Sep 30 2024 10 mins 22
Achieving small business success requires personal sacrifice. What are you willing to sacrifice to launch and grow your small business?
Show Notes Page: https://www.thehowofbusiness.com/r239-personal-sacrifice/
This is a re-release of Episode 239 of The How of Business podcast with additional new content and edits.
Outline of this episode on the personal sacrifices required to achieve small business success:
Definition and Meaning of Sacrifice: Henry Lopez, host of The How of Business podcast, defines "sacrifice" in the context of small business success: Sacrifice is defined as the destruction or surrender of something for the sake of something else. Henry Lopez emphasizes that sacrifice is essential for small business success, particularly when launching a new business.
Willingness to Make Sacrifices: A major obstacle to business success is the lack of willingness to make necessary sacrifices. Aspiring small business owners often struggle with giving up their current lifestyle, free time, or comfort in pursuit of their business dreams.
Examples of Sacrifices: Sacrifices might include giving up hobbies, free time, sleep, and even time with friends and family. Henry explains that launching and growing a business often requires significant dedication and effort, sometimes at the expense of personal life.
Financial Sacrifices: Aspiring business owners must have their personal finances in order to start and sustain a business. Henry highlights the importance of reducing debt, improving credit scores, and being financially prepared to go without a paycheck during the early stages of business start-up.
Actionable Advice: Henry encourages listeners to list 2-5 specific things they are willing to sacrifice and allocate the time saved toward starting or building their business. He stresses the importance of being honest with oneself and remaining focused on these sacrifices to achieve long-term business goals.
Sacrifice - what are you willing to personally sacrifice to become your own boss and start your first business? If you are already in business, what are you willing to sacrifice further to grow it? On this episode of the top-rated podcast for small business, Henry Lopez shares his thoughts on the kind of sacrifices that, based on his entrepreneurship experience, you must be willing to make in order to succeed as a small business owner - particularly when launching your first business.
The questions to ask yourself include:
What are you willing to sacrifice to realize your dreams of becoming your own boss?
Are you willing to sacrifice your quality of life today for something more in the future?
Are you willing to give up hobbies, free time, family time and friend time all to devote to your business?
Are you willing to work harder than you ever have at something?
This episode is hosted by Henry Lopez. The How of Business podcast focuses on helping you start, run and grow your small business. The How of Business is a top-rated podcast for small business and entrepreneurs. Find the best podcast, small business coaching, resources and trusted service partners for small business owners and entrepreneurs at our website https://TheHowOfBusiness.com
