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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 | Is An 80 Hour Work Week Necessary For Entrepreneurs

Anyone who is thinking about becoming an entrepreneur should be prepared to work 80 hours a week to build successful and stable business says Edmonton business coach. If entrepreneurs are not prepared to work that much time, or if they get into business for themselves to improve their work-life balance immediately, this is often a mistake. The most successful entrepreneurs work extremely hard in their business for an extremely long period to become successful.

The reason why business owners need to work extremely long hours is when their first growing their business, everything that needs to get accomplished needs to be done utilizing the business ownerís time. Since they have very little money in their business, they leverage their time to accomplish everything that needs to get done. From developing and refining their product to marketing their business, to creating systems and processes in preparation for when they no longer have to spend their own time on everything. Once they have accomplished all this, business owners need to spend time in their business building their team, developing culture, and continuing to create systems and processes to ensure their business is scalable and can be repeated by any of their team members. This takes a significant amount of time and energy and is necessary for business owners to do to build a stable business.

It is not that business owners have a desire to work such long hours all the time, they just understand what it takes to reach a goal, and achieve their dreams. Edmonton business coach says that by keeping their goals and their dreams in mind, can help entrepreneurs remember why they are working so hard, to help them stay focused while at work. Having the freedom of time is a great long-term goal for a lot of business owners. So is financial freedom, accumulating wealth, and being able to create a legacy for their children. Keeping these goals and dreams in mind can inspire business owners to work long and hard in their business.

Another recommendation for entrepreneurs is to choose a business to build that is focused on what they are most passionate about. Edmonton’s business coach says that when entrepreneurs can do what they love, it often does not feel like they are working and that passion can allow entrepreneurs to tolerate the extremely long hours they will have to put in. Doing what they love can help the business owner be disciplined because they are working on something that they believe in.

Building a successful business takes a lot of time, and business owners who understand this are better prepared to put in the time required to achieve their goals. Also by keeping all of their goals in mind, as well as building a business, they love can help entrepreneurs stay focused and come to work every day to work long hours says Edmonton business coach.

Building a successful and stable business is not easy according to the Edmonton business coach, and the success rate for businesses is much lower than many people might think. Industry Canada says that 50% of all businesses fail in year one, 30% failed by year 2, and 50% fail by year 3. There are several reasons why businesses fail, the 3 most common reasons are that business owners run out of money, they are not able to find the right customers, or they are not able to find the right staff. To help combat these challenges, business owners should work very hard, often approximately 80 hours every week is that is required to build a successful business.

Business owners need to use their own time when they first started in the business, to accomplish all the strategic priorities of the business. Since entrepreneurs have more time than money, they often do not have staff working with demand, means that entrepreneurs are responsible for everything that needs to get accomplished in their business from developing and refining their product to marketing to developing all the processes they need to document to continue to do their job.

While gaining freedom of time is a great goal for a lot of business owners, Edmonton business coach recommends that this is a great long-term goal instead of a short-term goal. Business owners should plan to work 80 hours a week for years to eventually work towards that freedom of time. Business owners that are not prepared to work 80 hours a week for several years, me not to be well suited for entrepreneurship.

For business owners to stay motivated every day to work difficult and long hours, they should keep all of their goals in mind every day as to why they are doing what they are doing. Edmonton business coach says many entrepreneurs have goals such as gaining financial freedom, being able to work shorter work hours and take more time off, and some goals might be to have a legacy to leave to their children. By keeping focused on their goals can help business owners. However, they need to be careful not to only think about the long term and faraway goals. Since most people develop motivation from seeing the results of their hard work, instead of only celebrating large goals that could be several years away, if entrepreneurs can find smaller achievements every single day, they can develop the motivation to stay engaged at work. By having a little celebration every day, that can help business owners want to come back to work every single day.

By being prepared for long hours, but by keeping goals in mind, and celebrating small accomplishments every day, entrepreneurs can keep the motivation that they need to put in the long and hard hours that are necessary to build a successful and stable business.