When I started my business in 1996, it was just about a year and a half into my marriage. My wife, who was used to me coming home at 5 p.m., didn’t see me until 9. Hours shifted from 8 to 12–14 hours per day. It was a drastic change, but she understood that, as an entrepreneur, it was required of me.  

If you are on this “I Love Profit” mission just like I was, not just hard work, but extreme hard work is what you need if you aspire to reach high levels of profitability. I don’t believe you “work smart, not hard.” For us entrepreneurs, when we have all our assets at stake, we’ve got to do both. You’ve got to be all in – 100% committed, not 98%. You signed on for this. More than anything, it’s a shift in your mindset.

When I say something like this in my seminars, invariably, at least one person in the audience resists. I’m not telling them to ignore their families, not get involved in the community, or not enjoy their lives. Yes, those things can be essential to keep you going. But if exceptional profitability is important to you, business needs to be the number-one priority. Sometimes, it’s as simple as showing up. Providing for your family is better than seeing you struggle. Were there times when I couldn’t be home for dinner, attend social events or go out with my wife as planned? You bet. Did that mean I didn’t love my family? No, not at all. In fact, one of the main reasons I sold my business once I reached financial independence was to spend time with my family: my wife and children as well as my aging parents who live in India.

We all receive hundreds of invitations to business events, gatherings, sports games, seminars, conventions and golf outings every year. Did I go to all or most of them? No, I was highly selective. We as small-business owners must be judicious about how and when we take time away from the business.

Another acquaintance of mine started his business in 1992. At 67, he’s still running his company, not because he wants to, but because he needs to. In one of the recent industry events, he congratulated me when he learned I had exited my business after reaching my financial goals. In the same breath, he also said that he wished he ran his business with 100% focus as I did. Throughout his business life, he’s been very active in the community and social causes and, for the past decade, got involved in politics and became a councilman. I asked him, “What would you do differently if you were to start all over?” He answered emphatically, “Stay focused and put all my resources into my business.”

One of the most prominent members of our business community in Ohio had to file for bankruptcy after being in business for over two decades. His company sales proliferated to $50 million but couldn’t bear two major setbacks due to poor profitability. He was spread very thin, as he was highly involved in the local community and political circles to the point where his business took the backseat. Now in his 70s, he’s forced to work to keep up with his lifestyle.

Compared to large corporations and public companies, we as small-business owners have very limited personnel and financial resources. We must invest these resources deliberately and creatively to earn the most return on our investment. Don’t be impressed with somebody you see in the news who seems to be “successful.” Remember, it’s not the size of the company or the number of employees or locations; it’s the bottom line that matters. I’m going to keep reminding you of this truth throughout this series.