Is Work-life Balance Possible for Entrepreneurs?
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Entrepreneurs make great sacrifices to start their businesses. Many have given up their social lives and personal savings because they believed in their ideas. Sadly, most companies fail within five years, which is devastating for entrepreneurs who give their all. Still, one failure shouldn’t stop a passionate entrepreneur from trying again.
Without such drive and attitude from their lot, the world won’t have Amazon, Disney, GoPro, and the light bulb. The founders of these businesses had failed numerous times before anyone gave their ideas a shot. Hence, entrepreneurs knew better than to stop trying after one setback. However, being overly dedicated to their business ideas also affects an entrepreneur’s personal life.
An entrepreneur must live and breathe their business. It’s the only way for them to succeed. Managing a business halfheartedly might allow them a better social life but at the cost of a failing company. But how will entrepreneurs achieve work-life balance if they give 100 percent to their businesses?
The Truth About Work-life Balance for Entrepreneurs
Bill Lavidge, CEO of Lavidge, an advertising agency based in Phoenix, Arizona, shared the top 10 business lessons he’d learned over his long career. The tenth lesson was “Work-life Balance.” But surprisingly, he said that work-life balance didn’t apply to successful entrepreneurs.
Indeed, an entrepreneur doesn’t have the luxury of a nine-to-five schedule. They can’t just leave work at a particular time and have fun after. Their weekends aren’t entirely free either, because those are the days for new ideas and more workload. If you work in an office, you’ve probably noticed that your company’s CEO is the first to arrive and the last one to leave.
The truth is, work never ends for an entrepreneur. But since they are doing what they love, working doesn’t feel like a job to them. They see managing their business the way an artist sees creating art. When they work, they’re in their element.
Work and life sit together for entrepreneurs. This doesn’t mean they can’t have a life outside of work. Instead, their lives outside of work should co-exist with their overall experience. They can still meet their friends and hang out with their families. But those activities don’t take the sweat away.
Does this mean entrepreneurship will doom you to a life of endless work? Though you’ll constantly be working, you won’t be doomed. If you love what you do, work is far from doom. You won’t dread going to the office or waking up early. On the contrary, managing your heart might feel like a trap if your heart isn’t in your business. You’ll be looking for a work-life balance that doesn’t exist. Since the balance in your case is merging work and leisure, a company you don’t love will tip the scales toward what feels like doom.
The Effect of Entrepreneurship in Your Personal Life
Each entrepreneur deals with their personal life differently. Some willingly give up family time because the business is their priority. Single entrepreneurs might have difficulties finding a partner. Entrepreneurs in committed relationships might find themselves often sacrificing romantic dinner dates for late-night meetings with the team.
Financial instability is another struggle entrepreneurs commonly deal with. Starting a business requires capital, which comes from personal savings or debt. Spending their own money makes an entrepreneur penniless for a time. At the same time, borrowing adds pressure to the business because failing will mean an unpaid debt.
Also, entrepreneurs don’t immediately earn from their businesses. It takes time for their profit to make a change in their lives.
Thus, an entrepreneur has it rough during the early days. But as their business grows, their freedom increases, allowing them a more prosperous life outside of work.
Finding Time for Fun
As the work-life balance doesn’t apply to entrepreneurs, they should work with what they have: control. As their own boss, they can choose when to work and have fun.
If their workload affects their ability to have fun, they can work with a professional life coach. A life coach will help them set and achieve manageable goals. They will motivate a client to always play to their strengths. If an entrepreneur is good at planning, they can use their free time to plan a trip with their family and friends. That can tick off two goals: to go on a vacation and spend time with loved ones.
A life coach can also help entrepreneurs with their businesses. They can recommend strategies that allow the company to get better results without the entrepreneur’s 24/7 involvement. That way, other people in the team can shine, motivating them further to stand on their own.
A perfect work-life balance might be unattainable, but happiness isn’t. Hence, entrepreneurs are still blessed.