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Entrepreneurship 2011-11-11

Partners for life and business too

Starting an enterprise is easy, but to operate it successfully needs attention 24x7. Undoubtedly, keeping business in mind, all the time will take a toll on an entrepreneur and disturb his family. To make things interesting all you need is your spouse's s

By Sub Editor
Partners for life and business too

Looking at the present business scenario, it can be seen that more and more entrepreneurs are joining the franchise bandwagon. Some become successful while others fail. Due to rising awareness, every entrepreneur mostly takes good advice on the financial and legal issues associated with running a business. However, business is more than just managing finances and legal contracts. Managing family issues in harmony makes it easier to achieve success in business. Therefore, franchisees who want to predict their success should lay more stress on getting family, especially spouse’s support, an area which is often overlooked.

Family: laying strong foundation for success

It is well known that personal life is as important (if not more) as professional life. A struggling entrepreneur needs a strong background to support him when he sees failure. Moreover investing a large amount of capital to take a franchise is quite risky for any aspirant without the financial as well as mental support of his family.  For instance, money may initially need to be diverted from the family into the business. With rest of the family being resentful, it is unlikely that the person responsible for the business will be able to sustain the enthusiasm and commitment necessary for success. He will surely face the ‘work-family conflict’, which not only will disturb his business but also affect his health and happiness.

Business leading to family problems

Starting a business is not easy. Few problems that can arise in the family due to the aspirant venturing in a franchise business are as below:

  • Lack of money
  • Limited time for spouse and family 
  • Disturbed social life

There may be other problems like ill health of any member, children issues etc that may cause tensions and frustrations among struggling franchisees.

Maintaining balance in work-family ratio

The most adequate way to overcome family problems can be by involving some other member of the family, like your spouse etc. Working in a business with your partner not only provides you with an enhanced opportunity for success, it also potentially enables you to further enjoy the benefits that come from a positive supportive relationship. Few other tips to run a business in a strain-free way are:

  • Discuss money matters: Aspiring entrepreneur must discuss money-matters with his spouse so that they have money left with them in case the venture fails or does not do well initially. It is better to keep the family prepared for bad financial periods also.
  • Share dreams: It is important to share vision of how you want your business and your family to function, including the goals you wish to achieve in both areas. These should be written down and evaluated from time to time. 
  • Make realistic time table: For any entrepreneur to be successful it is essential to balance both business matters and family affairs. He should devote time to family also. In case of female franchisee, she should consider how the home can be managed in her absence before starting any franchise.  
  • Evaluate and change accordingly: As mentioned, entrepreneurs must evaluate their visions regularly.  However things seldom go exactly to plan, so flexibility is important. Changes should be made on timely basis in accordance with the growth of the brand. 
  • Conflict free atmosphere: Franchisees should always aim for a conflict free business and home. It is better not to pressurise either employees or family members to get work done. This would only give rise to clashes and arguments.  

To conclude it can be aptly said that family makes the foundation for success and happiness. Having good relations with family is not limited to house hold matters, it is critical for achieving success in business as well. Therefore in a line it can be said ‘Don't underestimate the impact of family issues on business success!!

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