Entrepreneurship Demands Full-Time Dedication: Are You Ready to Commit?

The new "in-thing" is being an entrepreneur and starting a business. Whether you are an influencer, offering consulting, life or business coaching services, or selling a product, you are part of the trend. United States is known for its dedication and support of capitalism. The idea that a business can be started in less than a month's time is fascinating. There are advertisements, lectures and webinars from business coaches and mentors offering the secret to tripling revenue in a matter of a few years or less. Who would not want to be an entrepreneur? Be your own boss, live your life as you see fit and earn just as much or more than working for some else. Entrepreneurship has become a lifestyle. The dream of taking direct control of your personal and financial future based on an idea designed, developed and/or promoted by you is captivating. I agree and was bitten by the entrepreneur bug; however, this lifestyle comes with significant challenges.

Entrepreneurship is not a part-time job

Many first-time entrepreneurs mistakenly believe they can balance a full-time job and on a "part-time" basis start and grow a business. In actuality you have two full-time jobs. Even if your business is a consultant or brand ambassador for someone else, success still requires planning, execution, analyzing results, adjusting the plan and repeating the process without ceasing. Owners may see a business as part-time due to receiving assistance with brand awareness, marketing, and other strategic planning and/or operational tasks. They attribute the provided resources as one or two tasks off their plate, i.e. reducing their commitment time. However, to be financially successful, and control your future, full time dedication to your business is a "must". There are no short cuts. Be grateful for any support but it should not decrease the owner's commitment. We all hear success stories of those who began small and now earn mid six figures in, what appears to be, a short matter of time. What we should focus on, as we listen to those stories, is the intense commitment and sacrifice required to overcome challenges, and setbacks. Full disclosure many successful entrepreneurs report working over 70 hours a week during the initial launch phase. Attempting to maintain, sustain and grow a business with part-time effort often leads to burnout and missed opportunities.

Entrepreneurship: What Drives the Commitment

I believe passion for a business idea is vital for entrepreneurship, but commitment to brings the idea to life, and drives its continued growth. The world is not short of visionaries, we all dream. Business owners turn their enthusiasm into a product or service. The passion is a feeling; commitment manifests the passion into a business and beyond.

Entrepreneurship: Reality of Full-Time Investment

Investing time in your business is non-negotiable. The early stages involve critical tasks such as conducting market research, developing a product, and building a customer base. Each task can take weeks or months to launch and even longing to make a profit. We all are aware of Instagram, Uber and Airbnb, and used them as regular household names. If you listen to their story, it was not an easy journey. Instagram was on the heels of Facebook; Uber was "intruding" on taxicab companies and Airbnb was rivaling hotels. Their battle was uphill, but they remained dedicated in mind and time to their idea. While their story is inspiring, the length of time that they remained vigilant and committed is truth in what full time investment represents.

The time commitment of a business can be equivalent to eating. I use this comparison as food sustains and supports life. You must work on your business every day with the same idea of how your body needs daily nourishment for survival. We may change the type of food, how much or how often we eat, but food in a necessity. The daily commitment to your business may differ but there is no survival or success in being a part-time owner. Part-time commitment will significantly delay or hinder growth.

For those who are entering entrepreneurship via a side business, you must have the same commitment as a full-time business owner in order to (one day) transform to a financially stable business. I support and agree with side businesses; they are great and may be less-risky path to ownership. However, I will reiterate, even with the side business, you have to fully invest in the business and sacrifice time to develop, promote and grow your business. Part-time ownership relates to the mindset not the actual business.

Entrepreneurship: What is Full-Time Investment

The one well-known fact about being a business owner is working long hours. The concept of what constitutes as long hours may be differ depending on the owner's perspective. My perspective is that an owner is the beginning and the end of the business. You are every position of the business, you are the strategist and promoter, your day does not have a hard stop at 5pm. How does that translate into actual hours? I can't quantify; like the curves of a business, it will depend on the day. The main point is that long hours come with the territory of entrepreneurship. Here is a rule of thumb, especially for new (first five years) owners, it’s not unusual to work more than the standard 40-hour week. Remember you are all aspects of the business, there are networking and promotional events, planning and strategizing sessions, and regular operational tasks that can consume evenings and weekends.

Recognizing that entrepreneurship is a marathon, not a sprint, is essential. Those who invest extra hours often develop necessary business momentum, which leads to breakthroughs.

Entrepreneurship: Work-Life Balance

It is funny that work-life balance is a consideration for an entrepreneur when we discussed how full-time commitment may require 70 hours or more a week. While this may seem like an oxymoron, full-time commitment in the beginning develops and grows a business that rewards its owner with financial gifts and free time to rest, heal and replenish. Consistently concentrating efforts will create structured routines that increase efficiency while sustaining the business. This is a great win of being a committed owner.

Are You Ready to Commit to Entrepreneurship?

Before jumping in, consider your readiness to fully commit and dedicate the necessary effort to turn your ideas into reality. Success in entrepreneurship comes to those who dive in wholeheartedly, understanding that half measures often yield half results.

Entrepreneurship is exciting, challenging and requires serious dedication. Those contemplating this path need to understand that entrepreneurship is not a part-time job, your investment of time, energy, and focus from the beginning will lay the foundation for a thriving business tomorrow.