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 …
Why the Lifestyle of an Entrepreneur Is No Longer a Lonely Road
Laura June 25, 2021 ArticleIn a recent article written by Marty Zwilling (Entrepreneur: Challenge Yourself Before You Invest), he discussed several risks of starting a business. One of the risks he stated was: “Being a startup founder is not a job, but a lifestyle, getting married versus staying single. In fact, it’s more like being single, since founders usually have no one to lean on, no one to make decisions for them, no one to blame, and no vision to follow but their own.”
I completely agree with this statement and propose this question to the audience: When starting a business do you need a business mentor?
The simple answer is “Yes” and here are several reasons why:
Someone to be answerable to. It is often too easy for an entrepreneur to procrastinate when it comes to performing tasks that consume a lot of time, are boring, difficult, etc. A business mentor will help keep you on track by continuing to ask what your goals are and pushing you to succeed.
Someone to help you refine your business ideas into reality. You have great ideas… some of them; however, are raw and need refinement to be put into reality. A business mentor has the experience necessary to help you hash out the details of your idea and bring it into fruition.
Someone who can bring a wealth of new ideas to your business. A business mentor has been there before and understands what works and doesn’t work. As an entrepreneur your goal is to learn as much as you can and then use the lessons he/she teaches you to grow your business and become successful.
Someone outside looking in. As an entrepreneur, one of the hardest things to do is take a step back and see your business from an outsider’s point of view. A business mentor is an excellent resource to get this pivotal feedback.
There are many reasons why an entrepreneur should find a business mentor; however, how do actually find a business mentor? When looking for a business mentor the first place to check is your friends and family. As people who know you extremely well and vice versa there should be a level of trust already established. This should allow you to comfortably ask the question, “What do you think about this?” If friends and family are not for you, these are some other options available: SCORE, people in your extended network, complete strangers, indirect competition, industry leaders, and paid consultants.…
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