Many people equate being an entrepreneur with being their own boss. However, the opposite is true. Although you work for yourself, you may have hundreds of people to answer to. Rather than having more control over your time, you often find yourself having less.
The Business Runs Your Life
An entrepreneur has little or no work-life balance. In many cases, there is no difference between work and life for an entrepreneur. You simply find a rhythm that fulfills both your work and personal life. For instance, you may share your ups and downs with family and friends so they can encourage you, and discuss your family and friends with your employees so they see the personal side of you. Also, you need to be willing to work long days over some weeks and spend more time with your family during different weeks. Additionally, you should give your family and employees verbal and written insight on how you want to achieve harmony in your life, and ask them to hold you accountable. Further, when work issues arise during family time, or family issues arise during work time, you need to take care of them as soon as possible.
Clients/Customers Run Your Life
For instance, you may spend a lot of time dealing with collections when your invoices are not paid. Also, suppliers may not deliver on time, prospects may decide to do business elsewhere, or vendors may change their agreed-upon prices, taking up more of your time. Further, you are on call 24 hours a day. Because every problem affects your bottom line, it becomes your problem. Plus, you have hundreds of people demanding services from you and competitors waiting for you to make a mistake.
Investors Need to Be Satisfied
Whether you borrow money from family or friends, angel investors, or venture capitalists, they all expect your business to grow and make them money. If they do not at least get back what they put in, you may have personal or legal issues arise. For instance, you may damage or lose relationships because your family and friends did not understand the risks involved with a startup.
You Need the Right Mindset
A right mind makes good decisions and handles challenges as they arise without letting thoughts and emotions interfere. For instance, if you dislike public speaking but have to give a presentation to investors, you must focus on giving a top-notch presentation, rather than how much you dislike talking to groups. Also, you need to identify what you want and define what winning means to you, so you know whether you are on the right path and how to correct your course. Plus, you need to be consistent in your efforts of leading your teams and completing your work to achieve your goals.
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