Part 1: Tips to guide entrepreneurs and their families

10 Tips to help prepare your family for entrepreneurship

The key factors that will allow you to secure your family’s support are based on transparency, preparation and strategy. Therefore, prior to venturing out on your own, take into account your family’s participation, inquiries and expectations about the new business.

  1. Inform your family about the ins and outs of your business plan
  2. Be transparent about the long hours you most certainly will have to put in as to assure the success of your business
  3. Clearly explain how you plan to finance your business project and how you will invest that money (particularly when a family member is investing on your project)
  4. Be honest about the risks related to your particular market (product, service, trends, technology, etc.)
  5. Be open to their feedback, questions and expertise
  6. Keep your family up-to-date by holding monthly meetings to inform them on your progress.
  7. If you have children, teach your children about business such as explaining basic terms and concepts, encouraging them to be their own boss by starting handmade jewelry or a lemonade stand or speak to them about managing money, among other topics
  8. Create a family business plan which will allow each member to determine the overall goals of the family, and the resources needed to achieve those objectives both on a personal and professional (or academic) level
  9. Balance family life with entrepreneurial life by determining special moments that will be set apart in advance to rest and encourage each other (lunch dates with your spouse, family dates, party or weekend getaways, etc.)
  10. Welcome with open arms all help you can get (meals, babysitting, referrals, advice, etc.)

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10 conseils pour aider votre famille à se préparer à l’entrepreneuriat