I’m often surprised when I talk to people interested in starting their own businesses. When asking about my own experience as an entrepreneur, they’ll say to me “you’re so lucky” or “it must be great to be out of the rat race.” Statements like this make me smile because they couldn’t be less true. Luck has nothing to do with it … and the rat race, while different, is faster than ever.
That’s why I wanted to share the realities of being an entrepreneur. First, a disclaimer – at the end of every day, I wouldn’t trade my current situation for any other option, and I am grateful for my success and my ability to continue doing what I truly love. However, being an entrepreneur is not the easy, carefree career path that many believe. It’s actually quite the opposite; when everything is invested in your own business (time, money, passion, creativity) it can border on obsession! And when you work from home (or your spouse or family members work with you), you rarely, if ever, leave the office—at least from a mental standpoint.
Let me start with a few hard truths of being an entrepreneur:
It’s stressful. If you think meeting a boss’s deadlines or demands is tough, try meeting your own—especially when your personal savings is on the line, you’ve already taken out a second mortgage, and your credit cards are all but maxed out. Or even worse, you’ve borrowed money from family and friends and you’re on the hook to pay them back, ASAP. This type of pressure lights a fire under even the most laid-back personalities. Not only will you feel the pressure of getting your business off the ground; you will feel the pressure to do so quickly, so you can have some semblance of financial security back.
It’s never-ending. Yes, it can be thankless to work for someone else, knowing your skills and talents are ultimately making someone else a bundle. But in most jobs, you can leave the work behind when you go home to enjoy your family, your hobbies, or your friends. As an entrepreneur, the workload can be intense, especially during the early stages when you are the CEO, the CFO, the HR person, the Sales staff, the marketing guru, the tech guy, the office manager, and the janitor – all rolled into one. With all these roles, there is rarely a moment that you feel your work is “done” for the day; there is always something more you could be doing, like researching new markets; writing press releases; contacting new media; cold calling new sales outlets; developing new products – the list goes on! And that can tend to eat away at time formerly devoted to family, leisure activities, workouts or relaxation—it’s a difficult balance to strike.
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