Tuesday, May 19, 2015

Tradeoffs Entrepreneurs Make to Achieve Success

Being an entrepreneur has tradeoffs.
Being an entrepreneur, as with most choices, has tradeoffs.
In everything we do, there are tradeoffs. You can view these as one choice over another or you can view these as giving up something for another. Personally, I don't typically view anything I do as "giving up something" for another. To me, that perspective shows a lack of appreciation and gratitude for what you are getting and also keeps you looking at the past. In addition, what one person wants is not what another wants. Therefore, whereas I may view my choice as positive, someone else may view it as negative. But that choice is positive for me, yet potentially negative for someone else. That's the beauty of us as human beings. We all have different needs, desires and wants.

As an entrepreneur, for me, the sense of security was the primary tradeoff. Sometimes I get so involved I don’t sleep much, but that started with my voracious reading as a child (I’d stay up until the wee hours reading a good book), so that’s nothing new! Because I was 100% focused on my business, I was living off my savings and loans and had no regular stream of income coming in. I had to decide that was okay. I’ve always been fiscally responsible so I could plan ahead but it was really, really uncomfortable for the first few months. Then I needed so much money to grow, I had to go out and seek investors. You can’t find investors when you’re desperate! You give off an aura, so being comfortable with the much higher level of economic uncertainty was something I had to master (and did master) in advance.

What tradeoff did you make to achieve success as an entrepreneur?

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