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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Business Coach | Are 80 Hour Work Weeks Possible

When entrepreneurs start their business, they should begin with the end, and understand that building a successful and stable business is going to take more hours than they realized says Edmonton business coach. Most entrepreneurs are not prepared to spend the amount of time that it is going to take to grow a business. Statistics prove this because according to Industry Canada, 15% of businesses end up failing in their first year for business, 30% of entrepreneurs fail by their 2nd year, and by the 5th year, only 50% of all businesses are still around. While there are many contributing factors to this, such as running out of money, not be able to find the right team, and being unable to attract customers, if entrepreneurs put more time into their business, chances are great that they would be able to address each of those issues significantly impact the success of their business.

The reason why entrepreneurs need to work so many hours in their business is partial because to make up for the fact that they do not have a significant amount of money in their business until they get positive cash flow, business owners need to utilize their time to make up for things they cannot purchase. For that, business owners need to spend time on their initial marketing systems says Edmonton business coach, such as networking, doing sales calls and cold calls, and reaching out to their people. This takes a significant amount of time, that a business owner has no choice but to spend because they have no money. Also, entrepreneurs need to refine their product or service that they sell, give great customer service to make up for the fact that they may not have the perfect product or service yet, develop and document repeatable processes to ensure quality once they have perfected their product, and ensure that they are creating processes and systems in their entire business so that they can scale the entire thing up when they are ready for growing so that a business owner does not have to spend so much of their own time on it at some point.

Because of this, an entrepreneur is going to spend so much of their own time building their business, especially in year one, but for the next foreseeable future says Edmonton business coach. If an entrepreneur is prepared to spend 80 hours per week at work, they can be more prepared to succeed in business says Edmonton’s business coach. One way they can stay motivated to do that is by keeping all of their goals in mind when they are working through a tough time. Goals the keep in mind could be increasing their wealth for future retirement, be able to go traveling, or simply being able to work shorter hours shorter work weeks and take more days off. By entrepreneurs working 80 hours a week, they need to understand what they are getting into and stay motivated.

Not only are 80 hour work weeks possible, but most successful entrepreneurs never looked less than 80 hours every single week confirms Edmonton business coach. If entrepreneurs are not prepared to spend this much time in their business growing it, and turning it into stable business, they may be setting themselves up for failure. Industry Canada says that 50% of all businesses fail in their first year, 30% failed by their 2nd year, 50% fail by year 5. When entrepreneurs start their business by keeping this in mind, they can be better prepared to put that amount of time into their business.

One of the most important things to help business owners stay motivated to work through an extremely difficult day, or continue putting in 80 hour work weeks even when things are tough, Edmonton business coach says is that a business ownerís the best interest to build a business that they are passionate about. When they can do what they love, Tourneurís feel less like they are working, and not only are they able to put in that kind of time, they also want to put that amount of time in. By doing what they love will make them feel like they are not working.

Another way that entrepreneurs can stay motivated, is by keeping track of all of the progress that they are making. This does not mean just keeping track of the big goals, but also keeping track of the smaller goals to says Edmonton’s business coach. No goal is too small to notice and celebrate, because human beings brains create motivation from seeing the progress of their hard work. Whether it is celebrating accomplishing a task, getting one more Google review, or bringing in a single lead, no location is too small to celebrate, to enhance those feelings of motivation and entrepreneurs. Once entrepreneurs feel that motivation themselves, it can help them be pulled through the difficulties of 80 hour work weeks, especially when things get difficult business.

When business owners are setting up their business, they often understand how important time-blocking strategies can be in getting a lot accomplished in their business says Edmonton business coach. Time blocking ensures that business owners can stay on task, get all of the priorities that are scheduled done, encourage employee buy-in, but business owners also need to understand that by creating a schedule for their home life as well will allow them to stay motivated to get their work done so that they can focus on the personal tasks that they have accomplished scheduled including family time. This important family schedule ensures that not only the business owner, but their family knows when to expect to see the entrepreneur, and allows everybody to be present and in the moment when they are all together. This is extremely important to do so that the business owner can connect with their family, and feel recharged and refreshed to start the next hard day at work with a fresh mind.