The misconception that some people have about entrepreneurship is that it is a career, rather than approaching it as a lifestyle.
According to the Small Business Administration (SBA) Office of Advocacy’s 2018 Frequently Asked Questions, about half of all businesses survive for five years or longer, and about one-third survive ten years or longer.
Though these statistics have improved over the years, entrepreneurs are still at high risk of failure.
This failure is in part due to entrepreneurs approaching their business as one would a 9-5 career. The reality becomes overwhelming; the revenue is never enough, and the approaches are all wrong. When entrepreneurship is approached as a lifestyle, entrepreneurs understand their businesses need to be attended to before 9 am and way after 5 pm. There is no vacation time, or clocking out after the sun goes down for at least the first few years. One may think of it like a newborn baby who needs around the clock care and attention. Being a new parent or entrepreneur means your lifestyle will change.
Outside of Work
An entrepreneur lifestyle is a way of living, expressed in both work and leisure behavior patterns and activities, attitudes, interests, opinions, values, and allocation of income.
You are always on.
You represent your business when you are at the office, beach, coffee shop or school. Being aware that your brand can either help or hinder your business should always be taken into consideration when at the crossroads of a controversial decision. As we have seen in the media lately, the personal life of an entrepreneur is not separate from their professional life.
Make your choices wisely.
Potential customers or clients are watching. Everyone has an opinion. The wrong tweet could bankrupt you. Thick skin and a solid team are vital to wading the tumultuous waters of entrepreneurship.
Entrepreneurs need to be aware of the over-romanticized life that social media has painted concerning entrepreneurship.
Business meetings at SoHo House, workcations on the beach and getting million-dollar evaluations rarely happen the first few years of the business’s life.
Late nights, early mornings, lack of cash flow, customer acquisition, and market uncertainty plague many entrepreneurs after launching. Plan to be a lifestyle entrepreneur rather than a career entrepreneur. In the beginning, dedicate your life to the business with an effective exit strategy.
The exit strategy will ensure you eventually enjoy the fruits of your labor. Create a company that lives long after you are gone. Longevity is a sure-fire way to create generational wealth for your family.