It’s all-consuming running a company and you give up a lot of rest and relaxation. How to balance life and work? It’s a personal decision...or is it? If your passion is running your brain I think it’s figured out for you...you’re a candidate for entrepreneurship.
Recently I learned that a good friend was closing his business to join a CRO. Since I've been focusing this week on the role of the entrepreneur, it seems timely to share some of his reasons for walking away from a business he started five years ago.
There is a time in every entrepreneur's life that you come to a fork in the road. Do I stay, or do I go? Books and articles will explain why entrepreneurs walk away from the services or products they created and step back into the traditional workforce. Some do it to recharge, some want to escape isolation, and others reconsider normal hours. But will they be happy working towards another entrepreneur's dream and goals?
For my friend, his family time is a consideration and then there is the question of whether his investment in himself will ever pay off? I got the sense that if he were a single man without family responsibilities, he may have stayed in the game. There was also a hint of some peer pressure referring to others working in the CRO business making good money, vacations, and time with family.
Most small business owners find themselves thinking about the path forward at their 5-year anniversary mark. Then the itch comes again a few years later. But something happens after the 10-year mark, maybe you figure you're in too far, so you keep going and breakthrough. Either path you take, staying in or getting out, you're a winner if you are true to yourself. And others win as well because there are no regrets.
A lot must go into your decision process for considering entrepreneurship. Money, family, and your health. But let's not forget about some of these as well:
P A S S I O N - Early on, try to identify your passion in life.
D R E A M - Take time to think, dream, and explore. Read about your interests. Visualize your future lifestyle and see if you can put a picture to your thoughts.
T A L K - Surround yourself with people who could be mentors.
O B S E R V E - Work alongside an entrepreneur. Let them know you would like to run your own business or that you have ideas of a company you may want to start. Don't give too much away but shadow them and learn about ALL that it takes to own your own business.
The biggest challenge of owning a business is the hours you work; this is what I think my friend was talking about needing quality of life.
If staying up through numerous nights with fellow developers to launch a new product gives you a great feeling of excitement, then you have something different. You want to follow your passion and see it through. This cannot be contained in a 9-5 job. I know we hear it's a good idea to rest but I believe entrepreneurs have an overabundance of passion that turns into energy that needs to be put to work. Good luck to my friend in his new job!