How to Juggle Family and Business as an Entrepreneur

Is there a secret to work-life balance? This is by far one of the most frequently asked questions by most new and experienced entrepreneurs. How do some entrepreneurs manage it all and why do others not? Patrick Bet-David reminds those entrepreneurs that unlike machines, humans have the need to interact with others and many other expectations.

Here are a few of the differences:

1. Machines focus on one thing.

2. Human beings have to focus on multiple things at the same time.

   a. Bills
   b. Decisions
   c. Arguments
   d. Your team lost
   e. The President
   f. Will Oprah make a good president?
   g. Does Trump really have small hands?
   h. What’s my personality type?
   i. Which book should I read next?
   j. Should I take supplements?
   k. Should I have kids?
   l. Should I stay single?
   m. Which color spandex should I wear during yoga?
   n. Why did’t Bob like my recent picture on Instagram?
   o. Is he mad at me?
   p. I forgot to call Mom on Thanksgiving, Halloween, MLK, Labor Day, Memorial Day, birthday

The reason this topic of a balanced life even comes up is that someone in your life, a boss, your spouse, etc. made you feel guilty. All it takes is a person saying that what you are doing isn’t what you are supposed to do. “it is unhealthy to live an unbalanced life.” Or, “A good spouse is home at 6 pm every night.” Or the worst one, “Nothing matters more than family.” So many people get thrown for a loop with that one statement. They question why they even have a job. So how do you combat this thinking and this guilt?

It is Important to Remember:

1. Perfection doesn’t exist. (Especially if you’re the type that loves perfection.)

2. Stop Comparing Yourself to Others

3. Don’t Overthink

4. Minimize the Length of Making Decisions

   1. Is it a low priority or it is it a  high priority

5.  Test Different Systems Until Something Works for You

You are never going to have the most picture-perfect life but there are hacks out there that will create more balance. But the life of an entrepreneur isn’t for everyone.

How Clear are You on Your Vision?

You need to get clear on what you want for your vision. The only way to do that is to understand what your vision takes to become a reality. Nothing is worse than being a big thinking, competitive, ambitious lazy person.

Here’s why, envy is typically found in the people who think big, but are not willing to do the work. They want respect without earning it. They look for shortcuts. This game at the highest level is so demanding that it scares people. As a matter of fact, I’m sure some of you are already afraid of just reading this.

After you become clear on whether you want to just earn 250k a year or create something monumentally great, you need a timeline. Your timeline ranges in length based on your goal. The smaller the goal the shorter the timeline. If you want to build a huge company it will take decades. Being clear on your vision and your timeline makes it impossible for anyone to make you feel guilty ever again.

“Balance in life and business depends on your timeline and vision” – PBD

Again, that might scare some of you, but we aren’t done with the realness just yet. There are some truths you need to understand about the entrepreneurial life before you commit.

6 Truths you need to know about being an entrepreneur:

1. It will suck for a long time

2. It will be painful for a long time

3. It takes hard work

4. It takes sacrifice

5. It takes you not being able to bitch at times

6. It takes some hard work to make it work

If we haven’t completely scared you away from this life, let Patrick give you some context on what other jobs are like being an entrepreneur. It will help you understand this whole work-life balance debate. 

5 Careers That Paint a Picture of What the Life of an Entrepreneur is Closest to:

1. Athlete

   1. Kobe played 20 years straight in the NBA. Which means he played in nearly 2,000 games and on the road 6 months out of the year. That’s not including his high school career. And for some, you have to add in a college career.

2. Musician

   1. Some do it for fun, while others want to be pros. Either way, you need to tour all the time to make it at all. You have hustle to get your music out there.

3. Actor

   1. It takes 3 to 6 months to shoot a movie. It could be overseas, and you could have five back to back. After you are done shooting you have to do the press tour around the country or the world for each movie.

4. Politician

   1. You have to campaign for years just to win a seat. Then you have to legislate for 2 to 4 years and campaign for the next term at the same time. The demand for your time and energy goes up the higher up in the State and Federal levels you go. All the while you will have a strong opposition to what you want to do from the other party. 

5. A General

   1. There is set schedule in war, just like there is set schedule in the war of business. There are constant changes to the plan and you have to think on your feet. Everyone depends on you making the right call.

All these careers are filled with unreasonable people just like entrepreneurs. People love unreasonable people like entrepreneurs because they go out achieve insane things that the rest of us don’t want to commit to even thinking about. The media loves writing about entrepreneurs because their achievements are so astronomical, and their failures are so devasting it sells articles.

You must think about why being an entrepreneur isn’t for everybody, what careers are most like it, and why people are so attracted to them before you make the clear decision to be an entrepreneur. This education will help you get into that entrepreneurial mindset.

Let’s go back to where we started with you feeling guilty about not having someone else’s idea of a life-work balance. With all that we discussed, if you are still feeling guilty in your business, write down your principles and values. Have those principles and values guide you to your clear vision.

If you do this, you will always be in sync and always know which direction you are going. If you know which direction you are going you aren’t feeling guilty about what you are missing out on. You are working towards something great and that can sustain you.

The last step is preparing those around you for this lifestyle.

Managing Expectations up Front For the People in Your Life.

1. If You’re Single:

   1.  If you’re single you have the opportunity to do it right from the beginning.
   2. Watch the video Who to Marry and How to Marry.

2. If You’re Dating:

   1. Talk, talk, talk
   2. Take the 50 questions to ask before you get married. “Who to marry and how to marry.”

3. If You’re Married:

   1. Conversations about future vision.
   2. There will be fights.
   3. There will be moments that are hard to handle.
   4. Discussions of what both of you want in life long term.

You need to remember the order of important people in your life:

1. Spouse

2. Kids

   1. Undivided attention for as little as 15 minutes, preferably more if you can.
   2. Perfection doesn’t exist in parenting
      1. Some of the biggest leaders in the world had the most screwed up parents.
      2. Kids are also intimidated by having perfect parents. They got to see some flaws.
      3. Ask about their day, investment of time, Plant good seeds
      4. Kids can be around the business environment so they can see what Daddy or Mommy is doing.

3. Family

4. Friends

   1. Set boundaries
   2. Delegate
   3. Build a support network
   4. Outsource errands

Identify Priorities

Whether it is Sunday is family day or a monthly date night with your spouse, you need to identify what you have to be present for and what you can miss. You are going to miss a lot of events from weddings, to birthdays and everything in between. Don’t forget to reward yourself with some time off quarterly to recharge. If you hit your goals weekly do something fun on a Friday night. Remember:

Create a plan

Be disciplined

Stick to your deadlines

Hard work and sacrifice

Stick to your game plan

 

Next Steps: Download the PDF and go back over the notes and watch the video again. Understand what type of commitment the entrepreneur lifestyle is and if you have identified your principles, values, and have a clear vision.

Action step: Take the Ultimate Self Discovery Questionnaire

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Founded in 2012 by Patrick Bet-David, our goal is to impact entrepreneurs around the world through value and entertainment. We are the #1 channel for entrepreneurs because of the best interviews, best how to videos, best case studies and because we defend capitalism and educate entrepreneurs.

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