Being an entrepreneur is extremely exciting and fulfilling, yet extremely demanding. It involves long hours, difficult demands, and high stress. Yet, many rewards can come with being an entrepreneur as well. In this section, we want to look at how entrepreneurs can make it work—that is, how can they be successful and effectively balance the demands of their work and personal lives?

Entrepreneurs are a special group. They’re focused, persistent, hardworking, and intelligent. Because they put so much of themselves into launching and growing their entrepreneurial ventures, many may neglect their personal lives. Entrepreneurs often have to make sacrifices to pursue their entrepreneurial dreams. However, they can make it work. They can balance their work and personal lives. But how?

One of the most important things an entrepreneur can do is become a good time manager. Prioritize what needs to be done. Use a planner (daily, weekly, monthly) to help schedule priorities. Some entrepreneurs don’t like taking the time to plan or prioritize, or they think it’s a ridiculous waste of time. Yet identifying the important duties and distinguishing them from those that aren’t so important actually makes an entrepreneur more efficient and effective. In addition, part of being a good time manager is delegating those decisions and actions the entrepreneur doesn’t have to be personally involved in to trusted employees. Although it may be hard to let go of some of the things they’ve always done, entrepreneurs who delegate effectively will see their personal productivity levels rise.

Another suggestion for finding that balance is to seek professional advice in those areas of business where it’s needed. Although entrepreneurs may be reluctant to spend scarce cash, the time and energy saved and potential problems avoided in the long run are well worth the investment. Competent professional advisors can provide entrepreneurs with information to make more intelligent decisions. Also, it’s important to deal with conflicts as they arise—both workplace and family conflicts. If an entrepreneur doesn’t deal with conflicts, negative feelings are likely to crop up and lead to communication breakdowns. When communication falls apart, vital information may get lost, and people (employees and family members) may start to assume the worst. It can turn into a nightmare situation that feeds on itself. The best strategy is to deal with conflicts as they come up. Talk, discuss, argue (if you must), but an entrepreneur shouldn’t avoid the conflict or pretend it doesn’t exist.

Another suggestion for achieving that balance between work and personal life is to develop a network of trusted friends and peers. Having a group of people to talk with is a good way for an entrepreneur to think through problems and issues. The support and encouragement offered by these people can be an invaluable source of strength for an entrepreneur.

Finally, recognize when your stress levels are too high. Entrepreneurs are achievers. They like to make things happen. They thrive on working hard. Yet, too much stress can lead to significant physical and emotional problems (as we discussed in Chapter 6). Entrepreneurs have to learn when stress is overwhelming them and to do something about it. After all, what’s the point of growing and building a thriving entrepreneurial venture if you’re not around to enjoy it?