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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 | Successful Entrepreneurs Work 80 Hours A Week

Any significant challenges that entrepreneurs face while building their business say Edmonton business coach. Industry Canada says that 50% of all businesses fail within their first year, 30% fail by their 2nd year, and half of all entrepreneurs fail for their business has been around for 5 years. Many entrepreneurs underestimate the sheer amount of work they have to put into building a successful business. One of the most important things that entrepreneurs should keep in mind when they start the process, is that they are going to have to work extremely hard, even harder than they worked as an employee.

The average entrepreneur works 80 hours a week, which is twice as much as employees typically work for the companies they work for. Edmonton business coach recommends that if entrepreneurs are serious about building a successful and stable business, that they start their businesses with this in mind. One of the reasons why business owners need to spend so much time building their business is because it is hard work, but also because business owners must leverage their time because they are short on cash. Instead of being able to put money towards business-building activities, business owners have to use their time. It is extremely important especially in the first year, that entrepreneurs are spending large amounts of time working on the strategic priorities of their business.

While many people believe that entrepreneurs set their schedule, and therefore can work as much or as little as they want, decreasing hours is only a reality for entrepreneurs once they spent significant time and several years building their business once their business is solid, only then our business owners able to choose their schedule, work fewer hours in a day, and take more vacations.

For business owners to be able to work that kind of hours, the Edmonton business coach recommends that entrepreneurs get into the habit right away from setting a rigid as well as repeatable schedule not only for their business but for their personal life as well. A rigid work schedule can help significantly because it can help business owners stay on task, avoid getting sidetracked, gets employee buy-in, get more accomplished, and we’re going all the strategic priorities they need to build their business. But also, a rigid work schedule can help their home life too. The reason is that the family will be able to count on the time that the business owner spends with them, knowing that if it is in the schedule, it is going to happen and they can look forward to it. This means that when a business owner spends time with their family, everybody is present.

By starting the business with the understanding that they are going to have to work harder than they have ever worked in their life, entrepreneurs can put in the work necessary to build a successful and stable business, so that later in life there able to take the time off that they want.

Even though many people believe that business owners can set their schedules and work very few hours a week, Edmonton business coach says that the reality of the situation is that entrepreneurs are some of the hardest working people. On average, successful entrepreneurs work 80 hours a week which is double the amount of time that employees typically work. Gary Keller, the author of the book the one thing says ìtime on task, over time eventually beats talent every time. î This goes to show, that the more time a business owner can put towards the task, the more successful they will be.

One of the reasons why some people say they want to become entrepreneurs is to be able to set their schedules and work as little as they want. Edmonton’s business coach recommends that if this is important to people, that they do not become entrepreneurs. Business owners will have to work extremely hard for an extremely long time before there able to take that sort of time off. Because of that, entrepreneurs must choose businesses to run that is something that they are passionate about. If they work on what they love, it will feel like they are not working and that passion a business owner has will allow them to put up with the long hours necessary to build a business. If business owners have a tough time disciplining themselves to stick to a rigid schedule, the passion they have in their business will make it easier to stick to a schedule because they want to work hard.

Another way that entrepreneurs can put up with working extremely hard in their business is by learning how to celebrate the smaller accomplishments in their life. Edmonton business coach recommends that entrepreneurs work it into their daily life that they celebrate what they can accomplish every single day. The biggest reason for this is because people get motivation from seeing the results of their hard work. Celebrating all the small things can help business owners develop the motivation that they need to carry them through the difficulties and the long hours. While it is still important to celebrate the large goals, those are fewer and far between, so business owners need to find circumstances to enjoy each day. Examples of what business owners can celebrate our making all of the sales calls they set out to, achieving a quota on inbound leads, accomplishing all of the tasks that they set out to accomplish by the end of the day.

By setting a schedule, working on their passion for and taking pride and accomplishments can help business owners get through very difficult days of long working hours. Edmonton business coach said this is key to helping business owners stay motivated, especially because their loved ones usually do not understand why they are working so hard.