If leading were easy, then everyone could do it. I’ve had several conversations lately with clients and colleagues who are complaining about how hard they have to work. More often than not, the average age of these people is less than 45. I strive to be understanding and empathetic while also bringing some realism to the discussion. I am starting to feel that far too many people in positions of authority think they can have it all, and they can’t. Life and leadership require sacrifice and compromise. What you want is often less important than what’s needed at any given point. At times, you must shoulder the burden and persevere.
There is a significant difference between a lifestyle business and a growth-oriented, more professional business. As with all things, you need to be true to yourself and your core personal priorities. Of course, you need to engage in personal reflection to clarify your “why” and what truly drives you. Many people who start businesses tend to do what they think they should be doing, rather than considering what they truly need to do, given who they are and what they value. Delusions of grandeur and aspirations of professional significance are your enemy, not your friend, in a lifestyle business. A colleague aptly states, “It’s essential in life to know what you truly want, but even more important to know the price you’re willing to pay to achieve it.”
In a lifestyle business, you design your business around your life. I know many people who have successfully done this. The tradeoff is that the income you can potentially earn hits a ceiling much more quickly. The business can only handle a small number of employees (if any at all), so employee leverage is limited. Operational capacity constraints may sometimes force you to do things you’d rather not do. Such an arrangement is the better path for someone who wants to maximize their work-life balance and live in the present. Typically, your work will occur in spurts, requiring you to adjust your efforts accordingly. Accept this reality and move on. You need to be realistic about the potential upside and keep your personal finances under control in a commensurate fashion. Debt is not your friend, and neither is financially overreaching. Keep it simple.
In a more traditional business, growth is the expectation. You consistently challenge the status quo and push your capabilities. Success will come with its rewards, but also with its challenges. Work-life balance is not a realistic expectation, and quality will need to trump the quantity of your personal life expectations. You are building for the future rather than just living for the moment (although the journey should still be enjoyable). People issues will multiply, and client demands will become more complex. Your ability to understand basic business finance is essential because your math decisions can have significant investment consequences. You can potentially build a great organization with an enduring legacy, but it will come at some personal cost. The needs of the business will be an ever-present reality. You may limit your role with time, but never eliminate it unless you sell the company or hand it off to a successor.
In either category, you will need to work harder than you want to and differently depending on which route you take. Being a boss of yourself or others is much more demanding than being an employee. You will always bear the ultimate responsibility. Even though you may hire people to share the load, the tough decisions and actions will inevitably end up on your desk. You may be able to delay, but never fully ignore your response to market realities. Particularly in a growing business, you may need to prioritize other, more pressing organizational issues over your personal priorities. I shudder when I read these magazine articles that provide examples of super-human leaders who have it all. Trust me, they don’t. You often don’t know the sacrifice and hard work it took to get there. While we often assume it, we rarely discuss it. Sure, there are exceptions in life, but they are rare, and most of us tend to hover around average when it comes to realizing our potential. The key is to be honest about the costs of any major changes after reviewing the results.
I’ll often hug my beleaguered clients and provide some positive encouragement at the end of our conversations. Occasionally, you may need to help them get centered. However, I hope they also get the message that this is what they signed up for. There are rarely any shortcuts to effective leadership. Few people can outsmart conventional wisdom. Business fundamentals seldom change. Your actions lead to consequences that you can live with or not. Leadership IS arduous work, and the bar is constantly being raised. Targets often shift due to uncontrollable circumstances. Whining and self-pity are unattractive traits in children, let alone in adults who assume leadership roles and the accompanying responsibilities. Leadership involves fulfilling obligations when they arise, regardless of whether it is convenient or not.