Entrepreneurship is not something that just anyone can do. While there are many benefits to being your own boss, getting there will require a lot of time and effort. At an industry conference recently, Bold Mark CEO Andres Ospina laid out a detailed explanation of just how much entrepreneurship truly costs a leader.
One of the biggest costs in pursuing any business dream comes from the time invested, Andres Ospina explained. “Compared to those just going to work, entrepreneurs are likely to spend twice as much time building their careers”, he said. “Of course, the payoffs for this are huge, with many able to retire early, or cut down their hours once the business is able to run itself. Although the early days can be tough. Long hours are a reality for many new entrepreneurs.”
Another big component in pursuing an entrepreneurial dream is the work ethic required to sustain such efforts. Bold Mark advises its new clients on the realistic expectations of building a successful business, and the discipline that is required to make it successful. Without a foundation of a strong work ethic, most businesses fail to achieve greatness. However, for those who do have the discipline to work hard, especially during the early days and months, the rewards will be worth it.
The time spent building the necessary relationships with customers, vendors, and other businesses is also larger that many fail to consider. Bold Mark often reminds clients that marketing and advertising efforts are only the first pieces of the puzzle; successful businesses – and in the case of new ones, entrepreneurs specifically – must spend copious amounts of time communicating with prospective customers in order to earn commitments and trust. However, it’s important to remember here that an entrepreneur can’t be everywhere at once. The most successful entrepreneurs know when to delegate these tasks to people with more experience. The free time saved is almost always worth the cost, especially when the effort begins to reap benefits.
While a passion can lead to greatness, it is important to remember that a lot of time and effort is required. Entrepreneurs should be prepared for long work days, regular social situations, and a disciplined approach to work. If you possess these traits, and have the right mindset, though, you can go far. Bold Mark understands how important these factors are and will continue to advise clients in their best interests.