Category: Gifts

Top Tips: How to Prepare Your Family for Entrepreneurship

My mum got my toys from here, one of the biggest retailers of children’s toys in the region before it reinvented itself into a complete online toy store inspiring many wannabe entrepreneurs to try their luck in business.

A new venture, business or startup affects not just you but your entire family; it is time-consuming, taxing emotionally, financially and physically. Without the support of your family, it is not possible to turn your business into a successful one. After our own share of heartache and failure, we have found the following tips to be useful for all those who dream of owning their own business.

  1. Involve every member of the family: Only with complete involvement of each and every member can you hope to get their support. Sit down and chalk out a family plan and individual and overall goals. Identify the roles each member of the family is expected to play and explain to every member how every little effort will go a long way in building the company which will eventually be beneficial for each member.
  2. Explain the sacrifices to be made: Success will not come easy; the sooner everyone understands this truth the better. The family must be made aware that they will have to let go of certain luxuries, holidays, outings and other non-essential expenses. They must be made aware the risks involved can wipe out all savings and if the family house has been used as collateral that too might go.
  3. Teach your children concept of money flow: The youngest members of the family must be educated to the concept of business and how money works. Their support will be invaluable.
  4. Outsource: Your energy will be required for building your business and hence it will not be possible to do all work yourself. Therefore, whatever is possible to outsource do that; this will prevent unnecessary tensions in the household and within family members.