« Previous Entry | Main | Next Entry »

Success | September 3, 2007

It Can Be Lonely at the Top

Posted by Joanna Meiseles at 7:48 AM

The life of an entrepreneur can be lonely. It is often hard to find people in the real world who understand what we go through. It's not like having a regular job, where if you don't like your boss or things are not going your way, you can just quit and find another job. No, entrepreneurs who are building businesses can't just quit. It's like having an extra child, a "brain child" that is so much a part of you, you can't let go. Unless you are an entrepreneur and have lived it yourself, it is difficult to understand.

I am often asked to give advice to people with inspirations or talents they want to turn into a business. I also sell franchises of my business to entrepreneurs across the country. Although I am eager to grow my business, the advice I always give is this: If you're not up for a 24-hour-a-day major obligation that takes both a financial and emotional commitment, don't do it. If you are looking for a lifestyle business where you can have a happy work/life balance, don't start one on your own. Of course, it's different if you are going to be a sole proprietor, working on your own terms and your own time frame -- an independent decorator or jewelry maker, for example. But if you are thinking of starting a retail operation where you are committing to a long-term lease and full-time employees and demanding customers (hopefully lots of them), then a lifestyle business is not what you are after, and you should be prepared for a major commitment. I might have lost a franchise sale or two, but I want my franchisees to know what they are getting into, and in the long run it pays off.

I also recommend to my franchisees (and I do it myself) to network with other entrepreneurs. As a franchisee, there is a built-in system for communication and networking among business owners. I strongly encourage franchisees to take advantage of the collective wisdom of the group. That's the whole idea behind franchising -- you're in business for yourself but not by yourself. As a true entrepreneur, going it alone, it can be difficult to find that network of peers unless you join an organization or a group. I have been a member of EO -- Entrepreneurs' Organization -- for over two years now, and I find it incredibly valuable and motivating to sit with other entrepreneurs and share experiences. Some members are extremely successful, and others are struggling, but we all share many things in common. Whether your business is haircuts or software or professional services, we all share the same struggles. With such diverse businesses, we all deal with the same issues -- employee issues, vendor issues, financing issues, acquisition issues, partner issues, and the list goes on.

As a business owner, you can't talk to your employees about these issues -- sometimes you can't even talk to your spouse or your friends. Unless they have lived it -- the blood, sweat, and tears of owning your own business -- they just can't relate. A peer group is essential for survival and camaraderie in the world of entrepreneurship.