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GROWTH WITH PURPOSE: EVOLUTION OF FAMILY LIFE

March 2, 2020
 
The evolution of your family life has an impact on your personal and business priorities. To grow your company with purpose, you need torecognize and adapt, your company and your expectations to those evolutions - both for yourself, for your family and for your employees.
 
Single Entrepreneur
As a single entrepreneur, you can devote your whole heart, soul and focus into the business. The upside is that without family demands or outside responsibilities, you can put a ton of time into growing your business. You might be willing to work 100 hours a week and may see faster results because of it.
 
There are two downsides to this: First, you develop some really bad habits that are hard to undo if your family status changes. Second, it impacts the culture of the company if you expect the same level of commitment for your team. They may not be willing to match your pace. If you create a culture they don't feel comfortable in, you risk losing good people.
 
This is the perfect time in your life to focus on what you are the best in the world at doing. While you might not have the home-life demands right now, you will begin to recognize that brute force won't drive you through. Be proactive in the decision to do those things you are best at doing, and delegate everything else.
 
Married Entrepreneur
If you're a single entrepreneur who gets married, you may dial back your schedule slightly from 80 hours a week to 60 for example, or maybe you won't work weekends. If your spouse is working too, you may be equally focused on your careers. Set expectations around when you will be home, communicate any client dinners or after-work events, and be sure to schedule time together that is just about you and your spouse. Date nights, weekend getaways, or having breakfast together can help you lead an integrated life.
 
It's important for you and your spouse to establish communication protocols sooner rather than later. Understand your spouse's relationship with the business and with money. If your spouse comes from a non-entrepreneurial family, they could be risk averse. What involvement will your spouse have in your business, and when? What information about your company will you share with your spouse, and when? When your business is in high growth mode and your marriage is new, you may be tempted to share everything with your spouse, when maybe you shouldn't
 
Eventually the honeymoon phase transitions to everyday life, and the habits you start at the beginning of your marriage are likely to be consistent throughout your relationship. So set some deliberate protocols early on.
 
Entrepreneur Parent
The minute you are expecting a child, everything changes. Understand what your spouse needs and wants and have the mechanics to be flexible in communicating. What you and your spouse think you need while you're expecting may be different than what you actually want when the baby arrives. Keep the communication open and talk about what you want as the kids grow.
 
Starting a family will cause you to rethink your priorities. You may not want to work long hours when you have a baby at home, a t-ball game to coach, or a piano recital to attend. Even if your spouse stays home or has a more flexible job, your engagement with the kids (no matter what age they are) will still be wanted and needed. To keep the peace on the home front, you need to be present, and that means keeping those crazy work hours to a minimum.
 
When you're married and/or become a parent, you have to identify your specific life goals, build a plan, and talk about how that plan balance with the business. The entrepreneur's spouse tends to default to what the entrepreneur wants because they recognize the business is the juice that drives everything. It doesn't have to be that way. If you have good communication, you can get what you both want, which will save future resentment and conflict.
 
Divorced / Widowed / Single Parent Entrepreneur
The same communication protocols apply if you are going through a divorce and are even more important because there is a heighted sense of emotion, concern and urgency. Whatever the reason for the marital change, many entrepreneurs let the business fall apart, especially in the beginning, because they don't have the emotional capacity to manage it.
 
Through your family's evolution, it's important to stay true to yourself. Create a life where you can be authentic whether you are at home, at work, or acting as a spouse or parent.
 
Your company's ability to grow through your family evolution is rooted in your values and your culture. Your company's needs and seats will change as it grows, and you will likely want to create a family-friendly culture that attracts and retains qualified team members who share your company values.
 
How has your business grown through the evolution of your family life? Share with us on Facebook, Twitter, LinkedIn!


INDEX
  • THE PANDEMIC-INDUCED INNOVATION OF MEETINGS
  • HOW TO USE THE 8 P'S OF MARKETING TO GROW YOUR BUSINESS
  • BEST PRACTICES FOR COLLEGE FINANCING
  • SCALING A BUSINESS - ARE YOU READY?
  • THE HALFWAY POINT: IT'S TIME TO REVISIT THOSE BUSINESS GOALS
  • GROWTH WITH PURPOSE: SUCCESSION PLANNING
  • GROWTH WITH PURPOSE: EVOLUTION OF FAMILY LIFE
  • GROWTH WITH PURPOSE: FINANCIAL RISK
  • GROWTH WITH PURPOSE: INTEGRATION
  • GROWTH WITH PURPOSE: WHY ARE YOU GROWING YOUR COMPANY?
  • GOAL SETTING 2020: HOW TO KEEP YOUR GOALS FRONT AND CENTER ALL YEAR LONG
  • ASK GERBER: HOW TO STAY LASER FOCUSED DURING THE HOLIDAYS
  • Ask Gerber: How to Identify Your Business's Culture When You Don't Think You Have One
  • Ask Gerber: When Should I Hire a Professional Manager?
  • Ask Gerber: Should You Mix Business with Friendship?
  • ASK GERBER: HOW DO I ESCAPE THE ENTREPRENEURIAL SLUMP OF FEELING TRAPPED IN MY BUSINESS?
  • ASK GERBER: HOW CAN ENTREPRENEURS CREATE SHARED EXPERIENCES WITH THEIR CHILDREN?
  • Ask Gerber: How Can I Recognize Permanent Failure as an Entrepreneur?
  • Ask Gerber: How Can I Recognize and Overcome Temporary Failures?
  • ASK GERBER: HOW DO I HELP EASE EMPLOYEE STRESS DURING BUSY SEASON ?
  • ASK GERBER: DO I NEED TO HIRE HR?
  • ASK GERBER : DO I NEED A CEO?
  • ASK GERBER: DO I NEED TO HIRE A COO?
  • ASK GERBER: DO I NEED TO HIRE A CMO?
  • ASK GERBER: DO I NEED TO HIRE A CFO?
  • ASK GERBER: HOW DO I KEEP PASSION AND PROFITS TOP OF MIND IN MY BUSINESS?
  • ASK GERBER: WHY DO I NEED TO INVEST IN HOSTING AN ANNUAL RETREAT FOR MY TEAM?
  • ASK GERBER: HOW CAN I ENGAGE WITH MY CLIENTS/PROSPECTS WITHOUT BREAKING THE BANK?
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART DEUX
  • ASK GERBER: WHAT IS A CLIENT SERVICE MATRIX? PART ONE
  • ASK GERBER: THE HIRING PROCESS. WHY IS IT SO DAMN HARD?
  • ASK GERBER: WHY IT'S IMPORTANT TO KNOW AND GROW YOUR COMPANY CULTURE
  • ASK GERBER: HOW DO I ACHIEVE THE WORK/LIFE BALANCE AS A BUSY ENTREPRENEUR?
  • ASK GERBER: HOW DO I PREPARE MY FRIENDS FOR LIFE AS AN ENTREPRENEUR?
  • ASK GERBER: FIRST GENERATION ENTREPRENEURS AND BUSINESS EXECUTIVES, HOW ARE THEY DIFFERENT?
  • ASK GERBER: I PUT SO MUCH OF MYSELF INTO MY BUSINESS THAT I WORRY I AM FALLING SHORT AS A SPOUSE AND PARENT. WHAT CAN I DO?
  • ASK GERBER: ARE CHILDREN OF FIRST-GENERATION ENTREPRENEURS MORE LIKELY TO BE SPOILED?
  • ASK GERBER: WHAT'S YOUR STANCE ON REMOTE ACCESS FOR EMPLOYEES?
  • ASK GERBER: WHEN DO I NEED TO HIRE AN ADMINISTRATIVE ASSISTANT?
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