Importance of Family for Entrepreneurial Success

A majority number of people around the globe believe that success is something that is achieved by one’s effort, without any help. Even the society where we live in always talk about the achievements and accomplishments achieved by an individual. And neglects the environment and family due to which the individual has achieved that success.

Moreover, many people believe that successful people are only known for their reputation in the business world or the money & property they own, but in reality, being successful means having happiness in life. Suppose Mr. X is a big businessman, he is rich with lots of money, cars, property, gold, etc, but has nobody to get love from, he has nobody to call a family, no relationships & affection and thus he will be considered as a poor person according to me.
Sometime back, I read an article somewhere stating certain reasons, why an individual should not choose entrepreneurship as a career. One of the major factors I read was sacrificing the golden family time with your loved ones. It is a fact that many aspiring entrepreneurs do not get family support initially or they get too engrossed in setting up their businesses that they neglect their families.

But, I Gordon Grigg, a life coach and business consultant in Nashville, Tennessee will be telling you the impact and the importance that the family can play in making entrepreneurs successful, through this blog post. Before moving any further, I would like you to know a little about my life story to have a better understanding and a well-built connection with what I say.

What role does a family play in providing a key lifeline for entrepreneurs?

You will find many entrepreneurs in the business world who have sacrificed their family life to make their businesses big in the industry. And this is quite evident that setting up a business takes a substantial amount of time. According to me, devoting 5-6 years to setting up a business and neglecting family life is wrong. Entrepreneurs should learn the art of balancing both, i.e., setting up the business along with family support to achieve actual success and happiness in life.

According to, not only societal elements such as education and surroundings influence an entrepreneur’s achievement, but also their family plays an important role in their success. A family is the smallest social group with which an entrepreneur can interact and get economic & emotional support. They are the first people to teach them the essentials of life. Hence, the family acts as the first learning place for everyone in this world whose teachings and constant support will help you become successful. Thus, the family of the entrepreneurs plays a vital role in helping them succeed in the industry by providing them with some key lifeline fundamentals of living life.

Ways by which your family can make you a successful entrepreneur

According to EO, to carry out various responsibilities, from time to time, an entrepreneur wears several hats. Naming a few of their roles or responsibilities, they act as; business leader, business owners, mentors, parents, etc. And with so many roles to play in their life, they ought to get tired both physically, mentally, and emotionally. Here is when family acts as the biggest support system that completely understands their struggles, supports their journey and assists them to increase their longevity in the business world.

Thus, to earn their cooperation and assistance in the business endeavor, entrepreneurs should bring them along in the journey. They should allow their family to grow with them, and make them equal holders of losses and successes of the business. When the entrepreneurs do this, the family members understand what they are going through, and become their pillars of strength in times of need.

Mentioned below are some of the ways by which family members can help an entrepreneur become successful in the industry:
Provides emotional assistance – Emotional assistance is the biggest support that the family can give to the entrepreneurs. Understanding them, lending them an ear, encouraging them, having patience & trust in them, understanding, and caring for them, is all that an entrepreneur can ask for. Emotional assistance from family can ease the workload they have and also the comforting words of loved ones can do wonders for the exhausted spirit of the entrepreneur.
Gives financial help – Most entrepreneurs start their businesses from the savings they have. Sometimes due to scarce resources and not-so-strong business models, banks also refuse to provide loans. That’s when the families of the entrepreneurs step in as saviors. The family provides financial aid to them in the form of personal loans, donations, equity funding, etc. This type of financial assistance taken from the family will not burden them as compared to that taken from financial institutions.

Delivers professional advice – If any of the entrepreneur’s family members belong to a business background, then they can help them know the nitty-gritty and inside details of running the business successfully. They can act or guide the entrepreneur as a mentor and can offer them certain specific tricks and tips for managing and achieving set business goals. I agree that the businessperson might face certain shortcomings in working with the family members, but getting professional help from them can be of huge help. As it also saves the business cost to hire a consultant.
Teaches time management – Family is the best source to learn time management skills. While revolving in a family circle, playing different roles, and wearing many hats teaches them the skill of managing time and relations. When the entrepreneur not only is a business owner & manager, but also a spouse and a parent, he learns to manage the roles and determine the ways to use his precious time in the best possible way. They learn to take a firm decision of taking up and performing such activities that are worth their time both at home and work.
They can volunteer time – In the initial days of setting up the business, a lot of hard work needs to be done. At this time, the business budget is also very limited, paying someone to get office work done, can act as a burden on your business operations, budget, and pocket. That’s when entrepreneurs can rely on their family members or their friends who have the capabilities to perform certain business work. They might do menial jobs, but that can reduce the burden of the business persons up to some extent.
Forces you to take some family time – As you already know family is the one who teaches entrepreneurs about time management. Not only this, but they will also force the entrepreneurs to take a break or go on a vacation with them. The family also explains to them the importance of spending time with their spouse and children and taking a momentary break from the business. This activity is important as the family understands that by this, the businessperson’s mind will be completely de-stress and they will get a new focus towards business activities and analyze various business operations with a fresh perspective.

Helps you in being a positive role model – Parents and family are the biggest role model and trendsetters in an individual’s life. Parents are the ones who teach their kids to take risks in life, the importance of hard work, and building something from scratch. Thus, these three teachings will be the most important ones in the life of entrepreneurs as well. In the aspect of business, the family is the one who helps entrepreneurs see dreams, and fulfill them so that their families can be proud of them. This, support of their will turn fruitful to the businesspersons, as if they trust in hard work and follow the teachings of their parents, they will become someone with whom everyone in the industry wants to work.
They can help you with business referrals – If the entrepreneur is new in the industry, then they might need some external support or referral contacts that can help or guide them to expand the business network. Thus, for this, entrepreneurs should peek into their families first and look at who can give them the best business insights or can become their first business customers or clients. Getting business referrals from someone inside your family can help you greatly to succeed and can also give you a huge advantage to penetrate the target market.
Provide you with business gifts – Families love to give gifts. If that proves to be something useful for your business, it will lessen your business expenses. Families can gift various little things that entrepreneurs can use in their office, business operations, or business processes in general that could help them save some money from their budget.

So dear readers, I, Gordon Grigg, a life coach and business consultant in Nashville, Tennessee hopes that you all must have understood how important family support is for entrepreneurs to become successful in the industry. Apart from this, if you are an aspiring entrepreneur, then you should be also aware of how entrepreneurs can have self-discipline and how they can manage their time effectively.

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