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Finding the Balance: How Not To Wreck Your Personal Life in Your Pursuit of Profits When you run your own company it is far too easy to let your company run you. I've seen it time and time again in my friends and colleagues: entrepreneurs are likely to forget about the non-business-related parts of life. Why is no mystery. You operate in fast-forward on a daily basis with countless irons in the fire, and if you're smart and lucky, the money is rolling in and providing a mighty distraction as well. No wonder your personal life is suffering . . . nearly everything you do revolves around business!
Factor your family into your life. If you have a spouse and children, you have to factor them into your life in a meaningful way. Hopefully, your family is already one of the main reasons you work as hard as you do, but they still need your attention and affection and you need theirs in return. True, your business supports your livelihood, but without the things that really matter, your professional life will be empty and unfulfilling. You're always hearing advice such as, "keep a weekly date night with your spouse" and "make it a priority to attend your kids' ballgames or recitals." I am not knocking such advice and I do think you should strive for that ideal whenever possible. But as an entrepreneur, your life may not be structured that way. So I would put a slightly different spin on it: as often as possible, integrate your family into your world. When you can, include the whole family in your business travels. (Overseas business trips, in particular, can be a great learning experience for children.) Engage the whole family in conversation about your business. Let them see how much fun you are having. Even small children respond to a parent's genuine excitement about his or her work. As a bonus, you're teaching kids-by example-the importance of pursuing their passion in life. Fear the Ferrari phase. If you have recently started a business and the money is flowing in faster than you ever imagined, spend with caution! I have seen it too many times. A person reaches the million dollar mark and suddenly becomes "invincible". First he buys his dream car and next he starts taking long luxurious vacations. Soon he golfs several days a week instead of working to maintain his new lifestyle. This mistake can have a disastrous effect on a young business. You just can't run a fledgling company from a cruise ship. Your company probably isn't mature enough to withstand the protracted absences of its founder and cash flow may be too shaky to justify big, unnecessary purchases. Also, and this is just my opinion, it's a little ridiculous to live an extravagant and gratuitous lifestyle. You don't need all those toys, you just don't. Besides, flying too high too fast sets you up for a hard fall. If you live beyond your means and you face the fabled "rainy day," your car will get repo'ed and you can kiss your vacation days goodbye. Believe me, it's not a good feeling. Oh, one more thought along these lines: it's seldom a good idea to flaunt wealth. It tempts thieves, attracts predators and invites lawsuits. Even when your business really takes off and you're doing well, it's a good idea to moderate any impulse you may have to flash the cash. Avoid arrogance. If your business has taken a turn for the better, please don't let it go to your head. Yes you worked hard and got lucky, but if you become an arrogant braggart, you will annoy and alienate your friends and family. And hopefully I don't need to tell you this, but I'll throw it in for good measure: don't assume that your stock has gone up and it's time to trade in your spouse for a newer model. True love and honest friendship can't be replaced-or bought. Many entrepreneurs have to learn this the hard way. Finally, "getting the big head" may even cause you to lose clients. (People tend to do business with those they like.) So remain humble and grateful for what you have earned and people will respect you for your good attitude. Don't break the rules or you may find yourself breaking rocks. In the pursuit of a higher paycheck or greater profits, you may be tempted to toy with the law, but the criminal justice system and the IRS have a way of tracking down lawbreakers and making them pay dearly. You may not get caught, but if you do, your professional life and your credibility will be ruined. Plus, you can't very well run your business from jail, can you? Abide by your own ethics. The golden rule applies to the business world too! There is a karmic penalty for compromising your human values in the name of business, even if you won't necessarily go to jail for it. In general, it is always best not to lie, steal, or cheat your clients or employees. Also remember not to step on others during your climb to the top. If you act like a snake, someone will eventually bite you back! Common sense is really the best barometer for balancing your life with your work. Keep asking yourself with each decision you make, "How will this affect my business?" and "Can I personally live with this decision?" Always make choices that won't harm others, but at the same time will help your business. Wise business and life choices will make your profits higher and your blood pressure lower. Just use your head and you will find that you can, indeed, have it all! |
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If you don't take any of the advice I offer, I urge you to make this the one exception: remember that you have a family, hobbies, and your soul and conscience to tend to at the end of the workday. Entrepreneurs can, with a little strategy and forethought, balance their "work" and "personal" calendars so that the pursuit of success doesn't overshadow other important aspects of life like family, friends, and a little playtime as well. Read on to learn a few tips that will help you keep your career and your personal life working harmoniously together.
