Last week I had the pleasure of listening to a hugely successful and respected businessman as he shared his story of immigrating to Canada at the age of six, growing up in a modest household and becoming employed as a surveyor for the government.
After a decade as an employee, he decided he wanted more and ventured into the world of business, buying a franchise with a bright future. He took $5,000 equity he had in his home, walked away from his government job and jumped into business with both feet and no more than a hope and a prayer.
Over the course of his 30-plus years in business, he experienced times where he lost almost everything. The success of his business depended on the local economy and during his first year, the majority of the city's workers went on the longest strike in our history.
The early years were tough, but thanks to good mentoring and support from his franchisers, he kept treading water until the storms calmed.
As time went on, he suffered the loss of the franchise when the company folded. He renamed his company and eventually expanded, opening stores in other cities. He also ventured into another business and was an integral part of expanding it across Canada and into the United States, eventually taking it public there.
Throughout his career he's experienced the worst of times and the best of times. He worked his way through start-up, shut-down, expansion and consolidation. He worked long hours, traveled extensively and did whatever he believed was necessary to keep his business alive and growing.
As his captivating story came to a close, I asked him what one piece of advice he would give to anyone entering into business for the first time.
As I reflected on his reply, I realized he had shared a common regret among successful individuals.
His advice was, "My success came at a high cost ... that of my family. My children barely knew me and my wife spent most of her time alone. My marriage ended and I missed my children's childhoods. If I can share anything of value, it is to ALWAYS give your family top priority. It is my deepest regret and something I can never get back."
As I thought about his reply, I recalled hearing the same message from many other successful entrepreneurs.
They paid dearly for their successes because:
- they didn't know better
- didn't have anyone to warn them or,
- didn't care to listen because they thought they were "different"
Today, we have unlimited access to mentors, resources, technology, networks, organizations and support systems to help us leverage our energy and resources.
There is no reason for anyone to sacrifice anything important to them.
If you already find yourself traveling down a path that is taking you away from your family or something else you care about, stop to ask for directions from someone who can guide you.
If you are starting out and want to ensure your family and other values remain top priority throughout your business-building efforts, the same rule applies.
Make a list of the tasks you currently perform (or plan to perform) then conduct an evaluation of your ability to meet each responsibility one hundred percent. Can you realistically say yes to each task without saying no to something else?
You have four friends that can help you:
1. automation
2. systematization
3. delegation
4. teams
Determine which tasks can be automated or delegated.
Develop systems so everything moves in a state of continuous flow instead of reacting to each event as it occurs.
Surround yourself with a team of experts in various fields instead of trying to do it alone. Get yourself a bookkeeper, virtual or personal assistant, a knowledgeable insurance agent, tax advisor, web designer and technical support.
Consider bartering services, taking on co-op students from local colleges, paying based on performance or profit sharing.
The possibilities are limited only by your imagination.
As you begin your journey into entrepreneurship, remember, there is no need for anything to suffer at the expense of your success.
Educate yourself, reach out and learn from those who have gone before you.
2008 © Laurie Hayes - The HBB Source
The Common Regret of Successful Entrepreneurs - To learn more about this author, visit Laurie Hayes's Website.
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