4 Sacrifices Every Entrepreneur Must Make When Starting a New Business

An honest look at setting out on your own

(Image: File)
(Image: File)

Nowadays, social media has given a lot of people a false sense of reality on what it takes to build a successful business. But most entrepreneurs would agree, it takes blood, sweat, and years; a whole lot of sacrifice to start and grow a company.

Whether you’re on a mission to change the world or become the next billionaire, here are four sacrifices entrepreneurs must make:

[Related: 5 Reasons Entrepreneurs Should Cultivate Emotional Intelligence]

Time – Entrepreneurs have a great deal of freedom. But time can be your biggest asset or your greatest liability. Get disciplined, keep a to-do list, and make sure you create a clear schedule for getting things done. Eliminate distractions such as social networks and avoid time killers such as surfing the Internet, regularly scheduled meetings, and emails. Figure out the task that only you can do and delegate or outsource when needed. Implement systems, such as WAVE Accounting and bookkeeping software to help streamline your processes. And if necessary, hire a business coach to help guide you through the process.

Comfort – What if it doesn’t work out? You’ll get asked this question a lot from family, friends, and even strangers. The reality is, it may not work out. But entrepreneurs understand they have to ‘get comfortable with being uncomfortable.’ There’s no common blueprint. You’ll deal with challenges and setbacks and figure it out as you move along your entrepreneurial journey. But remember, the people who think they are crazy enough to change the world, are the ones who do.

Income & Benefits – With entrepreneurship, you give up the safety and security of health insurance, retirement benefits, and other employee perks. Many entrepreneurs have used their homes, personal savings, and loans from friends and family members to keep their businesses afloat. But despite the help, there are no guarantees that the business will be successful. If you’re an aspiring entrepreneur, think about starting a savings account to cover your living and business expenses for a certain period of time.

Social Life – How bad do you want to be successful? You’ll have to be prepared to give up vacations, parties, dinners, trips to the salon, family events, etc. “Everybody hustles like there’s a tomorrow, but I hustle like there’s only one more second left. Self-accountability is the #1 habit that contributes to my success. But I can make money; I can’t make time. I missed time with my kids and my mother.” ~Sean Diddy Combs. This is the experience and mindset of a successful entrepreneur. Are you prepared to make these sacrifices?

Beyond giving up the security of a full-time job and social life, the entrepreneurial journey is about being disciplined, consistent, and confident in your abilities.  James Allen said it best, “There can be no progress nor achievement without sacrifice, and a man’s worldly success will be by the measure that he sacrifices his confused animal thoughts and fixes his mind on the development of his plans, and the strengthening of his resolution and self-reliance.”

So, what sacrifices have you made to become an entrepreneur?



3 Responses to 4 Sacrifices Every Entrepreneur Must Make When Starting a New Business

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