Business Education

My Spouse and I Opened a Business and it’s Ruining Our Marriage — What should We Do?

Couples often open businesses together because they recognize that two heads are better than one. It not only allows them to be their own bosses but is usually accompanied by the idea that a joint venture will strengthen their interpersonal relationships. After all, running a business together will mean they must be more open and communicative, and therefore it ought to bring them closer together as they work together on their shared dream. But, sometimes couples have very different ideas about how to build and run new businesses and this can easily lead to a lot of conflicts. Fortunately, there are some strategies couples can use if they are experiencing problems in their small businesses.

The Hidden ‘I’ in T-e-a-m

Make no mistake about it, every joint venture depends on individuals. Two or more people have to come together in a meeting of the minds and spirit in order to make it ultimately work. This starts with an individual choice to pool skills, talents, and resources together once this decision is made and forces are joined together, the business should have what it needs to succeed. However, sometimes individuals can’t get out of their own way and that’s when the problems begin.

When things get tough, refer back to your joint goals. Running a business isn’t easy, and when both you and your spouse are involved, that means your livelihood is hanging in the balance of the business you share. Instead of letting this fill you with stress and anxiety, instead, let it fill you with excitement and passion for the work you do. Be a support for each other, so when one of you gets stressed or worried, the other can remind you why you started. —Small Business Trends

In other words, there has to be the right mixture of individualism and teamwork in order to make the relationship work. For example, constantly jocking for power will eventually lead to serious issues. If one spouse tells their employees one thing and the other spouse contradicts that, there’s obviously going to the at least some confusion and conflict. This is why successful businesses have defined roles for everyone involved. Doing so greatly increases communication, productivity, and also expectations.

How Spouses can Successfully Run a Business Together

If you and your spouse are experiencing problems in your business that are affecting your personal relationship, you’re definitely not the first and won’t be the last. The good news is there are steps you can take to reduce or eliminate conflict, such as the following:

Mutually define individual roles. Both of you are responsible for running the business, but that doesn’t mean that both of you should be caring out the same roles. Take some time to talk over and outline your individual roles and responsibilities so there’s no miscommunication or unnecessary redundancy.
Layout and set your expectations. Each of you has an idea of what you want from the other. But unless you communicate that clearly, there’s no way to truly know what you want out of one another. This will take a little trial and error but you can eventually find tune it in this will be a huge help in running the business efficiently.
Leave home at home when you’re at work. There’s a reason that large corporations discourage romantic relationships between colleagues. When you bring your home life to work, you can expect to bring all of those issues into your place of business. Obviously, there’s no good that can come from this, so leave home at home while you’re at work.

What other ways can spouses resolve their problems while running a business together? Please share your thoughts and experiences so others can benefit from your input. Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How to Avoid People Who Waste Your Time

May 24, 2017 No Comments

Successful business entrepreneurs obsess over their companies and know instinctively the phrase, “time is money,” is true. It’s why business owners hire others to do tasks they could otherwise do themselves: accounting, marketing, paperwork, and so on. However, not everyone in the world of business is adept at executing, some, talk and do so a lot — a whole lot. They procrastinate, squander time on trivial tasks, and have long conversations without an objective. What’s worse, is some of us are not only susceptible to time wasters, we’re also enablers. How to Avoid People who Waste Your Time Enablers are generally very caring, thoughtful individuals and they don’t like to hurt others’ feelings. Even business people who are laser focused and get things done are time waster enablers, because they interact and hire them. While it seems completely counterintuitive, you don’t really know a person’s qualities until you get to know him or her through your work together. Someone might appear to be just as focused and enthusiastic but appearances can be misleading. We’re all too busy, spending our days in back-to-back meetings and our nights feverishly responding to emails. (Adam Grant, a famously responsive Wharton professor, told me that on an “average day” he’ll spend 3-4 hours answering messages.) That’s why people who waste our time have become the scourge of modern business life, hampering our productivity and annoying us in the process. —Harvard Business Review You contract and hire individuals based on their previous work but it isn’t until you really begin to interact with them you learn their true character traits. While you might be impressed with their body of work, you probably aren’t at all eager to become a victim of someone who wastes your time. The really big problem to overcome is to spot time wasters and that’s very difficult, because it could be anybody, not just an employee or contractor, but also a partner, vendor, customer or client. The trick is to identify as soon as possible those who are most likely to waste your time from those who get things done. You can do this by looking for certain personality extremes: Negative individuals. Head down, slumped shoulders, complete with a scowl or frown, negative people tend to broadcast their misery physically with body language. Even those who manage to look composed will definitely show their true colors when speaking. They portray themselves as victims, bring you and others down, and worst of all, waste your time. Super happy people. Happy-go-luckily, big smile, with large, enthusiastic stride, super happy individuals might be a blast and cheer others up, but, these people can be a bit too exuberant. These can easily be signs of immaturity and even though jubilant, they’re not serious about much of anything. These individuals will definitely liven up a room, but, they’ll also waste your time and do so with a big grin and bellowing laughter. You’ll be trying to get things done while they’re cracking jokes and carrying-on. Gossip spreaders. People who can’t wait to tell you the latest about this or that with him or her are to be avoided at all costs because they’re involving you in the drama as well, even if you don’t know it. Individuals that take gossip to a whole new level aren’t interested about getting things done, they are only interested in spreading rumors and stirring-up drama to justify their agenda. Emotional people. Speaking of drama, those who revel in spreading rumors and gossiping can also be very prone to being emotional. They go from one extreme to another and never seem to be on an even keel. These individuals do little else than waste their own time, as well as others. They tend to be irrational and irritable and ought to be completely avoided. Another two personality types who can be total time wasters are attention seekers and self-centered individuals. The former will always want to be the center of attention, no matter where they might be, while the latter will step on toes and cross lines in a self-serving manner. This is why it’s imperative to surround yourself with positive, focused individuals who get things done and share your enthusiasm so that you can achieve your goals. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Stress Points Entrepreneurs Should Avoid

May 24, 2017 No Comments

Being an entrepreneur means being able to pursue a dream, to fulfill a passion, and to realize your full potential. It’s also a stressful role, even for the most intelligent and resourceful. Though we like to think of stress as just an inconvenient emotion, it can take a substantial toll on your health. It’s linked to heart disease, obesity, depression, headaches, gastrointestinal problems, and more adverse health conditions. It’s also one of the most common conditions in starting a new venture or continuing to build a business. However, it doesn’t have to get the best of you. Stress Points Entrepreneurs should Avoid Stress is actually a biological response to certain conditions and situations. It consists of releasing hormones, including adrenaline and cortisol, which cause the body to physically and emotionally respond to its environment. In an entrepreneurial role, you’ll have a lot invested, which can include your personal savings, time, and effort. What’s more, you’ll be responsible for managing others. That’s certainly conducive to causing stress and you need to be equipped with the right response to make the right decisions. In the business world, there’s a certain cache attached to being able to soak up all that stress. But people can’t keep putting themselves under a lot of pressure for a long time without consequences. Eventually something’s going to give. —Entrepreneur.com When you’re an employee, you deal with stress but it rises to a whole other level when you are running your own business. After all, it is you that’s “calling the shots,” and you are at the helm of the enterprise. Stop to think about the entire situation and it can be practically paralyzing. You’ll definitely have a lot to deal with when you’re running or starting a business and one of the single biggest challenges to overcome is how you deal with stress. Because of this, you should know the most common stress points and how to cope with them effectively: Capital. Money is essential to business, but there will definitely be times when cash flow is anemic. You should learn to use free and low cost resources when money is lean. For instance, you can pay a freelancer that’s just starting out, or, can take-on a little more personally to keep costs down. Promises. As a business owner, you’ll make promises on a regular basis. When an unexpected event takes shape, it can seriously throw-off your working timeline. When possible, you should rearrange your schedule and revisit your priorities to make good on your promises. Commitments. Alongside promises are your commitments. When starting or running a business, it’s often tempting to fully load your schedule to help build your brand. This can take its toll, so, think about what’s most important and only commit to these. Clients. While clients are the lifeblood of your business, early on, you’ll probably take anyone who comes across your radar. Over the course of running your business, it’s helpful to reexamine which clients are worth the effort and which are making your journey an agonizing proposition. Talent retention. Having talented people on your team is key to success but this comes with a cost. Said cost rises as time goes on and you’ll face one or more moving-on sooner or later. Instead of fretting over the loss, look at it as an opportunity to forge a strategic partnership. Though these are all real and can be large problems, one stress point is particularly painful: the unknown. As the saying goes, “you don’t know what you don’t know.” That however, is true with just about everything in life. Instead of letting it worry you, look at it as a new opportunity to embrace. Even if you fail at this or that, it serves as a lesson learned which helps to make you a better leader. Remember, we learn far more from our failures than our successes because it’s easier to deconstruct. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Entrepreneurs — Post-Pandemic, This One Single Word will Become Your most Powerful Tool

June 11, 2020 No Comments

Just one word can serve as your most powerful ally in a coming post-pandemic business world. It’s actually one of the shortest words in the English language, but wields an incredible amount of influence. It’s a single syllable that can save you from a lot of trouble, and even one that can help you realize a profit. This magical word? It’s “no,” and it will be very difficult to utter in the coming months. Why “No” will Become Absolutely Necessary Risk is inherent in entrepreneurship, and that’s why it’s so difficult to turn things down. Business owners realize when they do not seize upon a seeming opportunity, they ostensibly lose out in one way or another. Call it FOMO or fear of missing out. Call it pride or even stubbornness. Whatever it is, there’s an impulse to accept things as they come. It’s easy to say yes and hard to say no. Anyone who has children knows how effortless it is for kids to learn the word ‘no.’ They love to say it—all the time! So, it’s curious that as we get older, the word ‘no’ becomes a distant memory and ‘yes’ is the order of the day. This is especially true if you are a people pleaser. Let’s face it, deep down we all want to be liked. For an entrepreneur, learning to say no is crucial because it can mean the difference between success and failure. —Forbes This isn’t to say it’s necessary or even smarter to avoid risk, but rather, to measure it on a case-by-case basis. And in a time when you’re in a position to help others out in their time of need, it will be extra tempting to accept rather than pass. This can easily become detrimental to your business in a very short period of time. So, it’s critical that you learn or relearn how to say “no.” How to Say “No” The real problem with saying “no” is that you’re not saying “yes.” If you think about it for a moment, that becomes fairly profound. In other words, “yes” carries a positive connotation, while its antonym is, understandably negative. But, that doesn’t mean that saying “no” can’t have a positive income. Here’s how to say “no,” when you impulsively want to say the opposite: Suggest alternatives. Instead of just posing an objection and leaving it at that, suggest alternative scenarios. It will help you to feel a sense of usefulness and even a sense of accomplishment, perhaps pride. This way, you’re offering solutions rather than shutting the other person out. Explain your reasoning. Although we’ve all heard the phrase “No is a complete sentence,” in many instances, it’s just not enough. So, take a moment to explain why you’re saying “No thanks,” and don’t belabor the point(s). After all, if you do prolong the situation, you’re opening yourself up to self-doubt. Don’t rationalize your decision.This goes right along with the last point. If you begin to rationalize, you’ll send yourself out on a path to going the opposite way to “yes.” And, that defeats the entire purpose of saying “no” in the first place. What other suggestions would you add? Please share your thoughts and experience by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

My Spouse and I Opened a Business and it’s Ruining Our Marriage — What should We Do?

The Hidden ‘I’ in T-e-a-m

How Spouses can Successfully Run a Business Together

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Related Posts

How to Avoid People Who Waste Your Time

Stress Points Entrepreneurs Should Avoid

Entrepreneurs — Post-Pandemic, This One Single Word will Become Your most Powerful Tool