Entrepreneurship gives you the opportunity to make a mark on the world and improve people’s lives. It gives you the opportunity to have financial freedom and, more important for me, the freedom of my time. Before you arrive at that place of satisfaction and fulfillment, though, you will almost certainly have to make sacrifices.

1. Hands-on relationship to the work you love.

Many people choose to go into a business because they love some aspect of it: a chef opens a restaurant, a journalist runs a newspaper, or an actor moves into movie production. Because there are so many other aspects of running a business, including recruitment, sales, bookkeeping, marketing, human resources, and more, an entrepreneur is likely to sacrifice a hands-on relationship to their trade. They become an administrator.

2. Income.

Since startup funds are often limited, you may have to use personal savings or income from other work. Plan ahead for these possibilities -- obviously, you can’t live without income, especially if you are responsible for a family.

3. Time control.

Many people who go into business expect they will be better able to control their own time when they are the boss. That’s not necessarily so. A new business requires a tremendous amount of time and energy, and exactly how much time and when isn’t always predictable.

4. Security.

Of course you will plan as carefully as possible to provide some kind of security for yourself and your family while you start your new business. This planning includes feasibility studies, marketing studies, and a business plan with measurable goals and objectives. On the other hand, things happen that aren’t always predictable. Can you and your family sacrifice a sense of security for a time?

5. Social life and relationships.

You will want to do everything you can to minimize the impact on your social life and relationships of starting your new business, but it is inevitable that the stresses of a startup will affect everything you do. Plan to work hard at maintaining open communication with friends and family. You will need their support in the good times and bad.

You can prepare mentally and practically for these sacrifices. Think about them carefully to make certain you can accept and manage them, and plan how you will accommodate them. Good luck in your enterprise!

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Published on: Sep 24, 2015
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