On this episode, James and Megan wrap up the theme of Growing and Thriving with a double-sided topic. It goes along well with the last episode on investing in your business.
The topic: What Will You Sacrifice to Grow?
Why do we need to be concerned about what we will sacrifice?:
- As entrepreneurs, we all realize that to achieve our goals, it will cost us something. We need to invest time, effort, and resources – just as we discussed in the last show. However, if we don’t decide in advance what we will or will not sacrifice, we can quickly find ourselves in a situation we don’t want to be in.
- If we aren’t willing to give up something or sacrifice enough, we most likely will not achieve our goals. Yet, if we don’t put limits on how long we will sacrifice or what we will sacrifice, we can end up losing something much more valuable than our business – our relationships with our family and close friends.
- Hopefully, you’re noticing that through all these shows on growth there is an overarching theme of being deliberate. This is the difference between an entrepreneur whose business is growing, but personally they are just surviving, and an entrepreneur whose business is growing and they are also thriving personally. In the first instance, the person simply created another job for themselves and they’ve become a slave to the business. In the second case, they built a business that serves them.
What does sacrifice look like?:
- Sacrifice is going to take different forms for each person, depending on their goals and life situation. This will change as your business grows and as your personal life changes.
- If you’re starting up and still working, you are going to have to make sacrifices at home.
- Will you give up TV, sleep, or family time?
- How long will you make those sacrifices?
- Is that enough to achieve your goals?
- You may decide to sacrifice part of your dreams. What are you not willing to sacrifice?
- Often you have to sacrifice between two good things. Maybe you have two new product ideas, but doing both at the same time is impossible. Pick one and sacrifice one. Maybe it will happen later, maybe not. But if neither will happen together, sacrificing one is the best path forward.
How do you decide what to sacrifice?:
- First look at your Core Values from your strategic plan. These should help guide you as you prepare to decide what you are willing to give up for your business and what you’re not willing to give up.
- Look at your schedule, including early mornings, evenings, and weekends, and commit blocks of time to working on your business. Set a deadline–perhaps three months–and re-evaluate at that point.
- If you have a family, discuss what you’re not willing to sacrifice.
- Do a time audit.
- Track your time in 15-minute increments for one or two weeks. Decide what time will be dedicated to building your business.
- Talk to the family.
- Using your Core Values, agree with your family (if you have one) what you are and are not willing to sacrifice.
- Read Thrive by Arianna Huffington.