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Entrepreneurship demands personal sacrifices along with professional dedication, especially when it comes to family life. For entrepreneurs, success at home depends on clear communication, active family involvement, and balancing personal and professional responsibilities.
Mastering these elements will enable founders to create the supportive home environment necessary for successful business building.
Related: How to build a business and a family at the same time
The importance of clear communication
Effective communication is essential to keeping all of the work and family life in harmony as you put into your entrepreneurial endeavors. Entrepreneurs should be intentional and proactive in communicating with their families about the demands and potential impacts of their busy schedules. Clearly explaining the work, responsibilities, and uncertainties inherent in starting a business helps manage expectations and reduces conflict. This transparency keeps family members up to date on the entrepreneur‘s availability and financial stability, thereby fostering a mutually supportive environment.
My own experience starting Dynasty Financial Partners highlighted the importance of this approach. After long conversations with my wife, Mary Ann, we set realistic expectations about the challenges ahead and the sacrifices our family would have to make. By mutually adopting a policy of underpromising and overdelivering, we aligned our family goals with our business goals and understood that if we worked together, we could achieve the American Dream. However, we were careful not to romanticize the adversity we faced. This alignment and ongoing commitment to candor was crucial when we faced a situation where we didn’t receive a paycheck for almost three years. This process, which continues to this day, underscores the importance of coming together as a couple and preparing, really preparing, for the road ahead.
Getting family buy-in, which is so important to entrepreneurial success, requires more than setting expectations. Involving family members in the business helps them understand entrepreneurship and fosters a sense of shared purpose. For example, I often bring my wife to final interviews with candidates and to client events. Her insight and intuition contribute to our business decisions and strengthen our relationships with clients.
Incorporating family members into business operations
Another way to get family buy-in is to involve your kids without pressuring them. Depending on their age, allowing your kids to visit the office, ask questions, and learn about the business operations can help demystify the entrepreneurial process and help them feel connected to your work. This connection should be built without putting undue pressure on your kids to follow a related career path. This allows them to pursue their own passions while also understanding and appreciating the joint family effort.
That’s why we sometimes refer to our family as “Team Penny” to emphasize the idea of shared accomplishments and challenges. This team spirit even extends to naming our thoroughbred racehorse stable “Team Penny Racing,” emphasizing that the stable’s accomplishments are the accomplishments of the entire family. Team building strengthens family bonds and emphasizes the importance of teamwork in recreational and professional situations. Celebrating family accomplishments and shared successes further reinforces the benefits of collective sacrifice and strengthens the family’s support system.
“Team Penny” has helped us see our family as a cohesive unit that shares and learns from each other’s experiences. This mindset has brought us closer together and created a structure where all family members can contribute, learn, and grow together. I recommend this, or something similar, to help families feel connected to the business that inevitably takes up so much of their time.
Related: 6 Productivity Hacks to Help You Juggle Multiple Businesses and Homes
Strategies for maintaining work-life balance
Maintaining a healthy work-life balance is perhaps the hardest part of being an entrepreneur. Setting clear boundaries around work and prioritizing time with family are essential components of professional and family success. I learned early on that I can balance responsibilities most effectively by treating my wife with the courtesy and respect I would give my best clients and being fully present and attentive to important family events. Family vacations and father-daughter trips provide opportunities to recharge and invest in relationships, prioritizing quality time over quantity.
It’s also important to recognize the cumulative effects of stress and the mental toll that comes with starting a business. Talking openly about challenges and reducing your self-image as the “master of the universe” can help reduce personal pressure and foster a more supportive family environment. In my opinion, prioritizing your personal and mental health, including engaging your family in activities like training and meditation, is critical to your long-term success and happiness.
Outsourcing less important tasks at work and learning to delegate responsibilities to colleagues can also free up valuable time for family and personal activities. Having competent advisors close by and leveraging their expertise can help entrepreneurs focus on higher priority areas in both their business and their home lives.
Fostering family cohesion for entrepreneurial success
As we reflect on our entrepreneurial journeys, it becomes clear that our business success is inextricably linked to our family support system. Again, celebrating wins as a family, whether they be small accomplishments or major milestones, is a powerful reminder to loved ones of the benefits of shared sacrifice. These celebrations strengthen our collective efforts and underscore the importance of family unity in achieving our entrepreneurial goals.
For many, the entrepreneurial journey blends with home life. By “over-communicating,” involving family in the business, maintaining a healthy work-life balance, and sharing in successes, entrepreneurs can foster a supportive and understanding home environment. This holistic approach not only ensures personal fulfillment, but also lays the foundation for sustained professional success. This balance of personal and professional responsibilities allows entrepreneurs to succeed both at home and in business.
Related: 15 Ways to Manage Work-Life Balance as a Parent and Entrepreneur