Martin worked a normal job, drove a regular car, sat at a normal desk, and worked normal hours. He hated everything about it. Martin always had a desire to pursue his dreams of entrepreneurship by starting a record label, but he was too comfortable to leave his current job. Day after day, he would think about how great of a life he could have if he just took the dive.
- Huge house(s)
- Fast car(s)
- Hanging out with young, beautiful people
- Shaking hands with important people
He dreamed about the shock of driving up to his former place of employment in his red Ferrari to drop in and say “hello.” Of course, if people were a bit jealous, that was OK too.
As time continued, work obligations piled up, and the unrelenting pressure to perform helped Martin face his fears, quit his job, and start a business.
Martin made the classic mistake of romanticizing about how hard his job was and how entrepreneurship would be his way out. Let’s examine why this is a classic “out of the frying pan and into the fire” mistake. Martin didn’t consider:
- The capital it would take to launch the business
- The capital it would take to market his business
- The hours of listening to terrible musicians pitch music to him.
- The hours of phone calls trying to book shows, and get his artists’ names out there.
Martin went from a 40 hour a week gig with guaranteed paycheck to an 80 hour a week gig of gasping for money. Do not romanticize the idea of being an entrepreneur! Is it ideal for some people, absolutely, but the majority of entrepreneurs will tell you that running a business is a long, hard task.
Entrepreneur Work Week
How many hours does an entrepreneur work each week? Forbes interviewed 20 entrepreneurs and not a single one said they worked under 50 hours. Reading through the list, the majority work between 60 and 100 hours each week!
Terrifyingly enough for some people, some entrepreneurs stated that they worked upwards of 100 hours each week. The worst of it all: much of that time is spent doing things they may not have thought they’d be doing such as raising capital, talking with investors (yuck!), and trying to persuade clients why they are the perfect answer.
A lot of an entrepreneur’s time is occupied by trying to educate & convince their clients. When your biggest client is about to walk out on you, you better set some time aside to work with them. This exact thing happened to Facebook when GM pulled their advertising business from Facebook because they said it was ineffective.
Martin needs to realize: while being an entrepreneur can be a very, very rewarding experience, it shouldn’t be thought of as an “easy way out.” As an entrepreneur, you’ll be working longer hours than you ever have before.