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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 | Do Business Owners Have A Lot Of Free Time

This is perhaps one of the biggest myths that employees believe about entrepreneurs according to the Edmonton business coach, that entrepreneurs have a significant amount of freedom in their life even early on in the life of their business. Unfortunately, this is simply not true, entrepreneurs are some of the hardest working people, putting in an average of 80 hours of work every single week. The freedom of time that many people associate with entrepreneurs only comes after a business owner has put in many many years of extremely hard work.

If employees are planning on quitting their job to start a business so that they can improve their work-life balance, Edmonton business coach recommends that these employees reconsider their plan. This is often a mistake because business owners that have their own business will work extremely hard. Employees tend to think that business owners can set their schedules, and work whatever hours they feel like, and while business owners do set their schedules, it is an extremely rigid schedule with extremely long hours. Living a job to start a business to work less is not a good move for employees to make.

While the freedom of time is achievable and itís a good goal for entrepreneurs to have when they start a business, Edmonton’s business coach says that this is a much more long-term goal than most people realize. What can help business owners work towards this goal, is creating systems and processes in their business, and adhering to a schedule so that when they can hire people, they have the systems in place for allowing them to take over tasks easily. The truth of the situation is that business owners are going to have to work longer for an extremely long time before they can reach their goal of freedom of time.

For entrepreneurs to stay motivated and keep their enthusiasm up while they are working extremely long hours is to start a business on something that they are passionate about. Edmonton business coach says that this passion that entrepreneurs have is going to allow them to be happier to work longer because they enjoy it so much. And even when the long work hours get hard, business owners will also be able to tolerate itís because they are working on something that they feel strongly about.

Right in line with creating a business about something that they are passionate about, business owners can continue to keep their motivation up and their enthusiasm up is by celebrating all of the small tasks that they accomplish every single day. Edmonton’s business coach says that most humans get motivation from seeing the progress of their work, so by celebrating all of the daily achievements, they can continue to stay motivated, which is extremely important when the days are long and the work is hard.

Not all businesses that are started by entrepreneurs succeed, Industry Canada says that 15% of all businesses fail in the first year, 30% fail in the 2nd year, and 50% fail by the 5th year, Edmonton business coach says this is a very difficult statistic to hear because most business owners started business wanting to succeed. What can help entrepreneurs succeed, is being prepared to put in the amount of work that they are going to have to put in to make their business successful. While typical employees work an average of 40 hours a week, successful entrepreneurs double this by working an average of 80. If people are not prepared to put this kind of time into business ownership, they are less likely to be successful then entrepreneurs who understand thatís what itís going to take.

A lot of talk about making the workweek shorter and hours, this may be a fun principal to consider, but it doesnít really work out for entrepreneurs. They need to make up for the fact that they donít have much money in their business, and they make up for that by leveraging their own time. Gary Keller, the author of the one thing has been quoted as saying, ìtime on a task, over time, eventually beats talent every time. î Business owners need to understand that itís extremely important that they put in the time necessary to build their business to ensure that their business is successful.

One of the things that can help entrepreneurs in their life when they start working 80 hour work weeks, is being honest about what they can cut out of their life. Edmonton Business Coach says that the workweek that is double the amount of hours worked, means that business owners will have to give up some of their leisure activities. They should choose activities that they want to do the most, and what activities they can give up. For most entrepreneurs, spending time with family and loved ones is the most important task that they will choose to do. This way, business owners can work long hours that they need, while knowing that theyíre going to spend quality time on the most important things in their life, their family.

Itís not just important for entrepreneurs to see their spending family time, Edmonton business coach says they should be unplugged for this quality family time. Time spent on electronic device means that business owners are less able to be present when spending time with their families. Also, by being unplugged will ensure that an entrepreneur is not going to allow business tasks into their home life. It may be tempting if there already on their phone to check the business email, or respond to some voicemails, but this is ill-advised. Just as itís important for business owners to work long hours at business, itís important that they believe that at work, and spend time with their family.