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March 4, 2021

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The Price to Pay as an Entrepreneur

3 min read
Price to Pay for Freedom

The Price to Pay for Freedom as an Entrepreneur

Entrepreneurship is all about the pursuit of freedom. Freedom comes with a price and that price can take a toll on many who are not prepared for the journey. Before you start the path towards making your dreams a reality, understand the road ahead. These are the 3 main prices an entrepreneur must understand and evaluate when starting a business or bringing an idea to concept.

Financial

Expect a roller coaster ride. In the beginning stages of building your business or in periods of accelerated growth it can feel like you go broke every month. The uncertainty of not having a steady income requires that you get crafty with how you handle cash flow. Let’s be totally honest, if taking your vision or dream to reality is what you are ultimately trying to do, you must put the work and the grind in over a period of time. You are not going to escape the process. How does it really feel to work 80 hours for the equivalent of a 40-hour paycheck or even less? Broke, tired and overwhelmed is not a good look for anyone. Are you prepared to pay the price to attain your goals which includes freedom?

Lifestyle

Everyone gets 24 hours in a day, so something must give here. If you are going after your dreams, that requires a serious time commitment and one that knows no time clock. Things are going to be sacrificed, the question is where and how much? Nothing is going to make you feel worse than being stretched in every direction trying to please everybody while building the business. Friendships, relationships and other connections will all see a decline in time and interaction. Also, if you have neither the time nor the money to go out while building your business, expect to be home working while others are out. This lifestyle does not have to last forever but it must be a priority if not a necessity in the beginning. 

Psychological

This is one that is not as easily admitted for most entrepreneurs. If you run a business, expect stress. That stress can lead to emotional turbulence. Entrepreneurs deal with the constant fear of failure while juggling so many roles and are always dealing with countless problems and setbacks. Sometimes it can feel like the walls are closing in and that takes a toll of mental health. Complicating the situation, entrepreneurs in the early stages of a start up or at growth periods can neglect their health with bad eating habits, little sleep, no exercise all of which can trigger mood instability. This is probably the most dangerous price and one that should not be overlooked or underestimated.

There are ways to mitigate the overall impact or costs by being prepared going in and being able to effectively pause and reflect at times to make sure you are taking care of yourself and your life. The beginning stages of any business is really about a survival period. If you understand what it will take, it is much easier to confront and deal with during the actual journey. 

Millionaire Mindset Life

Written by Mike Amos

Founder and active contributor of millionairemindset.life 

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