The Lifestyle Of An EntrepreneurDec 06, 2021
Entrepreneurship is not for everyone. I’ve always said that it takes a certain “cut of the cloth” to be an entrepreneur.
It’s often stated that entrepreneurship is not just a profession - it’s a lifestyle.
While many people desire the perks that come with running their own business, it’s not a path that’s meant for everyone.
To fully understand the lifestyle of an entrepreneur, we’ll explore the professional and personal side…specifically the day-to-day functions and the mindset required.
#1: Wearing Different Hats Every Day
We’ve all heard the saying “wearing different hats”. This means doing multiple tasks in different verticals of a business. Every day is different, and entrepreneurs need to adapt to that given day.
For example, today, you can be the accountant in your business; tomorrow, you will be creating marketing campaigns; other days, you will be wearing the HR hat. The title will consistently change depending on the needs of your business. Of course, once you are able to build out a team, you can focus on your zone of genius, while delegating the other tasks out to your staff.
While many entrepreneurs will eventually develop routines for certain parts of the day, other parts of the day can be spent doing tasks that are outside of the regular programming.
#2: Making the Hard Decisions
When you run your own business, a lot of things - and people - depend on you and the decisions you make every day. Decision-making is high-energy and emotionally charged work.
Should you scale? Should you grow your team? Should you drop your prices? Should you expand your product line?
Hard decisions can lead to stress and increase mental health issues. Be sure to take care of your health in your entrepreneurial journey.
#3: The Desire To Solve Problems
Problem-solving is an innate skill among entrepreneurs. There’s something about fixing an issue that gets an entrepreneur's minds racing.
In your journey, you will have good days and bad days. There will be times when you are consistently putting out fires and when things don’t go according to plan. Entrepreneurs have to be able to survive the highs and lows of that.
Additionally, it’s not just solving problems within your own business, but also finding ways to solve your customers’ problems. That’s basically the job description of a successful business: Solve a customer’s problem, which becomes a revenue-generating solution and hopefully a profitable business.
#4: Inconsistent Schedule
Whereas most people have a routine schedule for work and time-off, entrepreneurs usually don’t have a set schedule. Although times have changed and more self-employed people are pushing to have a better work-life balance, being a business owner means you have to work when needed…and that could mean weekends and holidays.
There are many established online entrepreneurs who have found a way to work shorter hours and still make a comfortable living…but to even get to that point will require a lot of upfront work with long hours, inconsistent schedules and sleepless nights.
#5: Inconsistent Income
There are many people out there who cannot fathom not receiving a steady paycheck each month. Most professionals have built a life around receiving consistent income. This means the type of home they live in, the vacations they take and the social life they create. After several years, professionals become reliant or dependent on this consistent income stream. The smart professionals have created savings and investments throughout their career so that if they lose a job, they have finances to live off until they find another job.
Entrepreneurs are a different breed. Many are able to stomach the financial inconsistency and turmoil while they build their business. The mindset tends to be the long play…that the financial windfall will be there after the hard work is done. And…if all the hard work doesn’t pay off, entrepreneurs are wired to start all over. They constantly live in a world of risk and uncertainty but are able to push forward because they truly believe they can succeed…eventually.
#6: Living In A World of Risk
As mentioned in the previous point, Entrepreneurs live in a world of risk. Every decision they make has a risk factor to it…from the type of business they start, to the customers they target, to the pricing of their product, to the operations and team they build, to the debt they take on and to the leadership style they impose.
There are no guarantees in life…and especially in entrepreneurship. You can have a thriving business for multiple years, but can become unprofitable because of a new regulation, or new technology, or even a cultural change. Even large companies that don’t adapt have faltered after being successful for so many years. For reference, research Blockbuster, Kodak, Blackberry and Sears.
To be an entrepreneur, you must have a risk appetite and be willing to take on the stress and uncertainty that comes with it.
#7: Constant Self-Development
Most successful entrepreneurs invest in self-development and self-improvement. They work out, read books and newspapers, and go out of their way to upskill. Entrepreneurs understand that there’s a stiff competition out there, so it is imperative that they keep sharpening the saw.
The moment you tell yourself that you know everything, is the moment you begin failing. There are many struggling or aspiring entrepreneurs who remain skeptical of investing in themselves. The common thought process is that self-development programs are a scam to sell a product.
Interestingly, only half of that is true. Self-development programs are a business and therefore are obviously selling a product. If there's anyone that should understand that and be okay with it…it’s entrepreneurs. So, it’s ironic and hypocritical for some entrepreneurs having a problem with a self-development program, solely based on the commercial aspect of it. As far as whether they are scams…well, there are always good ones and bad ones out there. It’s incumbent on you to do the research and decide which one is right for you.
That being said, you should always keep learning…and sometimes, unlearning. Many people have grown up absorbing bad advice out there. As you continue to develop, it’s important to recognize the bad advice and unlearn it.
Your takeaway from this article should be that entrepreneurship can be extremely rewarding and fulfilling…but you have to understand the lifestyle that comes with it, and you have to LIKE that lifestyle. It’s not for everyone and that’s okay.
Don’t get lost into what you may see on social media where entrepreneurs are standing in front of fancy mansions, expensive cars and sailing on yachts around the Caribbean Islands. That’s not entrepreneurship…that’s just flaunting of money. Additionally, you don’t need to be an entrepreneur to show-off, so make sure you get into entrepreneurship for the right reasons.
If your business does do well, you can live a very luxurious life on your own terms. Just remember that even after you business becomes stable, you will consistently have to adapt and pivot depending on the market and customer needs. Entrepreneurship is ever-evolving, therefore you should understand that you will always be working to improve your business and attain profitability.
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