When people talk about starting their own business, the fear of the risk involved is often the key factor holding them back. There is an assumption that launching a business is akin to gambling – one unlucky roll of the dice and everything will come crashing down. They believe that anyone willing to go out on their own must have an incredible tolerance for risk or a substantial lack of fear. In fact, the most successful entrepreneurs are relatively risk-averse. There is a lot at stake when you put everything you have into the next great business idea, and true entrepreneurs work hard to mitigate every potential threat before it becomes an issue.
Four of the most common risk-related concerns are financial, lifestyle, career, and ego. Of course, there is some inherent risk in going out on your own, but there are legitimate ways to manage and mitigate those threats. This article discusses the realities of lifestyle risk and what you can do to manage that risk before you dive in to the world of entrepreneurship.
The perceptions of lifestyle risks tend to be relatively accurate. Most people understand that starting a business requires sacrifice – time, spending habits, heightened stress. During the early stages of any new business, the founder is going to spend every waking moment and a good portion of sleeping time obsessing about all that needs to be done. Your time may be more flexible, but for every one of your kids’ soccer games you attend, those hours of work will likely be made up in the wee morning hours. The responsibility of entrepreneurship can weigh heavily as well, leaving many business owners a walking ball of stress. And, depending on your financial situation, you and your family may be enjoying Ramen noodles for every meal during the earliest stages of your venture.
The trick to handling these lifestyle changes is to acknowledge their reality and consciously manage them as best you can. Keep the lines of communication open with your spouse or partner, family and friends. Become obsessive about managing your time and what needs to be done next and work through your to-do lists as efficiently as possible. Know that you will be working 82 hours a day most days and that you will constantly feel under pressure. Then make a plan to deal with those facts.
Give yourself a break. Do the things that you need to do to take care of your physical and mental health. Block out time to exercise, schedule important family events and treat them like mandatory meetings. Keep a pen and notepad with you to jot down ideas or tasks that are distracting you. If you are feeling particularly stressed, take a step back and do something that relieves stress for you. At the start or end of each day, reset your priorities and make a plan. Be realistic about what you can accomplish in a day and focus on completing those tasks. Reward yourself when important milestones are reached.
Starting a business does come with substantial changes to your lifestyle. Most entrepreneurs go from a basic 9 to 5 work-a-day existence to a constant focus on their startup. You and your family will likely need to tighten your belts for a few months and high stress is part of the deal. But charging right through these risks is the best way, if not the only way, to reach the other side where your financial and personal independence will know no bounds.
A favorite quote around this office is “Entrepreneurs are people who are willing to live like most won’t so they can live like most can’t.” Of all the risks associated with starting a business, many fear the lifestyle risks the most.
You may also like
- Total visitors : 1,865
- Total page views: 2,016
Recent Posts
- “Elevate Your Home Contemporary Renovations Trends”
- Stylish Entryway Interior Design Make a Grand Entrance
- “Cozy Up Your Home Unbeatable Furniture Sale Deals”
- Opulent Accents Luxurious Home Decor Ideas for a Grand Space
- Chromatic Walls Creative Paint Designs for Your Space
- Cozy Family Room Layouts Maximizing Comfort & Style
- Explore Mid Century Modern Furniture Stores Near You
- Rustic Charm Cottage Style Furniture for Cozy Living
- Elegant Drawing Room Arch Designs for Stylish Interiors
- Streamline Your Move with Expert House Removal Services
- Transform Your Outdoor Space Garden Accessories Galore
- Simplify Your Move with Trusted Household Removals
- Kitchen Renovation Costs Budgeting Tips & Estimates
- Elegant Dining Inspiring Decor Ideas for Your Space”
- Tranquil Trail Creating a Serene Front Yard Pathway
- Espresso Elegance Stylish Coffee Bar Cabinet Designs
- Elegant Comfort Exclusive Model Home Furniture Deals
- Warmth and Style Combined Electric Fireplace Inspiration
- Revamp Your Garden Fence Paint Ideas & Inspiration
- Contemporary Chic Unveiling the 6 Table Collection
- Cozy Bedroom Decor Warm & Inviting Ideas for Comfort
- Move with Ease Tiny House Movers for Your Mobile Home
- Country Cottage Charm Furniture for Rustic Elegance
- Your Local Solution Top Home Removal Companies Near Me
- Explore Stylish and Affordable IKEA Home Furniture
- Coastal Elegance Nautica Home Furniture Sets for Every Room
- Elevate Your Outdoor Space with Noble House Patio Furniture
- Trusted In-House Movers Hassle-Free Relocation Solutions
- Affordable Sofa Prices Find Your Perfect Piece Today
- Embrace Coastal Elegance Modern Furniture for Your Home”
Categories
- About
- Business
- Business Checks
- Business Checks
- Business Ideas
- Business Ideas
- Business Insider
- Business Insider
- Business Letter
- Business Letter
- Business Line
- Business Line
- Business News
- Business News
- Business News Articles
- Business News Articles
- Business Owner
- Business Owner
- Business Plan
- Business Plan
- Business Website
- Business Website
- Business Week
- Business Week
- Economic News
- Economic News
- Finance
- Financial News
- Financial News
- General Article
- Google My Business
- Google My Business
- Income
- Money
- Online
- Online Business
- Online Business
- Opportunity
- Opportunity
- Profit
- Profitability
- Small Business
- Small Business
- Small Business Ideas
- Small Business Ideas
- Starting A Business
- Starting A Business
- The Business
- The Business
- Uncategorized
Product Differentiation
Innovation Strategy
Market Demand
Corporate Strategy
Business Growth
Investment Strategy
Casino Taxes
Casino Employees
Casino Uniforms
Casino Security
Casino Safety
Casino Policies
Fashion innerwear
Fashion runway show
Fashion presentation
Fashion exhibition
Fashion event
Fashion showcase
Porch Staining
Awning Staining
Roof Staining
Furniture Staining
Cabinetry Staining
Flooring Staining
Emotional wellness
Psychological wellness
Mental balance
Emotional balance
Psychological balance
Stress management
Pad
Crash Pad
Den
Nest
Hive
Lair
Crib
Hangout
Risk
Exposure
Vulnerability
Threat
Catastrophe
Disaster
Safari
Journey
Excursion
Trip
Tour
Travel