Entrepreneurship is a labor of love. Although you make your own rules and implement your own ideas, I can assure you that it has not been easy every step of the way.
When running your own business, you often have to make personal sacrifices to ensure the success of your business. These sacrifices may be difficult choices, however, they are an investment in your company that will yield future benefits.
In creating and running a new business, you will be sacrificing both your security and stability. As you first start out on an entrepreneurial path, you will not know where your business is headed until several months later. After the beginning days, a new business takes on a life of its own. Where it may end up, is yet to unfold.
Be prepared to run into unpredictable issues, which could range from not having enough working capital to a broken water pipe. Although things may seem rocky at first, keep in mind that in time your business will stabilize. Especially after year one.
Along with the sacrifice of stability, an entrepreneur should expect to forego a large salary, at least for the first few years. Much of the money you make will be invested back into your business. You may even find yourself cutting back on the initial salary you intended for yourself. 48% of entrepreneurs and executives from 300 fast-growing businesses in the United States admit to cutting back their own salary to benefit the company.
Another sacrifice that entrepreneurs often have to make is giving up a traditional work schedule. A new business can be compared to a newborn; it will demand your attention at all times. Work life and personal life become blended together. More than 85% of entrepreneurs work over 40 hours a week, and that often includes weekends. Working Monday through Friday from 9 to 5 will become a foreign concept to you as you grow your business.
Being the boss means that you’re going to make decisions that you have never faced or even imagined. You will find yourself often having to step out of your comfort zone to tackle the challenges that come along with running a business.
Though you’ll be giving up some comforts and practices that you’re accustomed to, these sacrifices will yield results and give you a sense of accomplishment in having created the business yourself. As the businessman, Robert Kiyosaki once said, “Everyone can tell you the risk. An Entrepreneur can see the reward.”