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The following video transcript is generated automatically by a computer algorithm that learns and gets better on a daily basis. Please accept our apologies if some content below doesn’t make sense:

So we’ve talked about Elon Musk and his micromanagement. And we’ve also talked about the various different types of entrepreneurs that are out there and how risky that can be. So the other topic that we wanted to talk about was how does your personal sint personal situation impact you as an entrepreneur? Meaning? You might be thinking about leaving your job and starting your own thing, you might already be on the entrepreneurial path, you might be at school and thinking about what it is that you want to do post school. So how does your personal situation impact your success or otherwise of as an entrepreneur? So, for example, you know, Elon Musk very famously has got about twenty seven thousand kids. He also infamously works like twenty eight hours a day. So, you know, his family life. I don’t know what that’s like, you know, but presumably there are some things that are sort of slipping through the net there. And between us, we have a very different you know, we’re similar ages, but we have a sort of very different set up in terms of personal lives. I’m single. I don’t have any kids. And I’m doing entrepreneurial stuff. You are married and you got three kids, young kids, and you’re doing entrepreneurial stuff. So. So how do you feel? So I know, for example, from my my perspective, you know, I know how much hard work goes into being an entrepreneur and how much anxiety and angst and risk and things like that all weighs upon you. And for me personally, if, you know, imagining that I had a wife and three kids. I can’t imagine doing it in that situation. But you do it and you do it successfully. You know, I find it hard enough without those additional I call them distractions. But you probably call them something else. How how do you sort of approach this kind of thing from your perspective versus and how would you sort of say it from my perspective?

Yes. So I’d be an entrepreneur without wife and kids with wife and kids. Certainly it puts more complexity into the equation of entrepreneurship. I would say because Matley made at the core. You have more responsibility and therefore, enterprise should be sold about risk taking on uncertainty. So having uncertainty with more responsibility, that’s a problem. So that can create, you know, a lot of stress or tension, which can affect relationships very directly. It could be very directly correlated. So, yeah, loan has the defaecates, but not with the same wife. And and Steve Jobs was famous for.

Now letting down or having a bad relationship with his daughter or one of his recognised daughters, something that is.

So there are other cases. I think there is never a good time to have kids. Yeah. So. So there is not. So you cannot plan. You cannot say, oh, yeah, when I’m financially stable, I’m going to have kids because that’s still not gonna be a good time. And it’s unlikely you will have that all that sorted anyway. You have problems. So so you just need to have a leap of faith hand test, go for it. You don’t need to think that much, I think. Yeah, it is more about if you have the opportunity, you know, you met the right person and you want to have kids, then have kids regardless if you want to start or not companies. So it’s two different things. And they can coexist differently. So you need to make it work. Also, Brawley’s even harder. I don’t know if it’s harder or not, but it’s you know, we all know that being quarantined due to their pandemic, a task put a lot of pressure on relationships, especially marriage. All right. You like boyfriends in general. So it’s just people leaving, other people living together. So working from home, it can can be even harder for interference with family, but at the same time could be easier. You can turn it into something positive for you. I have worked most of my time from home. I definitely even companies that they set up, they have offices, but I don’t go as often as some people go. So it’s. Yeah. You need to a more disciplined life. I find that it depends.

Of course, a lot on the type of business you’re running in. So tech businesses. So I feel very confident in working remotely with teams. But on manufacturing businesses, we saw going to be the same.

You need to be there is, you know, checking what’s going to get really bent. But yeah, you yeah, there is always is always going to be stressful. So. Yeah. How much more stressful.

So you reached a point where you just need to let it go, let it happen.

And it’s important that you focus on what matters. Probably it will accelerate the process for you to understanding priorities.

And also our recommendation, I would say, would be not to stress out. That’s definitely a bad thing to do. You will be out too actively.

But, you know, concern on making a living or providing for your family or that’s so you so, you know, you don’t need to think about it. That’s going to. It’s like when you’re hungry yet, like your need to think that you need to eat. You’re just gonna be hungry.

So. So don’t overthink stuff and don’t complain because it’s hard. And also at the same time, you will need to enjoy your precious years. That will go fast because, Dan, don’t wait until you have financial stability to enjoy your kids or also you.

And if it’s harder when they are very young. And if you are if you don’t have support from your family for any reason, you are away, are abroad or are just you don’t get along well and you don’t. You’re gonna pay for extra support because you’re starting companies and you don’t have money. So, yeah, you need I think. It’s very important that your partner understands that you want to start these companies. I’d argue you can involve her into that. Both could work that out or she should do her own, but then be understanding on what you want to achieve on these for the greater good. So I think if you have a space where you can work from home, you can get done both. You can work so you don’t need to commute. So you dong you actually if you can wake up early and go and reappear very late, but you can sneak between times up some time, you know, quiet time like one hour here. Your partner or keets, maybe you dropped them off to school because if you are an entrepreneur as well, you can manage your time so that you complain to your advantage as well. So, yeah, we were talking be our podcasts on war card versus what smart I think you are. You will need to develop a lot of the smart thinking on prioritising, but also on what just doesn’t matter. I mean, it’s a latent risk hour or like, Fred, that you will have there, but you just need to think on what you are doing next. You should also think long term, but execute short term ideas. Do listen.

Yeah. I would recommend having kids there, but because it’s fun, but definitely it’s expensive on it’s a massive responsibility. And as you said, that structure needs it’s yes. It’s hard. And also, I would say you get used to. Yeah. So the first one is for hard. Then it becomes less harder for somebody’s son. You get experiences like building businesses. So if you think I give if you compare like a kid with a business, so he starts by like it starts with being loss making on the first two years. And then you aim to break you and where you are three. You can either let it slip beyond that and then it can be profitable, scalable. B, you know, up past bussy yield passive returns or like that. And that will be the analogy.

Great stuff. So two, to paraphrase, is being a bit like being kidnapped. Eventually you’ll get Stockholm Syndrome and you’ll come to sort of love your kidnappers. So great. OK. So I know that we fall on opposite sides of this line. But, yeah, I can’t I, I can imagine doing it with kids. But fair play to those that I know. I know how much of it goes into the. I sit around. Right. That’s it for this week. Thank you very much for listening. We’ll be back next week with some more nuggets of knowledge. In the meantime, please do cheque out our YouTube channel, which is where we post this and our other podcasts. You can search for net workers, two words or you can find the link in the show notes of this podcast. If you’re interested in a deeper dive into all things entrepreneurial, including more detailed information, help mentorship and courses, please do cheque out our Web site, which is up networkers dot coh. See your next one. Thank you.

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