4 hour work week? Ummmm Yeah it's a myth.

How many entrepreneurs started a business because they wanted life to be easier, to work less, to live life on their terms, have a source of income that "runs itself"? The book "the 4-Hour Workweek" by Tim Ferriss says you can do it!

How many have achieved this? And how many truly want this? I am waiting on more results of my ongoing questionnaire but I have a hunch anyway.

Most entrepreneurs I know make their harried schedules a point of pride. Maybe it's a Toronto thing, but without complaining about being "crazy busy" they are not happy, and their identity is in crisis. Really, if you worked 4 hours a week, would you not spend the other 40 or so dreaming up new ways to fulfill your creative urges, or come up with more ways to make money? And if your business only takes 4 hours a week to run, you don't have enough problems. And a business with no problems is not doing much, like growing. Or maybe you are Ms or Mr Moneybags and someone else is running it for you, taking care of all the problems, and not telling you about them so as not to bother you while you are spear fishing in New Zealand. That would make me, personally, nuts, and if you can do that, you had pots of money to begin with.


Yeah, sure, some can do it, and have a great lifestyle. Maybe you just want to invest in other businesses and get caught up in weekly meetings (That is a different type of entrepreneur.) But the truth, in fairness to Tim Ferriss, is that it is incredibly hard to follow the best pieces of advice in the book, namely, don't fill your day with e-mails and drudgery, instead, make that one phone call that will make the difference for your business, find that one person at the top of your industry and connect with them directly. Get in at the TOP, ("Guess who I met with today?!") stop wasting your time building up a business brick by brick, then when you have secured the deal of deals, delegate like crazy (presumably for 4 hours a week). Be prepared to give up all work done with your hands, all interactions with small customers, all handling of day to day transactions. Could you do it??

Unleash your inner Weeble

This post is about the most critical characteristic an entrepreneur needs to have :

resilience.

noun

1.the power or ability to return to the original form, position, etc., after being bent, compressed, or stretched; elasticity.

 

2. ability to recover readily from illness, depression, adversity, or the like; buoyancy.

Buoyancy. Like the Weebles that wobbled but didn't fall down, the combination of resilience, creative thinking and eternal optimism will serve the business owner well in a time of turmoil, when the need for re-invention is required. I have yet to meet an entrepreneur that didn't have these qualities. 


I look at some of my favourite customers from when I had a wholesale company, supplying decor and giftware to small retailers. There was a downturn in the economy in the mid 2000's that, combined with the relentless growth of big-box stores, saw lots of small shops go out of business. So which ones hung around? The ones that shifted the focus on their sales from merchandise to service. Or some that took on partnerships with other retailers. And they always stayed light on merchandise so they could do this with little loss. Some changed to internet businesses and some only did selling shows.

A couple of business models for small retailers still work and haven't been taken over by the big guys: salons and florists. How can these businesses still hang around when big corporations are getting in on these services? They adapt. From the beginning, people who operate these businesses have had to create something new with the same materials, and survive purely based on their talents in customer service, creativity and ability to spot trends. Plus, last I checked, hairstylists report the highest levels of job satisfaction. I have spoken to many hairdressers who confirm this for the most part - they get to see the result of their work immediately, plus the benefits of working with one's hands and interacting socially is good for the soul.

Beyond retail, any business will benefit from a resilient owner at the helm.

When you meet someone smarter than you, hire them.

Entrepreneurs give the best advice, and have the best rules for life as well as business. I want to explore the world of the self-employed, the new-venture lovers, the dreamers and the innovators, and learn what drives them to do what they do in the face of what is often huge risk.

There are a few gems I have learned over the years that I'll share with you now:

When you meet someone smarter than you, hire them.
Don't let your ego get in the way, and don't think you can do it all. You may be the brainchild of your business, but if you can't adequately share your vision and inspire others to make it happen with you, your capacity to grow will be limited. Heck, don't just hire them, maybe marry them too! I'll be exploring entrepreneurial couples too.

When you start thinking "It's only $100", see it as a red flag.

Money is never "only" money, if you are a serious about growing wealth. You cannot grow rich by valuing money less as more of it rolls in. Rich people, unless they inherited it, got that way by watching and guarding every cent. I know millionaires who still pack a lunch, shop around for the best cell phone deal, negotiate to the penny with everything that counts. If you don't love money, someone who does will happily take it from you.

Do something you love

Because chances are you will be doing it for no pay at some point.

More to come! Please send me your thoughts and your own words of wisdom. And if you would be willing to fill out a questionnaire about your experience as an entrepreneur, let me know.