Living with an entrepreneur can be both exhilarating and exhausting. The dynamic nature of entrepreneurship means that life can often be unpredictable, filled with highs of success and lows of failure. For the spouses or life partners of entrepreneurs, this can lead to a series of emotional and practical challenges. Understanding and adapting to these challenges can help in fostering a supportive and healthy relationship.
The life of an entrepreneur is rarely a 9-to-5 job; it’s more of a 24/7 commitment. This often results in irregular working hours, financial instability, and periods of high stress. For their partners, this can mean unexpected changes to personal plans, increased responsibility for household or familial duties, and coping with the emotional rollercoaster that accompanies the pressures of starting and maintaining a business.
To navigate these challenges, communication is key. Partners of entrepreneurs need to integrate some entrepreneurial thinking into their own mindset, which includes understanding the drive, the risk tolerance, and the relentless pursuit of goals that characterize an entrepreneur. This understanding can transform a partner into a vital sounding board, providing not only support but also valuable outside perspectives that can help in decision-making processes.
Entrepreneurs, on their part, should strive to be transparent about their business. Sharing both the successes and the struggles can demystify the process for their partners, helping them feel more connected and less sidelined by the demands of the business. Involving them in small decisions or discussing strategies not only fosters this connection but also leverages the unique insights a life partner can offer, which might be overlooked in a typical business setting.
For partners looking to educate themselves further about entrepreneurship, there are several resources available including books, online courses, and workshops that focus on entrepreneurship, startup culture, and financial planning. This knowledge can enhance conversations and enable partners to provide more informed feedback and support.
Of course, setting boundaries is crucial. Entrepreneurs need to consciously carve out quality time, free from business calls and emails, to devote to their personal relationships. This helps in maintaining a balance between work and life and reassures the partner that they are a priority.
So, while the entrepreneurial journey can be strenuous on personal relationships, it also offers unique opportunities for growth and bonding. By integrating entrepreneurial thinking, maintaining open lines of communication, and educating themselves about business, partners can not only navigate the complexities of their situation but also contribute significantly to the entrepreneurial venture. In return, entrepreneurs must recognize the value and support their partners provide, ensuring they are included and valued, not just as supporters but as partners in every sense of the word.
Make today a great day. Make it happen. Make it count!
About Acceler8Success
With over 70 years of combined experience in entrepreneurship, small business, franchises, and restaurants, Acceler8Success is dedicated to helping entrepreneurs and business owners succeed in various economic climates. For more information, please visit Acceler8Success.com.
If you’re an entrepreneur that feels lost, needs assistance or needs someone to talk to — with or without your partner, please contact Paul Segreto by text at (832) 797–9851 or via email to paul@acceler8success.com. Please, don’t hesitate!
Entrepreneurship is often romanticized as the pursuit of dreams, the manifestation of wishes, and the embodiment of action. At its core, it embodies the spirit of turning ideas into tangible realities. But what does it truly mean to embark on the entrepreneurial journey armed with nothing but a dream, a wish, and a relentless drive to do?
Dream It
Every entrepreneurial journey begins with a dream — a vision of what could be. It’s the spark that ignites the fire of ambition and sets the course for the future. Whether it’s creating innovative products, revolutionizing industries, or making a difference in people’s lives, dreams serve as the foundation upon which businesses are built.
Dreaming in entrepreneurship isn’t merely about wishful thinking; it’s about envisioning possibilities that others may overlook. It’s about daring to imagine a world that doesn’t yet exist and having the audacity to believe that you can bring it to fruition. Dreams fuel passion, perseverance, and the willingness to take risks.
Wish It
Wishes are the desires that propel entrepreneurs forward, serving as the bridge between dreaming and doing. Wishes encapsulate the aspirations, goals, and ambitions that drive entrepreneurs to action. They represent the tangible outcomes that individuals hope to achieve through their entrepreneurial endeavors.
Wishing in entrepreneurship involves setting clear objectives, defining success metrics, and envisioning the future state of the venture. It’s about articulating what you want to accomplish and committing to the journey required to make those wishes a reality. Wishes provide direction, motivation, and a sense of purpose amidst the challenges and uncertainties of entrepreneurship.
Do It
The essence of entrepreneurship lies in the willingness to take action — to transform dreams and wishes into concrete results. Doing is where the rubber meets the road, where ideas are tested, refined, and executed upon. It’s the relentless pursuit of progress, fueled by determination, resilience, and a bias towards action.
Doing in entrepreneurship requires courage — the courage to overcome obstacles, the courage to embrace failure as a learning opportunity, and the courage to persevere in the face of adversity. It’s about taking calculated risks, making tough decisions, and continuously iterating to improve and evolve.
The Entrepreneurial Spirit
The journey from dreaming to doing is not linear but rather a continuous cycle of ideation, execution, and adaptation. Along the way, entrepreneurs encounter setbacks, challenges, and moments of doubt. However, it’s the unwavering belief in the power of their dreams, the resilience to weather storms, and the relentless pursuit of their aspirations that define the entrepreneurial spirit.
Entrepreneurship is not for the faint of heart, but for those who dare to dream, wish, and do. It’s a journey characterized by passion, creativity, and relentless determination. And while success is never guaranteed, the very act of embarking on the entrepreneurial journey is a testament to the human capacity for innovation, resilience, and the pursuit of greatness.
In the end, it’s not just about the destination, but the journey itself — the experiences gained, the lessons learned, and the impact made along the way. So, dream boldly, wish fervently, and above all, dare to do. For in the realm of entrepreneurship, it’s those who are willing to turn their dreams into reality who ultimately shape the future.
Make today a great day. Make it happen. Make it count!
Entrepreneurship Coaching
Whether you’re interested in exploring a purchase of a franchise or acquiring an existing business, or possibly looking to sell, restructure or expand your business, we have you covered. Our mantra is to explore, identify, develop, implement & analyze to ensure connecting the right people, brands & opportunities. Our mission is to create long-term relationships, not transactions. Our promise is that we’ll be there, coaching you every step of the way. Inquire here for more info.
As major corporations continue to announce significant layoffs, a potential boom in franchising emerges as a hot topic. This trend prompts a critical examination of franchising as a viable career alternative for those displaced by the shrinking job market.
The Appeal of Franchising
Franchising offers a structured business model with substantial support from the franchisor, including marketing, training, and operational assistance. This can lower the barriers to entry for those new to entrepreneurship, providing a smoother transition from employment to business ownership. The inherent appeal of franchising lies in its ability to offer a “business in a box” model, where the framework for running a business, backed by a recognized brand and proven business strategies, is already established.
Economic Context and Financing
The economic uncertainty triggered by widespread layoffs could lead individuals to seek more control over their professional futures. Franchising may appeal as a safer harbor, allowing entrepreneurs to capitalize on established brands and customer loyalty that come with a franchise. However, the success of potential franchisees also heavily depends on the economic environment and access to financing. During economic downturns, securing loans and other financing options can be more challenging, potentially stifling the growth of franchising despite the increased interest.
Sectorial Expansion and Diversification
Traditionally, sectors like fast food, retail, and hospitality have dominated the franchising landscape. However, current trends could shift this dynamic. Emerging fields such as health, wellness, and technology are ripe for franchising opportunities, potentially attracting a more diverse group of entrepreneurs. This diversification can broaden the appeal of franchising, moving it beyond consumer-facing retail to services that are more specialized and knowledge-intensive.
Challenges and Considerations
While the prospect of a franchising boom is compelling, it is not without challenges. Prospective franchisees must conduct thorough due diligence, understanding both the risks and rewards. The success rate of franchises, while generally favorable, varies widely by sector and individual business acumen. Additionally, the franchising model itself may evolve in response to economic pressures and changing consumer behaviors, which could alter the landscape significantly. Key forecasts of the 2024 Franchising Outlook Report by the International Franchise Association include:
The number of franchise establishments will increase by more than 15,000 units, or 1.9%, to 821,000 units. This growth will be supported, in part, by lower interest rates for higher ownership affordability and increased investment from private equity firms.
Franchising is expected to add approximately 221,000 jobs in 2024. As overall U.S. unemployment is forecast to average 4.1%, higher than 2023’s unemployment rate of 3.7%, FRANdata forecasts employment to grow by 2.6%, down 0.3% in year-over-year comparisons.
Total franchise output will increase by 4.1%, from $858.5 billion in 2023 to $893.9 billion in 2024.
Franchises’ GDP will continue to grow, increasing at a pace of 4.3% to $545.8 billion.
Personal services and quick service restaurants (QSRs) will experience higher growth than other industries.
Growth in the Southeast and Southwest will outpace the rest of the U.S. franchise market in 2024.
While the trend of corporate layoffs might catalyze interest in franchising as a fallback career path, its success will hinge on several factors, including the economic climate, financing availability, and the ability to adapt to new market realities. Aspiring entrepreneurs should weigh these factors and review the IFA’s report carefully when considering franchising as a viable route to business ownership and financial independence.
Make today a great day. Make it happen. Make it count!
About Acceler8Success
Acceler8Success is a dynamic consulting firm that specializes in franchise development, business coaching, and professional growth strategies. Tailored to meet the unique needs of each client, the firm offers a range of services designed to enhance operational efficiency and promote business expansion. These services include franchise development, strategic planning, and consulting for existing franchise networks.
Additionally, Acceler8Success provides personalized business coaching to develop leadership skills, improve management practices, and boost overall performance through workshops and one-on-one sessions. The firm also facilitates networking through regular events, webinars, and seminars, creating opportunities for collaboration and strategic partnerships. Committed to delivering measurable results, Acceler8Success focuses on empowering entrepreneurs and business leaders with the tools, education, and mentorship needed to achieve and sustain success. Learn more at Acceler8Success.com.
In the often demanding world of entrepreneurship, self-care emerges as a non-negotiable pillar of success. Entrepreneurs, recognized as the driving force behind innovation and economic growth, find themselves juggling multiple roles, responsibilities, and expectations. This continuous hustle, while admirable, can take a significant toll on physical and mental well-being. It’s crucial to remember: self-care is not just a luxury; it’s essential healthcare… self-care IS healthcare!
Understanding the Multi-Faceted Nature of Entrepreneurship: Entrepreneurs, whether introverts or extroverts, are de facto leaders. Their emotional and mental state can set the tone for their entire organization. In this high-stakes environment, staying physically and mentally sharp is not just beneficial; it’s imperative. An entrepreneur’s well-being directly influences decision-making, team morale, and ultimately, the success of their venture.
The Risks of Neglecting Self-Care: The perils of overlooking self-care are manifold. Lack of sleep, for instance, can weaken the immune system, leaving entrepreneurs more susceptible to illness. Mental exhaustion can lead to brain fog, impeding the ability to make clear, strategic decisions. Furthermore, the constant pressure can breed anxiety and depression, leading to poor personal and professional choices.
The Necessity of Support Systems: No entrepreneur is an island. Having a support system, be it a friend, coach, mentor, or a supportive community, is invaluable. These sounding boards offer perspective, guidance, and sometimes, the necessary jolt back to reality. Acts of kindness or encouragement from these supporters can reignite an entrepreneur’s passion and focus.
Faith and Reflection: Faith, whether in a higher power, in oneself, or in the vision of the business, can be a powerful source of strength and resilience. Reflective practices, such as meditation or journaling, can provide clarity and a sense of calm amidst the chaos of entrepreneurship.
Questions for Reflection:
How do I balance my entrepreneurial drive with the need for physical and mental rest?
What support systems do I have in place, and how can I effectively utilize them for my well-being and growth?
In moments of overwhelming pressure, what practices help me regain perspective and maintain my mental health?
Conclusion: As entrepreneurs are poised to lead our nation’s recovery and growth, their well-being becomes a matter of public interest. The path to sustainable success in entrepreneurship is not just paved with hard work and innovation, but also with the crucial practice of self-care. Remember, taking care of oneself is not just a personal responsibility; it’s a professional imperative.
From the Author, Paul Segreto, CEO & Founder, Acceler8Success Group
The future may be a bit bumpy for some, more so for others. Knowing who to turn to and when for guidance and help is important. Having resources at your disposal is also important.
So, if you hit a wall, for whatever reason, please feel free to reach out to me for assistance or even if you just need to talk and bounce around a few thoughts. Please do not hesitate.
You can contact me at paul@acceler8success.com or you may reach me by text or phone at (832) 797–9851. I look forward to helping you… I’m sure we can help each other!
Make it a great day. Make it happen. Make it count!
Why is there reluctance to say, I am an entrepreneur? I’ve been asked that question many times. Heck, I’ve asked that question of myself on more than one occasion. It seems, at times we’re prouder to call ourselves, Founder or CEO or to say, I’m a business owner. Why is that?
Are those titles more respectful than, entrepreneur? Yet, we hear of late, we’re in an entrepreneurial economy. So, is that a bad thing or a good thing, and especially if we have a hard time fully admitting to entrepreneurship? Or should we just be entrepreneurial in how we approach our work, whatever that truly means?
Are we claiming to be in an entrepreneurial economy to justify the disappearance of the lifelong career at one company and this is just a way to say we need to create and prove ourselves over and over again, and forget the gold watch?
Back to the reference of being an entrepreneur… Is there a stigma of being a dreamer, always looking for something better, bigger, faster as opposed to what some believe is mundane, repetitive work with the security of a paycheck? Often, I hear it’s mostly due to yesterday’s immigrant mindset of being thankful to just have a job, yet it’s that same immigrant mindset that is the epitome of entrepreneurship.
“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” – Steve Jobs
We are living our fears.
Actually, I believe it’s because of fear — fear of failure, fear of what other people think, fear of the unknown, fear of the what if, fear of starting over, fear of change… But it’s when those fears are hit head-on and the adrenaline rush of success far outweighs those fears because you know, deep in your heart that you have a deeply ingrained talent that can and will make a difference.
Does that mean failures aren’t possible? Hell no, but it’s working through those failures, those blips, those aberrations that provide experience and resiliency to improve and innovate to make the next step, the next task, the next venture successful. That is entrepreneurship. And it’s when I don’t consider what I do as entrepreneurship, is when failure mostly occurs. Conversely, it’s when I focus on what I do as an entrepreneur, complete with that thinking outside the box and failure is not an option perspective, and when focused more on results as opposed to opinion of others, THAT is when success mostly occurs.
Yes, I’m an entrepreneur. My focus will stay as such as it is not only good for me, but also for my family and for those that rely on me to help them achieve their wishes, hopes and dreams! Why? Because I believe in possibilities, as without them, there are none.
Entrepreneurs are from all walks of life. They have different levels of skill and education. Some take more risks than others, but risk is there, nonetheless. Of course, there are many, many other characteristics and traits, and many combinations thereof.
So, really, what is an entrepreneur? What does the term mean? Are there varying degrees of being an entrepreneur – different classes, different levels?
These were some of the questions I have asked over the years in various LinkedIn groups and podcast interviews, and also in impromptu interactions. Below are some of the insights and perspective from a wide cross-section of individuals (entrepreneurs, corporate executives, small business owners, and even a number of restaurant servers, retail clerks, construction workers, and high school & college students).
What is the definition of an entrepreneur?
In a few cases, the definition provided included a specific word ahead of ‘entrepreneur’ almost as if to prequalify the definition. Doing some research, here are actual definitions of the shared terms:
1) Born Entrepreneur: Somebody that from an early age was active in earning money in exchange for products or services. These people never considered becoming an employee.
2) Must-preneur: Somebody who through chance or circumstance sees no other option than to become an entrepreneur. This might be due anything from to age to an utter lack of job opportunities
3) Opportunistic Entrepreneur: Somebody who sees an opportunity to start a business but has a contract to provide services to their current employer. E.g., Head of IT starting his own company to provide services to their previous employer
4) Executive Entrepreneur: Somebody who has reached the top of an executive ladder and views starting their own business as a way to progress further. They usually have a decent amount of money saved up and an extensive business network to tap into.
5) Family Entrepreneur: Start a business in order to spend more time with family. Lifestyle is the main motivator.
6) Mumpreneur: A mother who sees no other way of earning a flexible income whilst raising her family. Usually runs a highly efficient business.”
A couple of definitions seemed to be well thought out apparently having run through their minds before…
“An entrepreneur is a person who will see the embryonic seeds of an opportunity well in advance of others. Others will eventually only see a lost opportunity. An entrepreneur will see risk as an opportunity. Others will see opportunity as a risk. An entrepreneur will look forward to the challenges and hard work that an opportunity will bring. Others will only see an uphill struggle. An entrepreneur will continue to work at that opportunity irrespective of setbacks, make mistakes, pick themselves up and learn from their mistakes. Others will give up the fight when the going gets tough. An entrepreneur will work outside of the normal business framework in order to feel free and unrestricted while others will have a need to build an even stronger framework in order just to feel safe. When the opportunity is finally realized, an entrepreneur will not say ‘I told you so’. An entrepreneur will say to themselves not others, ‘I knew I could do it’. Others will say, ‘I wish I had done that’.”
“I think that we all, at one time or another, have what we believe is a great idea, the difference is that the entrepreneur will seize it, grab the ball and run with it, where most people will look back and say: I woulda, coulda, shoulda; the difference is implementation and execution. When I was a youngster, I used to ride horses a lot and the first lesson you are taught is when you get thrown off of the horse, you immediately get back on, for if you don’t, you will have a fear of doing so for the rest of your life. I would agree with you that being a business owner does not necessarily mean that you are an entrepreneur; most people who buy a franchise are looking for security (avoidance of risk), a structured environment and direction as to what to do and how to do it.”
Personal experience and emotions played into a number of responses. Here are a few that were definitely very heartfelt:
“For me- it was a burning desire to create something that would change the world. Simply owning a business was not my motivating factor.”
“I was tired of being told how to run a business by people that had no clue how to manage people or a business. When you get to that point you just say screw it, I am doing my own thing. You are never alone either. surround yourself with people that are positive and are open to you sharing ideas at a much higher level.”
“For me, it was an opportunity to offer a service that my former employer would not or could not provide. I also got tired off working my butt of to benefit someone else. Owning my own business has given me the opportunity to spend more time with my family and to provide them financially.”
“An entrepreneur is someone who doesn’t like following rules. Someone who wants to eventually make them. For me, I became an entrepreneur because I was sick and tired of working for a bunch of idiots. These goofballs were making way too much money…and I wasn’t. So, I took a risk. Joined my dad’s franchise consulting firm in 2001. Now, I’m a solo entrepreneur. And the King of the Castle. It’s been a fun ride. There are several more roads for me to cruise on. Join me.”
“The more I sold, management would adjust my comp plan to lower my pay. I got burned out on them fundamentally not getting that the more sold the better off everyone would be. So, I became a competitor starting with a folding chair, table and legal pad. Now I have lost my table and chair! Just kidding, I have never looked back.”
There were a few negative and somewhat cynical responses. Two that I remember quite well:
“I thought entrepreneur was French for unemployed. Can’t we just be business owners?” and “I always think of an entrepreneur as someone who can’t find or keep a job and justifies his existence by saying he is an entrepreneur.”
And here are a couple of my own comments from these exchanges…
“I believe the derogatory comments have been increasing because so many individuals lost jobs during economic downturns and then decided, well, I’ll be an entrepreneur. It really doesn’t work that way for true entrepreneurship. For them, it’s about the money. It’s about survival. It’s about replacing a job! That is not entrepreneurship.”
“Entrepreneurship, to me is looking to make a difference. Looking to change the way things are done. Sure, money is great, but money should not be the only result of your actions and success and certainly not the primary force from the beginning. Think about the true entrepreneurs of the world… Steve Jobs, Richard Branson, Bill Gates, Mark Cuban and of course, there are many more. Quitting school, operating out of garages, pushing to be leading edge with something different, disagreeing with the way industry leaders were doing things, and the list goes on – it wasn’t about the money or even the thought of riches to come. It was about change. It was about making a difference. It was about taking risk when they didn’t even think there was risk involved because they knew they would succeed. It was their conviction to perfection.”
Entrepreneurs do exist at many different levels and there are many within small business today, and the number is growing. As such, I’ll share this academic definition:
An entrepreneur is one that wants to make a difference, doing so by motivating and encouraging change all the while being aware of risk but challenging risk with clear perspective and innovation, never losing sight of their goals and the always driving forward even in the face of setbacks and failure.
Per Merriam-Webster: entrepreneur en· tre· pre· neur | \ ˌän-trə-p(r)ə-ˈnər , -ˈn(y)u̇r, ˌäⁿn- \ Definition of entrepreneur : one who organizes, manages, and assumes the risks of a business or enterprise.
Per Investopedia: An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
Study.com has an interesting course with an animated video about the definition of an entrepreneur. Take a few minutes to preview HERE.
There is even a 10-minute video for children about what it means to be an entrepreneur. Definitely share this with your children or grandchildren. You can view it HERE.
Let’s keep the discussion alive. It’s too important a topic not to. So, what do you think? What is an entrepreneur? After all, being an entrepreneur is difficult enough without being misunderstood!
In business circles we frequently hear and make reference to “entrepreneurial spirit.” It’s this spirit that drives an individual to taking risks, sometimes calculated, but not always. “Spirit” is often associated with “free.” Sir Richard Branson of Virgin Airways fame, among other successful business ventures, would definitely be considered a risk taker, an entrepreneur and free-spirited.
It’s often been said that individuals explore franchising due to it being less risky than starting a business from scratch as the franchise comes complete with a proven business system. The old adage about being in business for yourself, but not by yourself, creates a nice, warm sense of security that a franchise can ultimately provide.
Minimized risk. Proven system. Sense of security. Could you really see Sir Richard as a franchisee? So, if Sir Richard Branson epitomizes the true entrepreneurial spirit, my question remains, “Are franchisees entrepreneurs?”
You must be logged in to post a comment.