Entrepreneurial Quote of the Week for October 8
Entrepreneurial Quote of the Week for October 8th
While I am not much into self-help, self-actualization, motivational speaker-type hippie junk, I do appreciate wisdom…especially when it is distilled down to bite-size pieces. I have for some time written down nuggets of wisdom as I’ve stumbled across them in articles, podcasts or everyday conversation and I’ll start sharing these with you as well as a few thoughts of mine on the meaning and application of the quote. My goal with these quotes is to motivate and encourage you through what other successful individuals have written and said as well as provide an easy resource should you need a topic for your next seminar or class or back-porch conversation.
This week’s Entrepreneurial Quote:
“An entrepreneur is someone who works 80 hours a week to avoid working 40” -(unfortunately I did not copy down the source so I cannot properly attribute this; please comment below if you know the source)
I shared this quote with my wife some time ago. Her response was something along the lines of “yeah, sounds great [as in terrible]. Are you sure you want to be an entrepreneur?” Well, my answer to her was, of course, “yes” (mainly because I’m stubborn) but it is worth thinking about. The 40-hour workweek refers to having a good old-fashioned job with an employer cutting you a check every two weeks. While your personal effort undoubtedly ensures you keep receiving that paycheck, there is likely not an entirely direct correlation between a customer purchase and your income (I’m oversimplifying here but you get the drift). And there is a fair degree of certainty in that relationship. Outside of some terrible act on your point, that paycheck will continue to come in on a regular basis…or you will at least have time to prepare should your job be taken away.
But what is likely lacking in that certainty is freedom. Whether you are hourly at minimum wage, on contract for the next year, or earning a 6-figure salary a month, you are there at a certain time, have to request vacation time off from someone and can do little to directly or immediately increase your pay. And if your goal, like mine, is freedom from that life, then achieving it requires hard work. While a “4-hour workweek” made up of “smart passive income” sounds great, it is unlikely to happen right out the gate. Most entrepreneurs will be working many, many more hours than their non-entrepreneurial neighbors, especially if they, like me, are keeping their day job while building out the dream. So yes, while I may not be working exactly 80 hours, I’m not just cashing my check (well, checking the direct deposit) and checking out Netflix every evening; I’m putting in the time now to achieve my ultimate goal- independence and flexibility. And that means early mornings, late nights and weekends…and, at times, 80 hours a week.
What about You? Does you think being an entrepreneur requires that sort of effort?