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.
- 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.
- 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.
- 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.
- 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.