Entrepreneurs are creative problem solvers. We excel at finding ways at all costs, to get where we need to be. Of course, we worry like everyone else about failing, however, we are tendentious and don’t like to give up easily – without a fight. Often time our identity, passion and goals are tied to our entrepreneurial life. Not easy to separate – nor do we want to. Starting over sucks but security is worth something too. Entrepreneurs get to craft the life they want. Also, we are so motivated by what we do that that we rarely give but how much is your happiness worth?
Often our identity, passion, and goals are tied to our entrepreneurial life. We have custom build this life to be happy. Not easy to separate this or walk away from building what matters to us. Starting over sucks but security is worth something too. So how much is your happiness worth?
For me personally, my biggest challenge is keeping on track with my revenue projections and cash flow within my business coupled with my family budget. Any experienced entrepreneur knows that if you don’t keep that front and center you suffer and the anxiety around how that worry feels is AWFUL.
I spoke to our WIBN Money Mentor Tracey about this and there were some interesting themes and tips I took in:
- Instead of thinking about budget cuts that you will put off – think “right-sizing” – look at all your expenses over the years – do they still reflect your current needs? If not change them. I am.
- Thinking about switching your career choices? For example, you are a business owner looking at a day job again or you are a professional leaving the corporate world to starting a business. Then ask yourself what things matter most? Hate commuting? Then factor that in. Maybe it is worth sacrificing some extra cash? Do the math around the financial impact of your choices. Want to be an entrepreneur with a safety net? Consider getting contract work, that can ease the financial pressure as you build your business after leaving the corporate world.
- Invest time in your profit planning out for the year and build in time for when you plan on taking breaks if that is important to you.
Bottom line – money isn’t everything but living with financial stress is no walk in the park either – look for a happy balance.