Being An Entrepreneur – Looking Out For Yourself
Thinking on behalf of their company is something that every entrepreneur will have to get accustomed with. A startup or business is legally a separate entity and it is important for every entrepreneur to draw the line when it comes to protecting their own interests and the interests of the company that they’ve started.
Rule #1 of Being an Entrepreneur
Most of us Entrepreneurs will learn this lesson quickly. Though entrepreneurship may involve a lot of personal anguish, hard work and sacrifices, it is important to protect yourself and your interests too. Why? Because being the founder of a company is a long term investment of time and effort. You’ll have to ensure that you are spending the right amount of time and only that on your business without burning yourself out. Remember, without you there is no business (at least in a startup) and it is crucial that you’re alive and kicking every time your business needs you.
Rule #2 of Being an Entrepreneur
Health Is Wealth- Literally
Many entrepreneurs take their own time and effort for granted when it comes to giving that all essential boost to a startup’s momentum. While this is very important for seed stage startups, it is equally damaging for the founder when carried out over a longer frame of time. You’ll notice by experience that it makes sense to take some time off at least once a week or just get out of work and head out and get a breath of fresh air at least once a month. While your mind is well prepared to take on the pressures of starting up, the same cannot be said about your body. Getting the right amount of sleep and rest every day is far more effective in the long term than falling sick and pulling out of business for a week.
Rule #3 of Being an Entrepreneur
Family And Friends Won’t Understand
It is not uncommon to see excited entrepreneurs talking about their startup 24 x 7 to everyone they come across. This is not a very good habit to have and it is important for every entrepreneur to come to terms with the fact that family and friends may not be as excited about your start up life as you are.
When I started my startup I remember feeling alone… being an Entrepreneur is a lonely journey. Family and friends probably won’t understand. Just accept that..
Family and friends can be a great pillar of support during tough times, and it is important to spare them from the daily grind of your startup for a time when you really need their help. Family and friends need also not be the right kind of people to discuss your work related problems with. While this might be okay when you have a job, starting up is a completely different story. Unless your Fs have some sort of startup experience or background, the chances that they will be in a position to help you make the right decisions and solve your worries are slim. Don’t kill your network with company advise- rather keep it alive for when you really need something.
Rule #4 of Being an Entrepreneur
Take The Money… If It’s There
Entrepreneurship, and especially bootstrapping a startup, does not necessarily mean that you as an individual need to live life on the street. Take that all important call and ask yourself if it is really worth it. It is always a bad idea to jeopardize your dependents (if you have any) for the sake of your startup – purely because that would be viewed as selfish. If you know that your startup is not going to be profitable from day one, then it is up to you to safeguard your own financial position before you take the plunge.
Once your startup is ramen profitable, take home a startup CEO salary that you deserve for the time that you have invested, and you will see that you will subconsciously be more motivated to give back to your company. Check out this article on the average startup CEO salary.