By Nathan Abadi – President and founder of Excel Capital. In collaboration with Tsheets.com
As a father of 3 and the President and founder of Excel Capital I’m no stranger to the sacrifices business owners have to make.
I have learned over the years;
It’s important in both family and business to be present and provide strong leadership, however, balancing between both can prove difficult. Neither seem to get the attention they deserve.
Sometimes, running a small business has required me to sacrifice time with my family to keep the business running smoothly.
But I’ve had to make other sacrifices as well.
When starting the company, I didn’t take a salary for an entire year to build up the foundation, which meant almost cleaning out my savings account and taking a gamble on what I believed in for the long run.
As a business owner, you have to take responsibility for not only your family but all of your employees and their families as well.
It’s a big weight that rests on your shoulders which most people never consider before going into business.
However, taking this responsibility seriously will make you a more effective leader and increase trust with your team.
As a business owner, you don’t have a set schedule. When a job needs to get done, you have to devote however much time is necessary to complete it. Overtime, weekends, and even missing special occasions becomes your norm.
And, sometimes, the time and resources you invest don’t always offer an immediate payoff.
All these things taken together, owning a business requires a delicate balance of time and other resources that can be difficult to manage. But one thing is for certain: the chance to be your own boss and pave your own way makes it all worth it.
New Data Sheds Light on the Sacrifices Small Business Owners Make to Succeed
To celebrate the hard work and dedication of business owners everywhere, April 29th through May 5th marks National Small Business Week.
And to honor the occasion and raise awareness, TSheets by Quickbooks ran a survey to discover more about some of the types of sacrifices the average business owner makes to keep their business running smoothly.
So, what did the survey find? Here are the highlights:
Long work weeks are the norm
According to the survey data, more than half of all small business owners surveyed work 50 or more hours each week. In addition, over 15% said they work 60-80 hours a week.
Many small business owners invest their own money into the business
On the side of financial sacrifices, 43% of those surveyed said they have invested some portion of their own money to help build their business.
Family sometimes has to make sacrifices for the business too
As a small business owner, it’s not just you who has to make sacrifices, sometimes, family has to come together to make sacrifices together.
That’s what the survey found, with 1-in-3 business owners saying that their family has made sacrifices for the business.
Sick days and vacations are a rarity
According to the survey data, more than 30% of business owners take a vacation every 2 years or less. In addition, more than 58% of survey takers rarely to never take days off to recover from sickness.
The funny part is that even on vacations and sick days you are still working.
Both numbers suggest that business owners have to sacrifice more than just family time and finances to build their business, but health as well.
Sleepless nights
The final piece of data sheds light on the inner life of small business owners and the mental and emotional challenges associated with building a business.
According to the survey, 62% of small business owners say their work keeps them up at night at least once a month. And 53% of business owners say they experience uncertainty about the future.
Your sacrifices build a better world
As a business owner, you’re in control. You don’t need me to tell you that because you already know, however, it can be easy to lose sight of the benefits of being in business for yourself when the going gets tough.
The word sacrifice suggests a giving up of something in order to gain something else. While many in the world work somewhere that causes them endless stress and boredom, you go to the beat of your own drum and pave your own path, finding both great joy and opportunity in the work that you produce.
As an entrepreneur, it’s your courage to strike out on your own that builds a better world; your hard work which lead to new hires and economic growth at the most fundamental growth; and your sacrifices which helps build something that not just you–but those who work for and with you–can be proud of.
So, here’s to you small business owner!
Nathan Abadi
President
Excel Capital Management
Notes:
- Thanks to TSheets by Quickbooks for providing survey data.
Join the conversation and give your support by following @tsheets and hashtag #SmallBusinessWeek during National Small Business Week from April 29th–May 5th.
