it here for today. Stay bold, take charge, and most importantly, stay happy! I'll catch you next time.

Dr. Louise Lambert

I'm Dr. Louise Lambert and welcome to this new series. Check out my website at www.happinessmatters.org. You can also find me on Instagram under Dr. Louise Lambert and the same goes for LinkedIn, where I speak about workplace wellbeing and positive psychology applications.

Dr. Louise Lambert

Thanks so much for joining me. Until next time, keep choosing happiness because, it matters and you do too.