The views expressed by Entrepreneur contributors are their very own.
In addition to skilled dedication, entrepreneurship requires personal sacrifice, especially when it comes to family life. For entrepreneurs, success on the home front depends on clear communication, lively family involvement and finding a balance between personal and skilled commitments.
By mastering these elements, business founders can create the supportive home environment essential to succeed in building a business.
The importance of clear communication
Effective communication is essential to maintaining harmony between all the work that must go into entrepreneurial endeavors and family life. If anything, entrepreneurs should intentionally over-communicate with their families about the demands and potential impacts of their busy schedules. By clearly defining their tasks, commitments, and the inherent uncertainties of entrepreneurship, they will manage expectations and reduce conflict. This transparency ensures that family members are kept up to date with the entrepreneur’s availability and financial stability, which ends up in a mutually supportive environment.
My own experience in starting Dynasty Financial Partners underscores the importance of this approach. In a long conversation with my wife, Mary Ann, we established realistic expectations about the challenges ahead and the sacrifices our family would make. By mutually accepting a policy of underpromising and overdoing, we aligned our family goals with the company’s goals, understanding that our collective efforts could help us realize our American dream—while taking care not to glorify the adversities we faced. This alignment and our commitment to continued honesty were crucial when we went almost three years without a paycheck. This process, which continues today, reinforces the importance of being united as a couple and ready—really ready—for the journey ahead.
Securing the buy-in from family members that is so crucial to entrepreneurial success requires greater than just setting expectations. Involving family in the business can build an understanding of entrepreneurship and strengthen a sense of shared purpose. For example, I often take my wife to final interviews with candidates and involve her in client events. Her insights and intuition inform our business decisions and strengthen our relationships with clients.
Integrating family into business activities
Another way to gain family buy-in is to involve children without putting pressure on them. If age-appropriate, allowing children to visit the office, ask questions, and learn about the business can demystify the entrepreneurial process and help children feel connected to their parents’ work. This connection must be fostered without putting undue pressure on them to pursue a related profession path, allowing them to pursue their very own passions while understanding and appreciating the collective efforts of the family.
To that end, we sometimes refer to our family as “Team Penney” to reinforce the concept that we share our accomplishments and challenges. This team mentality extends to our Thoroughbred stable being called “Team Penney Racing,” emphasizing that results for the stable are results for the family. Team building strengthens family bonds and emphasizes the importance of teamwork in each recreational and skilled settings. I have found that celebrating family accomplishments and shared successes further reinforces the advantages of collective sacrifice and strengthens the family support system.
“Team Penney” helped us see our family as a cohesive unit that shared and learned from each other’s experiences. This approach brought us closer together and created a structure where everyone in the family could contribute, learn, and grow together. I like to recommend this or something similar as a way to help a family feel connected to a business that, necessarily, takes up so much of their time.
Work-Life Balance Strategies
Maintaining a healthy work-life balance is probably the most difficult a part of being an entrepreneur. Setting clear boundaries around work and prioritizing family time are essential ingredients for success at work and at home. I learned early on that I could balance my commitments most effectively by treating my wife with the kindness and respect I show my best clients and by showing up—fully present and mindful—for vital family events. Family and father-daughter retreats provide opportunities to recharge and invest in our relationship, ensuring that quality time takes precedence over quantity.
It’s also vital to recognize the cumulative impact of the stress and emotional toll of entrepreneurship. Being open to challenges and leaving your “master of the universe” ego at the door can ease personal pressures and foster a more supportive family environment. In my opinion, prioritizing personal and mental health, including engaging your family in activities like exercise and meditation, is key to long-term success and well-being.
Outsourcing less vital tasks at work and learning to delegate to coworkers may also liberate useful time for family and personal goals. Surrounding yourself with competent advisors and tapping into their expertise helps entrepreneurs focus on high-priority areas, each in business and at home.
Supporting Family Unity for Entrepreneurial Success
As we reflect on our entrepreneurial journey, it becomes obvious that success in business is linked to the support system at home. Again, celebrating victories as a family, whether small accomplishments or significant milestones, is a powerful reminder to family members of the advantages of shared sacrifice. These celebrations reinforce the collective effort and emphasize the importance of family unity in achieving entrepreneurial goals.
For many, the entrepreneurial journey is intertwined with family life. By “over-communicating,” involving family in the business, maintaining a healthy work-life balance, and celebrating shared successes, entrepreneurs can create the foundation for a supportive and understanding home environment. This holistic approach not only provides personal success, but also lays the foundation for lasting skilled success. It is through this balance of non-public and skilled commitments that entrepreneurs can thrive, each at home and in their business ventures.