Posted on Tue, Sep 29, 2015 @ 09:23 AM by Carlos Lahrssen
The following includes excerpts from Inc.com's September 25th, 2015 blog, "5 Sacrifices Every Entrepreneur Must Make to Be Successful," written by Rhett Power.
"1. Hands-on relationship to the work you love.
Many people choose to go into a business because they love some aspect of it: a chef opens a restaurant, a journalist runs a newspaper, or an actor moves into movie production. Because there are so many other aspects of running a business, including recruitment, sales, bookkeeping, marketing, human resources, and more, an entrepreneur is likely to sacrifice a hands-on relationship to their trade. They become an administrator."
This is a major sacrifice that aspiring leaders in many industries must make to find true success in their sphere of work. While we would all love to be hands-on with our craft indefinitely, entrepreneurial drive often comes first. Startup leaders and young CEOs very often have to come to terms that, in order to truly find success in their field, they may have to give up floor-level work to a large degree; the work that made them fall in love with their business in the first place.
Since startup funds are often limited, you may have to use personal savings or income from other work. Plan ahead for these possibilities -- obviously, you can’t live without income, especially if you are responsible for a family."
Nobody can predict the future. It's quite common for entrepreneurs to fall short of profit goals (among other goals) in the early stages of starting a business. To cover these losses, many will have to sacrifice their own salaries or worse, pay out of pocket to keep their business afloat. Don't let this discourage you from pushing your business forward; it's something many growing businesses must endure to eventually thrive.
"3. Time control.
Many people who go into business expect they will be better able to control their own time when they are the boss. That’s not necessarily so. A new business requires a tremendous amount of time and energy, and exactly how much time and when isn’t always predictable."
As boss of your own business, you may think early on that you can now work whenever and where ever you want. You're the boss after all, right? In many cases, however, the opposite is what occurs. Startup entrepreneurs often work long hours around the clock, well beyond what others in their business do. Yes, you're your own boss, but you still have to keep the ship afloat - a practice which takes a significant amount of time and effort.
Of course you will plan as carefully as possible to provide some kind of security for yourself and your family while you start your new business. This planning includes feasibility studies, marketing studies, and a business plan with measurable goals and objectives. On the other hand, things happen that aren’t always predictable. Can you and your family sacrifice a sense of security for a time?"
Much like personal income, entrepreneurs in a young business must be ready to sacrifice security and stability to help their business achieve growth at its fullest potential. No matter how much you might think you can prepare for the ups and downs of starting a business, there are simply too many factors at play. Security, financial or otherwise, will have to be sacrificed to some degree in the early stages of starting a business.
"5. Social life and relationships.
You will want to do everything you can to minimize the impact on your social life and relationships of starting your new business, but it is inevitable that the stresses of a startup will affect everything you do. Plan to work hard at maintaining open communication with friends and family. You will need their support in the good times and bad."
You'd best accept it now: starting your own business is going to take its toll on your relationships with friends and family. In light of all the other sacrifices listed in this article, you simply won't have the same time or energy for personal relationships as prior to starting your business. However, stay open and honest with those in your personal and professional networks alike. As Rhett Power of Inc.com points out, you may need their support down the line on your entrepreneurial journey.