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When business owners are not prepared to spend the right amount of time building their business, they can put their business in jeopardy of failing early on says Edmonton business coach. The statistic from industry Canada show that 15% of entrepreneurs fail in their first year, 30% of entrepreneurs fail by year 2, and 50% fail by your 5. There is an extremely high failure rate when it comes to building a business, and for entrepreneurs to increase their chances of success, they should be prepared to work at least 80 hours a week in their business as they are building it.
While many people think that 80 hours a week is an extraordinary amount, building a business is an extraordinarily hard task. Gary Keller who is the author of the one thing says that ìtime on task, over time, eventually beats talent every time. î business owners need to maximize their chances of success in business and easy way they can do that is to ensure they spend the right amount of time working on their business.
One of the goals that many entrepreneurs have in mind when they start their own business, is to be able to work a shorter work schedule or take more time off. That is an extremely good goal agrees Edmonton business coach, however business owners need to understand that it is a long-term goal. Business owners are going to have to work an extremely grueling schedule for several years in order to grow a business that is stable enough to allow them to have time off like that.
While it may be very difficult for this is owners to continue to work so many hours every week for several years, there are lots of things that business owners can keep in mind as they are growing and operating their business, they can make it easier to work through long days and difficult times. Edmonton’s business coach recommends that entrepreneurs build a business around something that they are extremely passionate about. The reason why this is important because the passion that a business owner has in their business will allow them to work through long days and difficult situations. Also, if the business owner is passionate about what they do, they will enjoy the hard work, and often feel like what they do is not work.
By keeping their goals in mind, and working in a business that they are extraordinarily passionate about, business owners can ensure that they put in the right amount of time that it takes to grow a successful and stable business. 80 hours of the workweek is not for everyone, and the entrepreneurs who were able to stick with it get rewarded for their efforts. Edmonton business coach says because of this, business owners finally do see success in their business, it is going to be that much sweeter for them to achieve.
If people are leaving their jobs to start businesses to improve their work-life balance, a great word of advice from Edmonton business coach is do not. It is often the mistake that people make, if they own their own business, they will be able to set their work schedule and work less than they do as an employee. This is an extremely common misconception about business owners, but it is definitely a misconception. Most successful entrepreneurs work approximately 80 hours a week while they are building their business. If entrepreneurs are not prepared to spend that amount of work to grow their business, and may not be the right decision for them.
Working smarter not harder is a concept that many people buy into, but when it comes to building a business, time spent is extremely important. Edmonton’s business coach says that when entrepreneurs are new in their business, everything that needs to get accomplished is dependent on a business ownerís time. The way they spend that time is extremely important. They should create a rigid and repeatable schedule that they can utilize not only in their business but in their home life in order to ensure that not only are they staying on task at work to accomplish all of the strategic priorities they need for their business, so they can ensure that their spending their time away from work meaningfully.
In order to work 80 hours every single week, business owners need to make decisions on what they should spend their time on so that they can ensure their scheduling for that, and the time they spend away from work is restorative and meaningful. Edmonton business coach says most entrepreneurs choose to spend time with family as the important things that they spend time on outside of work hours.
When entrepreneurs are spending time with their family, for it to be restorative and valuable, business owners, as well as their families, needs to be present and in the moment, which often means they should unplug from electronics just the business owner but their family as well. Edmonton’s business coach says that one of the reasons why entrepreneurs should be unplugged while spending time with their family is so that they will not be tempted to start working on any business activities well they should be spending time with their family. They should get into the habit of working hard in their business and then when they are away from their business, they should not think about it again.
By working 80 hours a week, business owners can set their businesses up for success, but they need to ensure that they are also spending time on the most important things outside of work says Edmonton business coach, so that they can feel rested and ready to go back to work and start another long and hard day building their business.
