How to Balance Work and Life from ex-entrepreneurs reflections (June 2020)

How to Balance Work and Life from ex-entrepreneur’s reflections (June 2020) How to Balance Work and Life is key lesson from ex-entrepreneur’s reflections Image Source: iStockI have often heard it said, “Once an entrepreneur, always an entrepreneur.” I’ve always been skeptical however, and  since a recent encounter that I had with one entrepreneur  whose business had failed seven years previously, I would definitely think twice about the truth of that statement, especially in the area of how to balance work and life.The encounter happened while on a short trip around Wales, when my family and I booked into a Bed Breakfast. It was  a beautiful house, run by an elderly couple whose names I have changed to George  and Katie.Katie  was a brilliant hostess, welcoming us, helping us settle in, advising on options for dinner and what to do while staying in the area. At breakfast the next morning, we got chatting about the story of their BB business.Katie told us that they’d purchased the property from the profits of George’s  profitable business. It was their family home until 2007, when they decided to convert it into a BB after G eorge had had to close down his business.As a career coach, interested in teaching entrepreneurs how to reach their potential and how to  balance work and life, I found this detail fascinating. Katie  passed the story to George, who, as it turns out, had been  an early pioneer in  the digital revolution, with a business  in servicing and converting analogue printers into digital ones.George was a nationally respected technician, with a  company pushing £1m turnover every year, However  his business proposition was ultimately undercut by the graduation cessation in production of analogue printers, and  he  closed the business in 2007. (adsbygoogle = window.adsbygoogle || []).push({}); How to Balance Work and Life    Other Lessons from a Life in BusinessI asked George  if he would be prepared to share the three primary lessons he had learnt in his life as an entrepreneur. Happily, he obliged, and I share those lessons with you. Business owners ought to pay particularly close attenti on to George’s views  on the question of how to balance  work and life. While his other points  are equally  valuable, George will never be able to recapture time missed with his family, or recover from the physical constraints he now faces, due to his  focus on a company that, in the end, died a slow death over three years, with George helplessly  watching his European client light-board map, the bulbs representing his clients going out one by one. Rather than speak for him, I have decided that these  three points, including his thoughts on how to balance work and life, should be conveyed  in George’s own words. (adsbygoogle = window.adsbygoogle || []).push({}); 1. “Commit to your Clients.”“The one thing that defined the success of our business was our commitment to our clients. Our clients knew that we would never let them down and would always be there to support their machines. This often meant on-the-spot decisions to fly across Europe and fix machines â€"  and stay there until they were fixed â€"  which could take over a week. Our clients kept coming back because they knew they could rely on us.”2. “Get Help.”“I remember there was a time when I used to smugly boast that my business was recession-proof and that I had a business that would reach the £1m mark. The printers we serviced were used to print  packaging materials for  big name cereals and confectionaries, and these would still be needed when the economy was down. Through the long, hard days of putting one foot in front of the other, I did not even pause to think that getting outside help or some sort of business mentor for experienced advice could actually make my life easier, and my business better.”“One of the things that destroyed my business was a deal that I agreed for  a customer to become a potential distributor of our cutting-edge product. I signed off distribution exclusivity to them and they did nothing for two years on my product â€" time in which they were able to build a competing product and get it entrenched into the market!”“I was the best at changing analogue printers to digital. Everything else about my business, I learnt along the way. I realise now that not only did I not do a lot of things that a good business should do, but also several of the things I did, I did after making expensive mistakes that I could have avoided.” (adsbygoogle = window.adsbygoogle || []).push({}); 3. “Don’t Forget to Live Life.”“I remember once when I was running at the airport to catch a flight, and I shoved past someone to reach the check-in counter. I got a tap on the shoulder and the person I had just shoved aside said, “You need to slow down, mate! You’ll have a heart attack!” I laughed it off then, but as I reflect now on the time I missed with my family, and the physical constraints I now have to face… I do realise that while clichéd, there is a lot of value in that single piece of advice: slow down and enjoy the journey.†ConclusionGeorge was wistful, with  tears in his eyes, as he recounted the last part of his story. “The manufacturers moved to digital printing and our whole line of business was wiped out,” he said.“We used to have a map of Europe with little lights for all our clients. I saw the lights go off one after the other over the final  three years of my business and there was very little I could do. Firing the people I’d worked with for decades was one of the toughest things I have ever had to do.”“I don’t think I have it in me to do it all over again now. This BB is really Katie’s business â€" I only help her run it.”As we left the BB, I thought of all the entrepreneurs I have worked alongside as a business coach in London, and recommitted to helping them ensure that they get  the best of what they deserve, in their lives as well as  in their businesses; and that they  understand and appreciate the importance of addressing  how to balance work and life, as much as all other aspects of running a successful business.