(here is the link to Part 1: Run an Ironman to succeed in Business)
In order to run an ironman you first need to register at an ironman event. Those registrations usually open between 9 – 12 months prior to the event and are usually sold out within a very short time.
The 2013 Ironman Competition in Melbourne takes place in March. The registration for this event was in March 2012, and the event was sold out in 4 minutes.
While this may be an extreme case, you need to register for an ironman event (and pay about 800 USD) at least 9 months prior to the event.
So you need to commit to participating in an ironman race between 9 to 12 months prior to the event. In addition, if you want to succeed in finishing an ironman event in under 17 hours you will need at least one full year of training and a detailed training plan at least for the last 6 months to get there (unless you are already have finished a couple of marathons in under 4 hours, and are used to cycling 5 hours non-stop)
That is one year of training, suffering and putting your social life pretty much on hold. One year is not much to be able to brag for life, and to belong to the very small percentage of people that have finished an Ironman, but that is what it takes. If you are not prepared to make this commitment, chances are you will not finish the race in the 17 hours allocated.
Starting a new business will require at least the same level of commitment. You will need to put in at least 3 – 6 months of your time on a full-time basis in order for your business to have a chance of success, and most businesses take significantly longer to get off the ground. You most probably will have to work around the clock during this time, unless you have the financial means to outsource or hire enough employees to take care of the various tasks that need to be done when starting and growing your business.
Your social life will suffer (unless your friends are in the same line of business), and you will have to get used to rejection and criticism. You will also have to spend more money on the business than you planned.
Take all that into consideration before you take the plunge.