When you become an entrepreneur, do you not lose on your current lifestyle? Isn't it a lot of sacrifice
It is quite probable that if you are an entrepreneur , you have been asked this question once .
To an entrepreneur who is faces a number of challenges , this is a very small one to worry about. When I had money to invest in stock market, I was often asked “Don’t you think fixed income return deposits are better? Isn’t stock market risky?”
To them my answer was “Yes it is risky but so is driving a car on the road and playing cricket with a leather ball”.
Why are we scared to make choices in the short run that can really make a difference in the long run? There were times when I earned a lot and use to save as well. I could have gone ahead and spent it all At those times, however I saved money because I knew I would need it later. I invested the money in my business when I quit my job. Thus an important lesson in life according to me is that we need to sacrifice even when the times are great.
Another aspect of being an entrepreneur is to defer short term gratifications , even to the point of frustration. If I want to buy something that I love and its not necessary, I probably will defer the buying.
Having patience is very important. At the end of hours of your work, if things do not move in the direction that you want, the first thought that comes to mind is “Life is not fair”. Well, it never was. It is we who have to decide how do we turn it to our favor. You would be handicapped one way or the other. You will probably not have everything at any point in your business. You will have to decide what you need to let go and what you need to hold in order to achieve your success.
In the stock market for example , I lost money most of the time. But I learned new things then.
I used to analyze stock market fundamentally. That means I had to learn financial concepts which can put someone to sleep in a few moments. But because of them I was able to understand terms like ‘cash-flow’, ‘profits’ and revenues .
Thus risk taking is part of the entrepreneurship. You should be aware of it when you make the decision to jump into it. You need to know that there will be hardships. You need to know that you will not make a salary for years.
Later on when you smell success, you will find that all the sacrifices you made actually added up to give you the success you desire. This is not just motivational talk but a reality. Think about all the successful entrepreneurs and you will see how hard they worked and how much they sacrificed.