Edmonton Business Consultant | Balancing Family Life & Entrepreneurship
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A lot of them think that, well I’m going to build a business for a month or two months or a week or two weeks and I can just put our family. But then they get into building a business and they realize that building the business is like a decade long project. Yeah, I can see the whole why with the two. I can be you and I cause it’s not. Hi, thanks for joining us for another episode of ask. SPERL CPA today is the ever to business consultant. We’re talking about how balancing family life and entrepreneurship, again, as the EBITDA business consultant, we’re talking about balancing family life and entrepreneurship. I have Mae here with me today. Um, may have [inaudible]. What’s your experience with some of these, uh, startups? Are they a little bit surprised when they come in for the first time? Yes. Yes they are. They, they’re so surprised in the fact that they’re starting a new business and all of a sudden they’re paying this amount of taxes. All they’re overwhelmed. They’re like, wait, why? And then as the don’t understand it, they rethink if they should maintain the business. And do not. It’s they need to understand that if once you start the business, there’s so many commitments that you need to, but to be successful there’s many things that you can do as long as you stay focus on, you know, th getting that balance, getting, making sure that you’re not spending too much time on something so the other one doesn’t get affected. Just that balance. It really is important to get Edmonton Business Consultant to us as soon as possible.
Yeah. Yeah. People are normally, I agree wholeheartedly. If people are going to be overwhelmed with a number of things happening, you know, they don’t realize that all of the other ancillary things in the business that, that, that come up that you know, that they thought it was just about the core business. Um, so the quote that we have here today is a Michael Gerber quote, author of the myth, and he says, most people today are not getting what they want, not from their jobs, not from their families, not from their religion, not from their government. And most of them important, not from themselves. Something is missing in most of our lives. Part of what’s missing is purpose, values, worthwhile standards against which our lives can be measured. Part of what’s missing is a game orth plane. And the statistic that we have here, real business, it says it’s from real business and it says entrepreneurs who work on average 63% more than employees in the same industry. And the story that we have here is business owners. They’re not prepared for the fact that their family life, it will affect your business and vice versa. The family of your life will affect the business and the business will affect the family life. Um, so you know, main, what are the questions that these business owners should be asking?
The first one is, is working longer hours, normally a requirement in early stage of business? Yeah. So most business owners, they don’t really realize that and it’s probably one of the biggest mistakes that early stage entrepreneurs make is they think I’m going to get into business for myself because I didn’t like my 40 hours a week. And I think I can get 20 hours a week. And when I start my own business, it’s just one of the lies that, but I think I’ve been told about entrepreneurship is most successful businesses are successful because they put in a significant amount of time, you know, the sweat equity of you will have extra time that they put in over and above the time that they would have put it in on a regular job. Reach out now if you want Edmonton Business Consultant today! Please call us Do most entrepreneurs underestimate how many years long hour are required?
Yeah, most of them dramatically. They seen too many episodes of shark tank and they see businesses that start and all of a sudden they have this exit strategy or this investment or this, you know, huge growth in revenue and all of that happens. That is the exception, not the norm. You know, we talked about it, you know, before that, you know, most businesses that will ever be sole, it took 10 years or more to get to that point. So more than half of the businesses that ever get sold, it takes more than 10 years and it was 65% take more than five years like it is. It’s not a matter of weeks or months that you’re going to put in an extra hour. It’s normally a matter of years that you’re going to put in extra hours before this business has value onto itself. That’s, you know, separate from, from your efforts in the business. Is it practical that most entrepreneurs can put off family while building a business? Yeah, so a lot of them think that, well, I’m going to build a business for a month or two months or a week or two weeks and I can just put off family. But then they get into building a business and they realize that building the business is like a decade long project and you know, not all people are gonna put off their family from the age of 35 to 45 or 30 to 40 or you know, it is a long artist’s process. So, you know, having the strategy of, you know, although some people will do that, they’ll just say, I’m going to build my business. I completely put off the family. Uh, for a lot of people that’s just not practical and that’s just not, they can have it. They can have that, uh, you know, family and business like too. They just have to understand the dynamics of it and understand that you can’t just simply put off the family for a couple of months and this will get better. Cause a lot of times they do that and then they never double back to the family obligations or they never really put enough effort to the business and one of them fails. Um, so you have to find a way to satisfy both of us as Edmonton Business Consultant.
Why is 168 the most important number to an entrepreneur? So the entrepreneur who has $1 million to start their business and the entrepreneur who has no money is going to completely bootstrap the business. They all have 168 hours in the week. And you know, when it comes to family, it doesn’t matter how much money you have, they’re all vying for that 168 hours in the week as well as your business. So it’s the main limiting factor in any business. Would you recommend a realistic plan to do both instead of ignoring one? Yeah, because of the time involved here. I mean, it’s not like we shouldn’t make entrepreneurship something that you can’t do. Uh, you can only do if you’re willing to completely forego family for 10 years. You know, that that’s, it doesn’t have to be that way. Right. Um, but at the same time, you, you, you, you need that realistic plan in place that you can do both simultaneously. Cause they both take very long to do. You know, you want to raise kids, they’re going to be around for at least 18 years. You want to raise a business that’s going to be around for like at least 10 years. You’ve got to think about it like that. Um, so, you know, trying to do one, finish one and then start the other, that generally doesn’t work out with people’s life plan. How important is a rigid calendar to your family life? So that rigid calendar is going to be extremely important to your family life because your time is going to be so limited. Um, your family almost needs that. You need to plan your family events around that calendar. But if you don’t, you know, if the windows are so small, those opportunities where you can spend with your family are so small, they better be certain or else your family will never see you. Um, because let’s say you only have three hours a night, but if your family knows exactly when those three hours and ar and you can spend that time with your family each and every time, now you have three quality hours with your family every single night before they go to bed. But if you’re continually, you know, not hitting that objective, and some nights you’re coming home late and sometimes you’re not, and then you’re not there for supper. You’re not there for events. Now it just seems it’s incredibly hit or miss. So that bridge and calendar is going to help you maximize the time that you can spend with the family and make sure it’s real quality time. Uh, and then, you know, people start getting their, their needs met that way. Please give us a call now at 780-665-4949 as soon as you can or go to spurrell.ca.
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All the requirements of your business on your couch. You don’t want to get into the scenario where now you do have this family time, you have family time blocked out and now you’re checking your email, you’re doing up a proposal, you’re dealing with an HR issue. You’re not really present in that in that family time. So if you don’t have every item on your calendar, on your business calendar of all the things you have to do, you’re probably going to end up doing them in your family time and now your family is not going to be too happy with you because you’re already, you know, you’re already spending a reduced amount of time with them and the time that you are spending with them tends not to be quality time because you’re distracted. Do most people get into entrepreneurship to be more disciplined? Most people probably don’t get into entrepreneurship to be more disciplined Edmonton Business Consultant as soon as you can!
They actually think getting into entrepreneurship is a way to slack off on the discipline. The way to, I can just come into work whenever I want. Um, you know, if I want to not do something this day, I can come in later and s and stay later. Um, if I don’t do it this week, I can do it next week. And, and you know, that’s, that’s how they get behind, right? But a lot of people go into entrepreneurship because they were tired of the rigidity that came with employment. And then they step into entrepreneurship thinking they can be less rigid, you know? And really you’ll need to be more rigid, especially in an early stage business because it’s that much more vulnerable than probably the established employer that they were with before.And how does discipline equal freedom?
Discipline will equal freedom? Because if you find that recipe for success that works over and over and over again, now you can start to build things like your calendar. You could start to build things like your processes that are just better than doing it off the cuff. It makes you more efficient. You get that. You think of what that calendar, if you could block everything into a calendar now when you’re done that calendar, you can actually go home when you’re completely done. You can spend that time with your family and you think of what your processes in your business. If you’re trying to do it off the cuff all the time, you only be so good. But if you continually work on a process for doing any sort of tasks, we’ll perfect it. You’ll get better at it. You know that you’ll get more traction from that. There’ll be more money coming in because of that. Then you will be able to hire more people to help you with the tasks and then you can take more time off. So eventually, you know, people get into it thinking that the freedom starts when they start the business. Reach out now as you need Edmonton Business Consultant! You know their, the level of freedom is going to go down when they start the business with the expectation that if they put extra discipline in that level of freedom can go up. You know, after they put their time in. And are there things you can give up instead of family time when running a business?
I think there’s a lot of things that people can give up on. They don’t, they don’t think about it. You know, they think all three hours a night I found that’s impossible. But then you truly dissect what they’re actually doing with their time and you don’t, maybe they’re spending the time, you know, cleaning the house. I mean, you can pay someone to clean your house. Uh, you can’t pay someone to spend quality time with children. Uh, you can, you know, stop watch. Maybe you liked watching game of Thrones before. It’s not, you don’t have to choose between family and your business. You can just say, Hey, I like game of Thrones, but I liked my business and my family more. Uh, you know, these two things are more important than me. I guess what I’m no longer watching the average of 5.3 hours of television every night. Call us for all the best Edmonton Business Consultant today!
It’s shocking how much time, you know, people spend on tasks that really, you know, there aren’t that important. You know, they’re not getting what they want in life because they’re, you know, it’s not because, you know, they can’t start the business because there’s usually a lot of time that they’re spending on things that are further down in their list of priorities. You know, they’re spending time on, on social media, they’re watching a television, they have some hobbies that they kind of liked, but they wouldn’t like them as much as, you know, you, you say you’re playing on a beer league hockey team, would you rather build a business, um, that’s going to give you time freedom and financial freedom? Or would you rather, you know, keep your spot on the men’s league hockey team? I, those are the types of choices that you have to take out. It’s not, you know, thinking about how do I have to choose between business and family. There’s usually other things. I don’t have a lot of other things that you can take out once people really start to look critically at it. So I think that’s what we have here today. Thanks so much for tuning in. As always, pieces of the likened subscribe buttons. So we can, can you do delivery tips on how to beat the odds at business? And as always, look forward to any, any comments that you have so you can respond back and use your input for future videos. Thanks very much for the best spurrell.ca today. Also call us now at 760-665-4949 as soon as you can!