Have you ever thought of vacating your job to become an entrepreneur? You are not alone. It’s estimated the number of entrepreneurs in the US is not anything below 40 million. This is about 31% of the USA the labor force. A report by Fortune in 2016 indicated millennials start companies and end up managing huge business enterprises to reap high profits.
However, starting a business is not always a walk in the park. For example, when Miko Branch and her sister cofounded Miss Jessie’s Empire, they expected to change their lives for the better, but they had no clue how to go about it.
It requires wisdom and confidence to deal with the challenges that come up, especially after exiting a steady-paying job.
Will starting a business impact your personal life?
One of the questions that may be in your mind as an aspiring entrepreneur is; will starting a business impact your personal life? Yes, in different ways.
Let’s borrow some lessons from Branch’s experience on how entrepreneurship led to self-improvement.
1. You become more Responsible
Entrepreneurship makes you accountable. If you start a business, you are the boss. There is no one on your neck to supervise you to work. Therefore, you learn to hold yourself accountable for every undertaking in your business. Note that if you fail to be responsible, you will get your business off the ground.
Interestingly, if you have no issues of accountability, you are considered responsible. If you’re accountable in your business, train you to be responsible in your daily personal life.
Besides, you find yourself fulfilling friendships in terms of business. You learn to commit your mind and energy towards the success of your business which spills over to your personal life.
2. You better your friendship
It is nerve-wracking to start a business with a partner, but some businesses demand more than one brain. When you cofound a company with a friend or partner, the other party brings skills that you might be lacking. That way, you can transfer partnership skills to different business relationships that benefit that business.
According to Branch, entrepreneurial partnerships are like marriages; you vow to exist together for the business’s success no matter the challenges that may deter you. Additionally, when in business partnerships, you learn to work as a team and support each other for the success of your establishment.
Equally, through friendship, you are ready to compromise to reach a common ground for the common good. With this skill, confusion, disputes, and other day-to-day quarrels, you can be able to resolve them when you face such a situation for the success of your business or non-business friendship. Again, it grounds you well to deal with conflicts that arise from your clients’ or consumers’ dissatisfaction.
3. You become an Innovative Thinker
When you are starting a business, you stop having a convergent way of thinking. Instead, you think in a divergent way with a three-dimension thought, focusing on problems solving. It sharpens your thinking so that you develop and orient your thinking in a direction that lands you new ideas.
Further, you view problems and discrepancies in business and life from varied perspectives. You might not have management experience, but you have to manage your business.
Therefore, you need to learn and understand how to create your team to help you grow and expand your business. Again, you are always brainstorming every time without reprieve.
Notably, one tipping point for being a 3-d thinker can approach situations from your partners’ perspective. Being the boss and having a divergent thinking way, you bring onboard your employees and staff to the table for the organization’s success.
4. You Learn to Empathize with Others
As a boss, one crucial attribute you ought to have is empathy. It’s incumbent of an excellent boss to be able to deal with his/her employees.
Empathy assists you in understanding your employees. If an employee is in a dilemma or a problem, compassion will help you dive into their shoes to figure out and resolve the issue or conflict.
Furthermore, when you are empathetic when dealing with a matter, you find the process revealing, and ultimately you will have a suitable solution and can work for all. Besides, being empathetic helps you deal with your personnel and your future business engagements. As such, a balanced and fair entrepreneurship experience always sustains long-time relationships.
5. You Gain more Self-assurance
It takes confidence to start a business. In most cases, it’s an indication of self-belief. When you establish your business, you combine your passion for your dream business with confidence for you to make progress. Advisably, when starting a business, utilize your skills and talent exhaustively.
That way, you build on your trust and see your organization expand in structure and profit margins. Having made the first step you to risk by starting, self-assurance drives you to try out other ventures to improve your business and personal life entirely.
Other Ways that Entrepreneurship Impact your Personal Life
Acquisition of unfamiliar experiences becomes a resource. Precisely, Indulging in entrepreneurship makes you crave unusual experiences. The reason being new experiences is opportunities for new insights and ideas. Besides, anything you come across as an entrepreneur, you turn it into an idea.
As a boss, you want to experiment with everything you think can help your business. You find yourself challenging the status quo since you aren’t fearful of breaking the rules.
You don’t care about criticism or minor failures. As a business owner, you learn to embrace criticism and positive feedback in equal measure. If a person raises something that you’re doing the wrong way, you take it as avenues to help you improve for the better.
Aside, when you make a loss or a mistake, those failures don’t bother you to the extent of giving up. Instead, you work on mending the loops that lead to this unfortunate situation and work to prevent reoccurrence.
Having the zeal to discover. You find yourself wanting to acquire new skills to make you a better boss, a better marketer, or a businessman. Moreover, you develop a reading culture to nourish your entrepreneurial skills. You get affinity to business books, entrepreneurial articles, and business news.
You become respectable. Society appreciates individuals who are ready to take a risk to offer solutions to day-to-day problems. Through this, you earn respect, and you associate with people who believe in your course. Also, you accord respect to anybody who puts every effort into growing their business.
Are there ways starting a Business Impact on Relationships or Family
Starting a business, in some situations, can have some impact on relationships and family. For instance, if one of the spouses ventures into entrepreneurship, the entire family can get affected. Not necessary for better but also for worse.
In a real sense, any business endeavor is time-intensive, emotionally demanding, and sometimes stressful. This significantly changes the manner in which an entrepreneur relates to family. Reportedly, it’s problematic if the other party is unsupportive or doesn’t want to take part in the organization.
In some cases, the family might negatively affect the enterprise because the business owner feels he is not respected or accorded the support that he deserves. Below is a detailed discussion on how starting a business venture can affect your family life.
Check out, 25 Great Business Ideas For Couples.
Inadequate time to connect and engage with family members
Starting any organization in the name of the business is a strenuous and time-intensive endeavor. As a boss, you may find yourself working about 75 hours a week on your new venture. This causes some problems if the entrepreneur initially worked for about 40 hours per week in a corporate job.
The increase in working hours implies that you will reduce the time you interact with the family. That means the time meant for the family will be donated to the business. Also, bonding time and outings and other family engagements are minimal.
Consequently, the family is supposed to endure the absence of a spouse who is busy running the newly established business. When a family member becomes scarce and inaccessible, the immediate result is resentment from other family members.
The family assets, property, and resources may be at risk. It’s one of the challenges an entrepreneur can encounter as the family thinks that their property and resources are at risk at the expense of the business. Noteworthy, if the business implodes, chances are the family may be lost. These usually never augur well with the rest of the family members.
The family fails to believe in the business dream
In some instances, you can dive into a troublesome situation when your family doesn’t support your vision. When launching a new business, some of them will write you off, and they can give a thousand reasons why the business is likely not to sail through.
They view the entrepreneurial venture as money-drain enterprises. Also, they will not focus on the future success that the business will bring to the family.
On the other side, they may offer a different business idea, and if you give them a deaf year and pursue the venture, they will not offer their support at all. This can be stressful and can affect your business performance and how you relate with them.
Additionally, the family may believe that you better commit the energy and finance elsewhere as an entrepreneur. Again, as you channel finances to the business and have no other income source, the family gets threatened that they may end up struggling financially. This might also affect how you relate to them since they are depriving you of the desperately needed support.
Stress and pressure that come with being an entrepreneur
Launching a brand new business is mentally draining. You will encounter challenges from all corners. You have to pull together resources, draft decisions, and if you lack support from the family, you end up being a loner.
In essence, you will take time off the presence of the family to brainstorm. And every challenge is followed by another; you need a sober mind to handle these hurdles. At times, due to busy schedules and engagements, the entrepreneur may lose tempers quickly while in a family setting and temporary irritations.
Also, when you get spaced out with the family, usually the family doesn’t understand your business problem, and as a result, any family member can disturb your peace.
Increase the sense of isolation and loneliness
For you as an entrepreneur, you need to know that the process of launching a business venture is a long lonely walk. Frequently you will feel you are on your own because no one understands your vision as you expect.
Sometimes the family can fail to put up with the lows and highs of the entrepreneurial journey. They may be willing, but you, as the vision holder, if you’re unable to uncover his dream explicitly, will sit back and watch. Besides, you may also want to conceal some business frustration to avoid family embracement.
For instance, if you quit your job to be your boss and things are not working out, you can decide to remain silent, a route that may adversely impact your relation or family.
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To sum up, traditionally, starting a business was in the old economy was a bit demanding and nut-cracking. Most of the middle-class men had a challenge raising capital. Besides, entrepreneurs had nobody to hold their hands or offer free guidance. In those days, no one had time for student entrepreneurs. Also, they were afraid to quit jobs to take risks due to fear of failing.
However, times have changed. The modern economy favors entrepreneurs and support business start-ups. Today’s economy is thirsty for time-intensive business, where you invest small capital. Important to note, you need not quit your job to start your own business. You can have a corporate job and still run a business elsewhere.
Notably, many business coaches are more than willing to help start-ups with personal and business challenges that affect you as an entrepreneur.
Lastly, believe in yourself and be ready to learn on the job. It would help if you talked to a coach who can provide beneficial insights that can help you better your business and personal life.
Bijay is an entrepreneur and start-up founder having more than 14 years of IT industry experience. He is the co-founder of TSInfo Technologies, a SharePoint development company.
A dedicated professional and very passionate about public speaking and also wrote thousands of technical blogs in various technologies. He also wrote a lots of blogs on entrepreneurship, investment, startup, business, manage money tips, etc.