Paying the Price of Entrepreneurship

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The promise of being an entrepreneur is that you get to have the life you truly want. Time with your family, being there for your kids, working only the hours you choose and having the things you desire. In short, freedom! Sounds really great and for all of us who have taken the leap, it is inspiring to look at the world believing that this is what is going to happen now that we have become an entrepreneur. 

Then something else happens. Reality – if you will – sets in and things get a little rough around the edges. The money isn’t flowing the way we need it to. There is a bunch of stuff to figure out that is almost impossible to sort through, and even though we are now in charge of our time, we don’t really know the best way to manage it.  Spending time with loved ones isn’t happening, and things don’t feel very free.   

Paying the price of entrepreneurship is like paying your $20 at the door when you go to a club.  It is the price of admission and every entrepreneur will pay it. It is otherwise known as the learning curve and there is nothing wrong when this happens. Unfortunately, though, most who have decided to hang up their sign and become the self-employed are unprepared to pay it. 

Let’s talk dollars and sense!  I highly encourage you to get out there and go after your dreams of being in business for yourself. It does hold the promise of freedom if you are willing to take a moment and pay the price, work through your learning curve and keep showing up. You do that and you could become the next self-made millionaire. There aren’t too many jobs that can offer that too you, however, I stress the point that you will pay the price for taking this leap.  

The price is as follows:

1. You must have an over the top level of faith. Faith in yourself, faith in your higher power (whatever that may be to you) and faith in your endeavor, don’t ever step out into the world of being an entrepreneur if you don’t believe in what you are doing.  Being scared is ok, but belief/faith is a must. 

2. You will probably have to go easy on the extras for the first while. This doesn’t mean you can’t enjoy life, it does mean that you will want to give a little more consideration to what you must have and what you don’t really need.  Do not fall into the trap of using credit cards to treat yourself because that is not something that will increase your growth, only your debt.  

3. Have a conversation with your family, (spouse and kids) explain to them that you need their support and invite them to assist you, at whatever level they can, even if it is just by respecting your “office hours”. Make a deal with your spouse about social time, family time and date night. If you do this in the beginning, things are a whole lot smoother. 

4. Use credit to grow your dream and do so with a strategy.  Think through what you are doing, where the money is needed and where the money will be coming from to pay off the credit you are using.  Profits and return are something to become very familiar with. Spend money or use credit with the understanding of “What will this make me?” 

5. Understand that your vision is your asset and can be your point of inspiration. Keep it clear and in front of you. This can be a business plan, or what I prefer to call a vision plan.  

6. Commit to a schedule right away because its way to easy not too!  It may take a few adjustments, but getting your hours set and following through is essential. 

7. Take care of your marketing.  You must market yourself, your business, product or service, or you won’t be in business.  Make sure you have a game plan for this or wait until you do. 

8. Celebrate every win and realize that every failure is a lesson and each lesson leads you to a win. Welcome failure, fail with grace and learn the lessons. Keep moving forward and celebrate yourself.  

And finally – this is the big one: 

9. Give yourself permission to succeed.  See yourself there, having all the things you desire and keep that vision as close to you as breathing.  This is what will have you show up and get things done.   

The price you pay for entrepreneurship is for you to become the absolute best version of yourself, step-by-step. 

There are many tools and tips online, personal development, books, audios, all designed to assist you in attaining what you truly desire. There are tons of resources and many mentors, like myself, available to assist you in every way imaginable.  

There is no reason you can’t be successful when you take the leap, it’s only when you allow doubt, fear, and lack to overwhelm you that things can go badly. But the good news is, even when that happens, you always have a choice.  

The final thought I will leave you with is this; everything I have written about here may seem pretty basic, and perhaps it is. It is the basics however that lay the foundation for your future. Sometimes we all have to go back to basics in order to remember who we really are.