Until you have plunged into the entrepreneurial world, you may have a false sense of reality regarding what it takes to attain success in business. My brothers and I didn’t realize some of the challenges that were ahead of us when we were setting up our business. We concentrated so much on the formal issues of starting a business including issues to do with funding, setting up an emergency fund, finding a market, defining our brand, and so forth. However, we did not know that there was also the informal life of business. These three sacrifices have made us survive in our partnership business.
All three of us has a family and therefore, the needs are different. I have found out that at times, we may not all be available to run the business. We therefore have helped each other by dedicating extra time when one of us is not around whether meeting family issues or personal needs.
Incomes and benefits
Being an entrepreneur comes with a set of financial challenges. There are times, even when we have set up an emergency fund, we find that we need to channel in more cash than the business has. I know that it may not be a wise idea to tap into my personal savings, but at times, we have been compelled to take what we have saved and contribute towards the business.
For example, when we are launching a new product in the market, we may not have the money to handle this activity. We discuss possible ways to fund such financial needs and have, at times, had to chip into our pockets and savings accounts to raise money for the business.
We all love having fun and socializing or spending time with our families. Sometimes however, you find that the business requires us to dedicate more time. When we have a lot of business related tasks to handle, we work extra hours and on weekends. At times, we have been forced to give up on things like parties, vacations, trips to barber shops, or attending a family event because we have no time. I have discovered that if you are going to be successful, you have to make sacrifices— that’s the mindset of an entrepreneur.
When I look back where we started, I remember there were days when I arrived home at night and didn’t have enough time with my kids because I would find them already asleep. Although we run a business together, each of us has personal and family ties, which take a considerable amount of time. We have been able to support each other whenever there is an issue that requires one to be away for family or personal undertakings.