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Embracing the Non-Monetary Benefits of Entrepreneurship

sunny park chairs

The ability to work from anywhere – and enjoy a beautiful summer day – is a wonderful benefit of entrepreneurship.

I’ve shared my insight before on how fellow entrepreneurs and business owners might choose to price their services. It’s a fine balance between earning what you’re worth and remaining competitive. One of the biggest challenges comes when you’re just starting out. With little to no prior experience and only a small portfolio of work to showcase, new clients often hire you on a hope and a prayer that you’re half as good as what you promise. This situation often requires you to charge far less than market value for your time to even get your foot in the door. Even a seasoned entrepreneur can recall such a time in their career. The glitz and glamour of being a “business owner” can quickly become jaded by the lack of money, time and sleep in return for countless hours of hard work. So how do successful entrepreneurs overcome this starting hurdle? When I was first building Bennis Inc from the ground up, had I measured my success and happiness in income, I may have thrown in the towel before I ever really got going. Instead, I quickly learned that I had to embrace the non-monetary benefits of entrepreneurship until I reached market value. If you’ve also taken the entrepreneurial leap, focusing on these benefits can help you overcome the “I’m WAY underpaid“ blues.

Flexibility

Even when I was just making ends meet, this didn’t impact my ability to enjoy life’s no-cost luxuries. I was (and still am) able to go for a run whenever I feel like it. I can grocery shop at non-peak hours and enjoy a peacefully empty store all to myself. I can take an early weekend (say, starting on Tuesday?) or grab coffee with a friend who’s swinging through town. With my 9-5 job, I felt guilty even scheduling a doctor’s appointment during the day. Now I can get a haircut whenever it’s most convenient—completely guilt free. Of course, this type of free time and flexibility is balanced by sometimes having to work late into the evenings or on the weekends, but at least it’s at my discretion. When I have work to do, I do it and when I don’t, I’m not stuck chained to a desk. As an entrepreneur, soak this up! Your friends may have chosen a more stable, traditional career, but they likely can’t do work from a park on a sunny summer day.

Creative Freedom

You’re a business owner – that means you also own every decision that’s made. This can be a scary reality, but also an incredibly rewarding one. While you might not be raking in the “big bucks” just yet, remember that the ability to make a decision and not have it be second-guessed or turned down is a luxury most people would place a pretty big price tag on.

Building Something All Your Own

This is all you. When you’re building a business you get to take complete ownership over how every piece comes together. Do you want to steer things in a new direction? Sure! Is your goal to someday have 100+ employees? Go for it! Is your goal to work remotely and travel 10 months out of the year? It can be done! The beauty of building your own business is that you have the ability to make it unique and custom fit to your goals. I have yet to see an example of a corporate job that allows for the same.

Leadership

During my time of really embracing the non-monetary benefits of entrepreneurship, I found that this is truly one of life’s ultimate leadership experiences. It requires a great deal of self-confidence, trust in your instincts and quick thinking. I always felt like I had leadership qualities inside of me that would shine through when it was required, but as an entrepreneur, leadership is required every day. Some might say it’s baptism by fire, but I think one of the greatest benefits of entrepreneurship is the “leadership boot camp” it provides. You’re forced to step into this role quickly and without hesitation.

At the end of the day, it’s important that we remind ourselves that we’ve chosen the entrepreneurial path for a reason. Hopefully it wasn’t for the money (because that can take many, many years to get flowing) but rather it was for the flexibility, creative freedom, ability to create something new and unique and life’s ultimate leadership experience that is entrepreneurship. Before long, the money will follow, but if you embrace these non-monetary benefits early, the money will no longer be the ultimate goal.

 

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The Work-Life Imbalance

Often I come across an article or a quiz asking me to examine my “work-life balance.” It’s a term we should have all encountered by now – whether in a magazine, an HR seminar, even in a casual dinner conversation. To nod your head and affirm, “Of course, I have a great work-life balance,” carries a sense of pride as if you’re really saying “Yeah, I’ve got it all together.” But what defines a work-life balance? Must the parts always be equal to keep the scales from tipping too far in one direction?

We spend the majority of our waking hours working in some capacity. In the best case scenario, only 40 hours of our week is spent in a formal work environment, but what about all of those evening and weekend emails, phone calls and “emergency projects” that cut into the little time we’re already given for “life?” Such tasks sneak extra weight onto the “work” side of the scale and can lead to an imbalance we don’t even know exists.

Over the past couple of weeks, I’ve taken more notice to how I’ve been chipping away at my free time by choosing to do a several minutes of work-related tasks here and there. Even just a few minutes can turn into hours over the course of a week. For example, I try to finish up my last work project of the day no later than 6pm. But while I enjoy dinner and a little bit of television, my mind is still very much on work. If I hear the chirp of an email – I answer it. And so this persists throughout the evenings and into the weekends. My best estimate is that on average, I burden myself with an additional 7-10 hours of work each week beyond what’s expected or demanded. When all added up, that’s a full day! A day in which I could have taken a road trip, enjoyed the beautiful fall weather or simply decompressed. And while these off-hour emails may help progress work, they put a major halt on life.

Back when I wrote about The Two-Day Truce, I urged everyone to resist the urge to do unnecessary work on the weekends because it only causes the recipients of the emails to feel the pressure to respond. Essentially it takes away from everyone’s weekend. I have gotten better about not being a weekend warrior with work, but I realized an even bigger problem. We’re so trained to work, we do it without even knowing it. Consciously we may feel like we’re living a pretty balanced life, but really our scales are so off kilter they’re nearly falling over altogether.

I couldn’t tell you how many times a day I check my phone for new emails, especially after “work hours.” I’m not sure I would want to know. By proactively checking for emails and refreshing my inbox, I’m looking for work to do instead of enjoying that other component that should fill our time – life. A true Work-Life Balance is so much more than saying you leave your office or close your laptop at 6pm. Chances are we’re very accessible to work during any of the hours in between. But when we’re at work are we this accessible to life? Every week’s schedule is different and there’s no doubt that there will be some weeks that demand an imbalanced share of our time for work. The key is to find the balance not every day or every week, but over the long run.

The Work-Life Balance may not be so much about balance after all. Maybe it’s more about flexibility and our openness to work more when we absolutely have to, but to also seize extra moments of “life” when the opportunity should arise. If you can’t close down by 6pm tonight, don’t sweat it, but plan for some extra relaxing time in your schedule later this weekend to make up for the difference and realign the balance!

What about you. Is your work-life balanced…flexible…or somewhat of both?

 
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Posted by on October 22, 2012 in Business & Success, Life

 

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