How New Entrepreneurs Can Avoid Business Bondage
Is pursuing success as an entrepreneur really worth risking so many relationships and losing your personal life? Business bondage can be described as the state of feeling inexorably intertwined or even imprisoned by your business . Business bondage is frequently experienced by new entrepreneurs and small-business owners. Every day as an entrepreneur seems like a marathon. You are exhausted after putting in long hours of work, but you wake up the next day and do it all over again without finding time for you personal life. Many factors can contribute to this feeling: • lack of experience • financial stress (insufficient capital, late- or non-paying customers, high-interest credit, etc.) • macroeconomic events (national economic issues, financial market fluctuations, etc.) • inability to lead or delegate tasks • inefficient or inadequate business systems • lack of experienced help/staff • increase in the competitive environment According to the Small Business Administration, busines...