These are the sacrifices it takes to launch a company

What prompts someone to quit a promising job, walk away from a good paycheck or short-change family time all in the name of striking out on their own?

Starting a small business is hard. Events like National Small Business Week, which kicked off Sunday, are meant to celebrate entrepreneurs and small business owners. But often lost amidst the festivities and networking events are the challenges each business owner faced to start the firm in the first place.

Looking back in hindsight, the sacrifices seem like no-brainers. Of course you quit your job as CEO to strike out on your own now that you have 10 employees and years of revenue. Those crossroads in life, however, are rarely as simple or clear cut as they are later made out to be.

I recently reached out to business owners for their stories about what they gave up to start their business and why they keep going today. More than 300 people from all backgrounds responded—ranging from cancer survivors to former CEOs to veterans. While each person is unique, a couple of overarching trends emerged:

Leaving a high-powered job or career:

• Carlos Williams: I gave up what had been my best job ever at Bain & Company to start my branding agency. It was the toughest decision of my adult life to give up a salary, amazing benefits and a role on an amazing team. The crazy part is, I didn’t feel confident it was the right decision for two years!
• Jenny Thompson: I left my job as a CEO after nearly 20 years. I walked away from a high six-, low seven-figure salary, a team I had built and loved working with, a full benefits package and a cushy retirement to start over at 50, invest a ton of my own savings and launch my own tech company. Haven’t regretted it for one millisecond.
• Ankit Agarwal: Having my own business had been a dream of mine for many years and reasons. Finally a few years ago, the universe aligned and I had an opportunity to go for it. I gave up a six-figure salary and a good career with many growth opportunities back then, and over the years I have passed on more job and career opportunities to pursue my dream. My favorite professor told me one thing that school teaches you is “how to learn and adapt”—your own business is much the same and it is a lot of fun!

Financial security, healthcare and benefits:

• Charlene St. Jean: When I started my marketing agency in 2008, I walked away from a successful career in marketing and advertising with a great paycheck, benefits and a matching 401K. I was a recent cancer survivor of melanoma so my goals had changed. Doing something I loved and working the hours I chose became far more important than what my career was giving me. I did miss the financial security of a steady paycheck and paid vacations and also having co-workers, but I have a great support system.
• Sarah Connole: I gave up a steady paycheck with great benefits and amazing perks like trips to the Video Music Awards, celebrity meet-and-greets and opportunities to attend network-sponsored marketing forums around the U.S. But I also gave up anxiety, uncertainty and a tremendous amount of stress. I never imagined working for myself, but it’s the best and bravest decision I’ve ever made.
• Seri Irazola: I gave up a secure executive position and a steady paycheck. But as a mom of three little girls, I have gained their admiration and set the example that they can do anything they put their mind to.

Colleagues and the relationships that come from working with a team:

• David Choi: Venturing out on my own as a consultant was exciting, refreshing, empowering and at times quite frightening. What I had to give up was that great sense of camaraderie working with a team where you share in the ups and downs and the joys of success and struggles as you work to solve problems.
• Michael Sellers: It has been both highly rewarding and the source of much anxiety. While one misses the obvious things like a steady paycheck and benefits, I was surprised by how much I missed working with colleagues.
• Carlos Valdes-Dapena: I gave up a reliable paycheck and health coverage paid. More importantly, though, I walked away from built-in relationships that I had nurtured over 17 years. I miss those people.

Time with family and friends:

• Jacqueline Botelho: The best friend’s bridal and/or baby showers, the family gatherings, brunches with friends—life events and memories that I can never get back because I was busy working 15 hour days for no paycheck to build this company by myself. Let me also add, I would do it all over again 20 more times.
• Janine Iannarelli: When I jumped into solopreneurship I had no idea how much of myself I would have to give. I won’t say I lost time, for I gained tremendous freedom eventually, but I sacrificed time spent doing all the other things I enjoyed in order to gain economic and personal freedom. Friendships, family, hobbies, all endeavors were put on hold in those crucial next few years of carving a niche and building a business in a highly competitive industry.
• Loren Robinson: As a business owner, you work around the clock, literally. Each conversation, networking event or other contact represents an opportunity. You are the one who has to recognize the opportunity and seize it. Unfortunately, the opportunities don’t always materialize during regular business hours. So time becomes a commodity.  It is a resource that is sliced up and served to the business, family and friends.

What are the sacrifices you’ve made to find success, either in your career or in launching your own business? Do you agree with the trends I’ve found or is something missing? You can share your own take in the comments below.