Life of an entrepreneur

[Thriftville]

Just wonders how entrepreneurs' life is... anyone has idea?

Is it very hectic that they got stressed up with a lot of matters? How do they balance their family life?
and how to communicate with their wife? its seems that talking to woman about your work will bore them to death

[greypiggi]

Just wonders how entrepreneurs' life is... anyone has idea?

Is it very hectic that they got stressed up with a lot of matters? How do they balance their family life?
and how to communicate with their wife? its seems that talking to woman about your work will bore them to death

Right up my alley. Entrepreneur for >10 years. Stress level definitely high. Here is an attempt to explain.

First few years. Stress from needing to find clients and to reach break-even. Officially work 9-6pm but frequent OT to 9-10pm. Cannot switch off... Pure obsessive desire to make it work. Relations with wife, gf, sure to be affected unless they are in business too. Then the fights are about work!

Next few years where you reach stage where business can make you comfortable. For me, I slowed down a little. Came up with rules like go home at 7pm daily, weekends no work etc. Only worked for me in form but in substance I still think non stop about improving , growing , competitors etc. Entrepreneur is a way of life.

Say business works and now decently rich. Daily routine is work 8-9hours but I think still very obssessive. Now you aim to be number 1 in market and not just profitable. Headache shift from short term sales and strategies to med and long term strategic issues, manpower issues and expansion overseas issues.

For me, I only truly slow down recently after selling business. Once ownership is removed, the burden is lifted somewhat and the interests slightly less aligned but sense of responsibility still very much present and desire to be number 1 still there.

[Thriftville]

Hey greypiggi,

Thanks a lot for sharing your experience!
I can understand that desire to excel... that's the drive that makes you different in the first place... so its not easy to get rid of...
I'm curious like do you find yourself lonely? as in, there are less people who will understand you, or even want to talk to you... because of diff perspective in things.
And how do you manage your wife? unless you found someone who's more accommodating... else its really a chore to find things to entertain her...

[Temperament]

"Cannot switch off... Pure obsessive desire to make it work."

This is truly the trademark of an entrepreneur. i know because i had a conversation with one(when i was so much younger) who advised me not to be one unless i was prepared for "Cannot switch off... Pure obsessive desire to make it work."
And i am not prepared till today. i only prepare myself to be a passive business-man(Investing in stocks/companies). It's O. K. for me too.

[dzwm87]

Temperament: might not be true.. those who invest also "cannot switch off... pure obsessive desire to find a ten-bagged."

I guess it really depends.. ultimately, if you love about what you are doing, you can be thinking about it all day all night, not just entrepreneurship..

for instance, during a recent job interview, the interviewer asked me for my work & non-work achievement. I felt that was really dichotomising on one person's life. Investment is my work AND non-work hobby - so it makes me feel as though i am a no-life dude.. -.-

[Jared Seah]

I think its also a sign that we may be "too engrossed" if we can't relax and take our mind off our passion - no matter what it is.

Single-mindedness is great for achieving results!

But another definition of "success" is what we have to give up or sacrifice to achieve it...

I guess the moment of truth is when we are on our deathbed - are we happy and contented, or do we harbour regrets and remourse.

[Big Toe]

Entrepreneurs.

Here's how it works.

1. You better pick something you enjoy doing, or least be very good at it.

2. If your intention is to make lots of money, this path may not be for you.
Money comes naturally once you are good at something. It is a by product.

3. Be prepared to be hands-on at all levels, unless you have ample funding, chances are you have to do a lot of things yourself.
This is where it hurts. When you work in a huge multi-national, you have no bloody idea how the other departments function.
You are too specialized for your own good. The fish monger knows more about running a small business than
finance director of a Multi-national company.

4. Be prepared for no income(if lucky) or negative cash flow for a start.

5. Be prepared to work non stop.


In summary, Point 3 & 4 & 5 will filter the entrepreneur from the worker.
Let's face it, most people are too scared to slog and at the same time have negative cashflow.
Not everyone is cut to be a biz owner. Most folks would be better off working for someone else.

But ironically the riskiest bet may turn out to be the safest bet, why

1. No retirement age.
2. No boss.
3. No politics.(at least when you are around)
4. No retrenchment
5. Sustainable income for a lifetime.(or more)
6. Ability to get rid of people you dislike.
7. Overall happier.(once business is on track)
8. Very short working hours (once business is on track)

[greypiggi]

Hey greypiggi,

Thanks a lot for sharing your experience!
I can understand that desire to excel... that's the drive that makes you different in the first place... so its not easy to get rid of...
I'm curious like do you find yourself lonely? as in, there are less people who will understand you, or even want to talk to you... because of diff perspective in things.
And how do you manage your wife? unless you found someone who's more accommodating... else its really a chore to find things to entertain her...

Well, I am lucky to have family and wife who are in the business so have full understanding here. Though fight about work. And how can being with wife or family be a chore if you love them?

But for colleagues and staff definitely there is a necessary distance. A CEO is always quite lonely in that sense. But outside, old school friends are always there provided we are conscious of each others life and don't feel superior or inferior. I do know some friends who stay away because of income gap but I try to not show as much as possible.

Also, entrepreneurs do have support groups among other entrepreneurs. There are organizations like young president org , entrepreneur org which allow business owners and CEO to connect and be among peers.

---

Entrepreneurs.

Here's how it works.

1. You better pick something you enjoy doing, or least be very good at it.

2. If your intention is to make lots of money, this path may not be for you.
Money comes naturally once you are good at something. It is a by product.

3. Be prepared to be hands-on at all levels, unless you have ample funding, chances are you have to do a lot of things yourself.
This is where it hurts. When you work in a huge multi-national, you have no bloody idea how the other departments function.
You are too specialized for your own good. The fish monger knows more about running a small business than
finance director of a Multi-national company.

4. Be prepared for no income(if lucky) or negative cash flow for a start.

5. Be prepared to work non stop.


In summary, Point 3 & 4 & 5 will filter the entrepreneur from the worker.
Let's face it, most people are too scared to slog and at the same time have negative cashflow.
Not everyone is cut to be a biz owner. Most folks would be better off working for someone else.

But ironically the riskiest bet may turn out to be the safest bet, why

1. No retirement age.
2. No boss.
3. No politics.(at least when you are around)
4. No retrenchment
5. Sustainable income for a lifetime.(or more)
6. Ability to get rid of people you dislike.
7. Overall happier.(once business is on track)
8. Very short working hours (once business is on track)

Agree with most points except 2 based on my life experience so far.

1) many entrepreneurs always say it is passion and desire to make a difference and prove a point. that is true in many cases. But it is also true we are in it for the money. Almost all the entrepreneurs I know use money as a scorecard to compete against others. It is a way to keep score. And entrepreneurs are almost all alpha males... Winning is very impt to us.

For myself, I competed in terms of net worth and income against fresh grads, then high flyers, then AOs in govt and investment bankers, then top lawyers,ministers, small listco owners and smaller CEOs. Now I am on par at much younger age, I am trying to stop but i am also thinking why not CEO of larger listco and all the 5000-10000 ahead of me in terms of net worth? Right now, my psychology is that it is fine to "lose" to fellow entrepreneurs or 2nd gen of business families... But why should I lose to CEO of capitaland or keppel or the older ministers...I know it is freaking weird but the competition is what drives the performance needed.

That is how intensely competitive many entrepreneurs are and money is the scorecard, so it is super impt.

2) shorter working hours is possible but only if u take yourself out and hire professional CEO. Can happen once u make at least 2m profit and up. Cuz CEO will cost u some 200k and up min.

[Big Toe]

Healthy discussion.

Based on my life experience

I do not keep a scorecard. Winning is not important.
It is an irony but it works for me. All business have to competitive but at the same time if that is all there is, what fun is there?

My scorecard is more qualitative than quantitative.
Am I happy running this, am I enjoying myself? do I have fun doing it?
Of course lastly, is it profitable and sustainable?

Shorter working hours is possible if you TRUST your staff to perform as told. Easy as that.
So finding the right people for the job is important. Make sure interests are aligned.
Pay them a generous cut of the profit, it does wonders.

Perhaps i belong to a different breed. It is somewhat similar to a piano player playing the piano to please oneself.
Not for the money, not for the fame but for happiness.

[Temperament]

Temperament: might not be true.. those who invest also "cannot switch off... pure obsessive desire to find a ten-bagged."

I guess it really depends.. ultimately, if you love about what you are doing, you can be thinking about it all day all night, not just entrepreneurship..

for instance, during a recent job interview, the interviewer asked me for my work & non-work achievement. I felt that was really dichotomising on one person's life. Investment is my work AND non-work hobby - so it makes me feel as though i am a no-life dude.. -.-

Hi,
As stock investor, we are all of different ability, different way of investing, different level of "cannot switch off..." and i believe aiming for a ten baggers "you are already an entrepreneur investor class" not ordinary "mom & pop" stock investor.

i admit i am "obsessed" in some degree in not stopping learning from anyone and reading about stock and investment. i never think of bagging any baggers. i only think is this stock i am buying is going to be around for many years and is the entry price give me enough of safety of margin if i am wrong. So you see i can always sleep at night even when the market crashes or worse, the sudden appearance of the "Black Swan". This then is actually my aim(passive business investing).
You remind me of DR. Michael Leong. An entrepreneur stock investor.