The Real Cost of Entrepreneurial Success

Sacrifices often pave the way for greater achievement.

“Success is no accident. It is hard work, perseverance, learning, studying, sacrifice, and most of all, love of what you are doing or learning to do.” – Pele

Achieving success as an entrepreneur often comes with making substantial personal sacrifices. These might include working long hours, less time with family and friends, and putting the needs of your business ahead of your own personal comfort. These sacrifices are crucial because they help lay a solid foundation for your future success.

In the early days of SpaceX and Tesla, Musk worked incredibly long hours and even invested his own money to keep his companies running. His willingness to sacrifice personal comfort and financial security eventually paid off, as both companies became leaders in their industries.

For entrepreneurs ready to make similar sacrifices, managing them effectively is key. You should focus on what’s most important for your business and try to delegate or delay less critical tasks. It’s also important to find some balance—make sure to set aside time for rest and to maintain important personal relationships. Being open with your loved ones about why you’re making these sacrifices can also help ease the strain they might feel.

Action Step: Think about what you might need to sacrifice to advance your business. Decide what’s necessary and make a plan to manage these sacrifices responsibly. This helps ensure you don’t burn out or lose touch with important people in your life.

Making sacrifices can be a significant part of entrepreneurship, but it doesn’t mean ignoring all other aspects of your life. It involves making deliberate choices to prioritize your business in the short term to achieve long-term success.

To learn more about achieving success in entrepreneurship, be sure to check out our book of the week: “How to Get Rich” by Felix Dennis.