1442: The Advantages of Having a Family While Running a Business by Isaac Morehouse on Career Success

[00:00:00] [SPEAKER_00]: This is Optimal Work Daily.

[00:00:02] [SPEAKER_00]: The Advantages of Having a Family While Running a Business by Isaac Morehouse of IsaacMorehouse.com

[00:00:10] [SPEAKER_00]: It's no secret that being an entrepreneur is stressful and time-consuming.

[00:00:14] [SPEAKER_00]: It requires not just physical but immense mental energy and brings pretty severe emotional

[00:00:19] [SPEAKER_00]: swings.

[00:00:20] [SPEAKER_00]: Sometimes it involves emails or phone calls or travel at all hours of the day, all

[00:00:25] [SPEAKER_00]: days of the week, all year long.

[00:00:27] [SPEAKER_00]: It's also financially unpredictable.

[00:00:29] [SPEAKER_00]: All of these things suggest that having a family while starting or running a company is a bad

[00:00:34] [SPEAKER_00]: idea.

[00:00:34] [SPEAKER_00]: I often tell young people that if they have a startup idea, they should pursue it sooner

[00:00:38] [SPEAKER_00]: rather than later because the risk, stress, the cost of failure and available time will

[00:00:44] [SPEAKER_00]: only get worse over time and after a spouse and kids.

[00:00:47] [SPEAKER_00]: Still, lots of people do it.

[00:00:49] [SPEAKER_00]: I'm doing it now.

[00:00:50] [SPEAKER_00]: Despite the very real ways in which a family makes entrepreneurship harder, there

[00:00:54] [SPEAKER_00]: are some powerful advantages too.

[00:00:57] [SPEAKER_00]: Time.

[00:00:58] [SPEAKER_00]: I'd rather be with my family than doing just about anything else.

[00:01:01] [SPEAKER_00]: This is a huge advantage.

[00:01:03] [SPEAKER_00]: When you're starting a company and seeking funding, partners, employees, customers

[00:01:07] [SPEAKER_00]: and allies, there are an infinite number of things you could do at any time.

[00:01:12] [SPEAKER_00]: Networking event downtown tonight?

[00:01:14] [SPEAKER_00]: Maybe you'll meet someone there and make a decent connection.

[00:01:17] [SPEAKER_00]: The thing is, 80% of the events, calls, emails and activities won't be that valuable.

[00:01:23] [SPEAKER_00]: When you are a time billionaire, as my friend at TK calls it, the opportunity cost is low.

[00:01:28] [SPEAKER_00]: You might as well go to the happy hour.

[00:01:30] [SPEAKER_00]: Something might come out of it.

[00:01:31] [SPEAKER_00]: So single entrepreneurs do it over and over again.

[00:01:35] [SPEAKER_00]: They hit so many conferences and meetings that the line between what's valuable

[00:01:39] [SPEAKER_00]: and what's a waste begins to blur.

[00:01:41] [SPEAKER_00]: They can get distracted and burned out on things that don't really enhance their

[00:01:44] [SPEAKER_00]: core value proposition or product.

[00:01:46] [SPEAKER_00]: When you would rather be with your family anyway, you develop a very high bar for

[00:01:50] [SPEAKER_00]: any reason to do otherwise.

[00:01:52] [SPEAKER_00]: I'm not going to drive downtown and spend three hours sipping cocktails for

[00:01:56] [SPEAKER_00]: a 30% chance of meeting a person with a 20% chance of introducing me to someone

[00:02:01] [SPEAKER_00]: with a 10% chance of investing 5% of what I need to raise if it means

[00:02:06] [SPEAKER_00]: not getting to watch Finding Nemo with my kids and tuck them in bed.

[00:02:10] [SPEAKER_00]: It raises the cost of wasted time and

[00:02:12] [SPEAKER_00]: sharpens your ability to distinguish what's really worth it.

[00:02:15] [SPEAKER_00]: You've heard of the 80-20 rule.

[00:02:17] [SPEAKER_00]: Being an entrepreneur with a family dramatically raises the stakes and

[00:02:21] [SPEAKER_00]: makes you a lot better and quicker at identifying your 20% activities and

[00:02:25] [SPEAKER_00]: ignoring the rest.

[00:02:26] [SPEAKER_00]: Saying no is one of the most important skills an entrepreneur can learn,

[00:02:30] [SPEAKER_00]: and having a family makes you a little better at it.

[00:02:34] Perspective.

[00:02:35] [SPEAKER_00]: When you're running a venture, it's all you think about as it should be.

[00:02:39] [SPEAKER_00]: Entrepreneur and investor Paul Graham says, quote,

[00:02:42] [SPEAKER_00]: it's hard to do a good job on anything you don't think about in the shower,

[00:02:45] [SPEAKER_00]: end quote.

[00:02:46] [SPEAKER_00]: And he's right, but things don't always go well.

[00:02:48] [SPEAKER_00]: Sometimes they downright suck.

[00:02:51] [SPEAKER_00]: You lose a client, a deal falls through, your website launch is months late,

[00:02:55] [SPEAKER_00]: you face legal battles, you can't get a meeting with an investor or

[00:02:58] [SPEAKER_00]: any number of other hurdles, real or imagined.

[00:03:01] [SPEAKER_00]: If you've got nothing but your business, these can destroy you.

[00:03:04] [SPEAKER_00]: If your venture is failing, you feel like you are failing.

[00:03:08] [SPEAKER_00]: Someone who feels like a failure in life is not going to create

[00:03:11] [SPEAKER_00]: a winner in business.

[00:03:12] [SPEAKER_00]: It's times like these when a family is the most amazing psychological strength

[00:03:17] [SPEAKER_00]: I've found.

[00:03:18] [SPEAKER_00]: Crumbled in a real or metaphorical heap on the floor,

[00:03:21] [SPEAKER_00]: feeling like you just got your ass kicked by the world and all is lost.

[00:03:25] [SPEAKER_00]: You look up at two cute little girls having a tea party and

[00:03:28] [SPEAKER_00]: asking you if some imaginary tea will make you feel better.

[00:03:31] [SPEAKER_00]: How can you not smile?

[00:03:33] [SPEAKER_00]: The number of times I've laughed at myself for

[00:03:35] [SPEAKER_00]: feeling like I just can't win is countless.

[00:03:38] [SPEAKER_00]: Every time it's because I consider my family and

[00:03:41] [SPEAKER_00]: wonder how I could ever feel desperate.

[00:03:43] [SPEAKER_00]: Who cares if the business struggles or fails, or

[00:03:46] [SPEAKER_00]: I have to go to work another job to make ends meet?

[00:03:49] [SPEAKER_00]: If I accomplish nothing else in my life besides raising these kids and

[00:03:53] [SPEAKER_00]: spending time with my wonderful wife, who could ever call that a waste?

[00:03:57] [SPEAKER_00]: This perspective is healthy and needed.

[00:03:59] [SPEAKER_00]: Yeah, you want to be your work and throw yourself 100% into it, but

[00:04:04] [SPEAKER_00]: you also want to be more than your work.

[00:04:06] [SPEAKER_00]: Families have an amazing way of helping you see that you are.

[00:04:11] Motivation.

[00:04:12] [SPEAKER_00]: No matter how type A you are and

[00:04:14] [SPEAKER_00]: how many sleepless nights you're willing to put in,

[00:04:16] [SPEAKER_00]: you're still human and humans are lazy.

[00:04:19] [SPEAKER_00]: We prefer lounging to working.

[00:04:21] [SPEAKER_00]: Sometimes we disguise lounging as working and fill our time with

[00:04:24] [SPEAKER_00]: activities that don't add real value because the valuable stuff is hard or

[00:04:29] [SPEAKER_00]: boring.

[00:04:29] [SPEAKER_00]: Especially after the early build and launch phase, the dip comes and

[00:04:33] [SPEAKER_00]: it's really hard to push yourself to do a bunch of creepy tasks to keep

[00:04:37] [SPEAKER_00]: things moving forward.

[00:04:38] [SPEAKER_00]: If you have no family and therefore very little time or

[00:04:42] [SPEAKER_00]: financial obligations, you can easily pivot to a new job, pick up some

[00:04:46] [SPEAKER_00]: side work or sleep on a friend's couch if your lack of effort should

[00:04:49] [SPEAKER_00]: result in lack of income or delayed success.

[00:04:52] [SPEAKER_00]: You can wait to work hard until the moment of inspiration comes,

[00:04:55] [SPEAKER_00]: no matter what day or hour it strikes.

[00:04:57] [SPEAKER_00]: But when you have a family, these are all much harder to do.

[00:05:00] [SPEAKER_00]: If it's 2 PM on a Friday and you agree to hang with the kids for

[00:05:04] [SPEAKER_00]: the evening beginning at 6 and then a long promised family camping trip

[00:05:07] [SPEAKER_00]: will consume the weekend, you have no choice.

[00:05:10] [SPEAKER_00]: You've got to make the next several hours count.

[00:05:12] [SPEAKER_00]: You've got to do the hard work no matter how little you want to.

[00:05:16] [SPEAKER_00]: It's not only the financial incentive and desire to provide stable

[00:05:19] [SPEAKER_00]: quality of life and time availability to your family, but

[00:05:22] [SPEAKER_00]: also the desire to provide an example.

[00:05:25] [SPEAKER_00]: You want your kids to be excited by the opportunities life provides.

[00:05:28] [SPEAKER_00]: You want them to work hard.

[00:05:30] [SPEAKER_00]: You want them to see that you never gave up on your vision and

[00:05:33] [SPEAKER_00]: you always buckled down and made things happen.

[00:05:35] [SPEAKER_00]: Especially if you work from home as I often do,

[00:05:38] [SPEAKER_00]: you want your kids to get a feel for what it's like and

[00:05:41] [SPEAKER_00]: see your relentless focus and drive.

[00:05:44] [SPEAKER_00]: Alone in an apartment,

[00:05:45] [SPEAKER_00]: it's easier to justify a break for binge watching your favorite show.

[00:05:49] [SPEAKER_00]: I sneak that in after the kids are in bed.

[00:05:51] [SPEAKER_00]: What? I'm not a machine.

[00:05:53] [SPEAKER_00]: Worst case, your venture fails and

[00:05:55] [SPEAKER_00]: everyone still thinks you're cool for trying it.

[00:05:58] [SPEAKER_00]: With a family, failure is more costly and that can be a great motivator.

[00:06:03] [SPEAKER_00]: Don't fear.

[00:06:04] [SPEAKER_00]: While being entrepreneurial as a mindset and way of life is open and

[00:06:08] [SPEAKER_00]: available to everyone, starting a business of your own is definitely not for everyone.

[00:06:13] [SPEAKER_00]: But if you feel that fire burning within and think it's too late for

[00:06:16] [SPEAKER_00]: you because you have a family and can never compete with single and

[00:06:20] [SPEAKER_00]: childless founders out there, you're wrong.

[00:06:23] [SPEAKER_00]: There are a great many entrepreneurial wives, husbands, fathers, and mothers.

[00:06:27] [SPEAKER_00]: And we've got some advantages that those without a family don't.

[00:06:35] [SPEAKER_00]: You just listened to the post titled,

[00:06:37] [SPEAKER_00]: The Advantages of Having a Family While Running a Business by Isaac Morehouse

[00:06:41] [SPEAKER_00]: of IsaacMorehouse.com.

[00:06:43] [SPEAKER_00]: This show is sponsored by BetterHelp.

[00:06:46] [SPEAKER_00]: We're all marveled at how quickly kids learn and

[00:06:49] [SPEAKER_00]: that sense of wonderment they have while doing it.

[00:06:51] [SPEAKER_00]: But as adults, sometimes we lose that curiosity.

[00:06:55] [SPEAKER_00]: Well, if there's something you've been wanting to learn,

[00:06:57] [SPEAKER_00]: know that therapy can help you reconnect with your sense of wonder.

[00:07:01] [SPEAKER_00]: Because your back to school era can come at any age.

[00:07:04] [SPEAKER_00]: And make no mistake, therapy is for everyone.

[00:07:07] [SPEAKER_00]: Whether or not you've been through significant trauma,

[00:07:10] [SPEAKER_00]: therapy can be a great tool for setting boundaries, learning new skills, and

[00:07:13] [SPEAKER_00]: ultimately becoming the best version of yourself.

[00:07:16] [SPEAKER_00]: If you're thinking of starting therapy, give BetterHelp a try.

[00:07:19] [SPEAKER_00]: It's entirely online, designed to be convenient, flexible,

[00:07:23] [SPEAKER_00]: and suited to your schedule.

[00:07:24] [SPEAKER_00]: Just fill out a brief questionnaire to get matched with a licensed therapist and

[00:07:28] [SPEAKER_00]: switch therapists anytime for no additional charge.

[00:07:32] [SPEAKER_00]: Rediscover your curiosity with BetterHelp.

[00:07:34] [SPEAKER_00]: Visit betterhelp.com slash work daily today to get 10% off your first month.

[00:07:39] [SPEAKER_00]: That's betterhelp, H-E-L-P dot com slash work daily.

[00:07:45] [SPEAKER_00]: And a big thank you to Isaac for letting us share his material here.

[00:07:48] [SPEAKER_00]: He's the founder and CEO of Crash, the career launch platform.

[00:07:53] [SPEAKER_00]: And he previously founded and currently serves as an advisor to Praxis,

[00:07:57] [SPEAKER_00]: which is a startup apprenticeship program.

[00:07:59] [SPEAKER_00]: And when he's not with his wife and kids or building his company,

[00:08:02] [SPEAKER_00]: Isaac can be found playing guitars, reading, writing, getting angry,

[00:08:06] [SPEAKER_00]: watching sports teams from his home state of Michigan, or enjoying the beach.

[00:08:10] [SPEAKER_00]: He's got a ton of great content on his site so you should check it out.

[00:08:15] [SPEAKER_00]: Isaacmorehouse.com, that's Isaacmorehouse.com.

[00:08:18] [SPEAKER_00]: And he also has a podcast called Office Hours that covers career and

[00:08:22] [SPEAKER_00]: life advice which is also worth checking out.

[00:08:24] [SPEAKER_00]: That's gonna do it for today.

[00:08:26] [SPEAKER_00]: I thank you so much for being here.

[00:08:27] [SPEAKER_00]: And I'll see you right back here tomorrow where your optimal life awaits.