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Personal Risk
Do not think the personal impact of growth is unimportant to your business, because they are still inextricably tied together.
Health
- Stress: You will make tough human decisions about hiring, firing, aptitudes, duties and who's right and wrong. Solution: Listen to advice but make the decision. If you trust your best instincts given all the facts, at least you know it's an honest opinion.
- Limited leisure or exercise: With high stress, poor eating habits and long hours at a desk, everything from your back to your psyche can suffer. Solution: Train subordinates as part of teambuilding and succession plans. Take a vacation once a year. And note what the experts say: exercise relieves stress - and nutrition really is related to memory and cognitive function. Don't skip meals, especially breakfast.
Finances
- Prospect of failure: You will have some sleepless nights. You will wonder whether you will lose everything you gained. You will worry about those who depend on you. Solution: Try not to risk the business on one decision, but failure is temporary. If it happens, you will learn from it.
- Selling equity: Most entrepreneurs value their independence highly. Handing over equity to finance expansion feels like losing control of fate. Solution: If there's no other option, would you rather own 50% (or even 30%) of a $10-million business or 100% of a $100,000 business? The big question isn't so much selling equity, it's choosing your partners.
Relationships
- Limited family time: Spouses, children and friends see much less of you (unless they work with you). Solution: Try for quality instead of quantity. Learn to delegate and take that vacation. Be disciplined about it - the company will survive even if you leave earlier every night.
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