Entrepreneurship Series: Commitment

As we continue this series on Entrepreneurship and entrepreneurial readiness, we ask the question, "What does it take to be a successful entrepreneur?"

There are many answers to this question. One of them is - commitment.

In many respects, starting a business is very much like embarking on a marriage. It is a long-term commitment that requires passion, enthusiasm, and love of the work, product, service, or field of that business. It requires a kind of stick-to-it-iveness that is reminiscent of the marriage vows - that is, you agree to stick with it in good times and bad, in sickness and in health, forsaking all others, until death - or some other BIG factor (such as retirement)- does you part. It requires dedication, persistence, perseverance, perspiration, and a conservatively high degree of risk tolerance.

What are some of the secrets of maintaining an entrepreneurial commitment of this kind over the long haul - perhaps in times of economic challenge such as we currently face in this recessive economic climate? Here are some factors...

Imagination - Before you ever start your business, imagine yourself several years into it. Imagine yourself successful and growing. Visualize yourself in your business, through all seasons and business cycles, all the way to retirement.

Intention - Start your business with the very strong intention to stay with it and to succeed. Create the intention to do whatever it takes to make it work.

Challenge - Be someone who thrives on challenge. Embrace "mistakes" as opportunities to learn and to do it better.

Change - Expect and embrace change. Keep refining and fine tuning and growing your business. Never allow it to stagnate.

Time Management - The advantage of working for yourself is that you are in charge of your time and you can enjoy some flexibility in terms of time. The disadvantage is that there is no such thing as a 40-hour work week for most entrepreneurs. Owning your own business is a BIG time commitment, and it is best to plan on that from the beginning. Yet, it is also possible to be very efficient and savvy about how you use your time. Learn to Work Smarter, Not Harder.

Work/Life Balance - That being said, it is also crucial to find ways to balance your work time with your other priorities - time for family, for friends, for socializing, for exercise and recreation, for creative and spiritual pursuits, for managing your household - for all the pieces of your life that you value and enjoy. Balancing your life well prevents burnout and gives you the energy and zest you need to be with your business, day in and day out. Life and Work need to be FUN and energizing!


Question: On a scale of 1 to 10, with 1 being the lowest and 10 the highest, how able are you to commit to something for the long haul and stick with it?

Hint: If your answer was 7 or lower, then entrepreneurship is probably not for you.