Inside The Lifestyle of a Small Business Owner

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The lifestyle of a small business owner often reads like the plot of a blockbuster Hollywood movie. There's boundless action, enduring suspense, and constant drama. Mix in a few laughs, the obligatory blood, sweat, and tears, and at that point, who needs Bruce Willis? The exploits of a small business owner can make even the most hair-raising antics on the silver screen seem tame by comparison.
According to Chris Mahlmann, CEO of Ideas in Motion Media, running a small business is more of an adventure than most anticipate.
"It's pretty harried," Mahlmann admits of his own entrepreneurial lifestyle. "But I think it comes with the territory. There's a lot to get done every single day. I think a lot of people believe that when you own your own company, you can make your own hours and work whenever you want. And that's just not the case."
The workload is virtually inescapable, Mahlmann warns, particularly in the earliest days of a start-up when there are financial plans to make, financial problems to solve, employees to hire, staff to train, a team to motivate, and products, services, and a promotional strategy to launch that must attract and -- most importantly -- retain customers.
Without exception, becoming a small business owner is one of the gutsiest moves a person will ever make in their professional life. And nowhere is such a risk-taking bunch of entrepreneurs more prevalent than in the United States.
According to the U.S. Small Business Administration, small businesses (those with fewer than 500 employees) represent 99.7% of all employer firms. Collectively, the small business community has produced 64% of all new jobs in the U.S. over the past 15 years.
Although many entrepreneurs have enjoyed staggering success in their small business pursuits, not all risks result in lasting rewards. The SBA reports that seven out of ten new employer firms survive at least two years. Only half will reach the five-year mark. And those percentages grow exponentially smaller as the years grow longer.
Still, experts contend that one of the lesser understood factors prompting -- or at least heavily contributing to -- the small business failure rate is the inability of entrepreneurs to adequately plan for and subsequently cope with the burdens of small business ownership that quickly monopolize their time, money, and former lifestyle.

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