Posted by Dillon Ferdinandi on Fri, Apr 16, 2010 @ 02:44 PM
I have often heard that children of entrepreneurs are more likely to become entrepreneurs themselves. And until recently, I have always felt that I was an exception to that rule. You see, I didn't grow up in your typical household. I have 16 siblings. Yes, my parents - the same two parents - had 17 children. And while there is no doubt I am an entrepreneur to the core, I never saw that side of my parents growing up - my dad worked hard at his job; my mom worked hard at hers (which happened to be raising the 17 of us).
The fact is, I have been driven by my entrepreneurial spirit and desire to do business as long as I can remember. Growing up, my best friend Sal Competelli and I were always creating new businesses - from lemonade stands and carnivals to neighborhood newspapers and even Mic-Sal's donuts. We may not have made a lot of money in our ventures, but the entrepreneurial bug had bitten us both - we are both business owners today (only now on a little larger scale).
Knowing that parents are highly influential to a child's entrepreneurial spirit, I began to re-evaluate my parents, their traditional roles, and how they may have inspired my love for business. Once I took the time to really think about my childhood, I recognized that my parents were, in fact, entrepreneurs and business owners in many ways. With 19 in the Gunther family, my parents operated our household just like a business - it's how they maintained a happy, balanced, orderly home.
- They were organized - from getting us out the door for school each day, to giving us schedules for chores, to making sure we were all in the van on time when were going on road trips.
- They were managers - they defined clear roles for all of us, recognized our accomplishments, helped us recognize strengths and weaknesses in ourselves and in others, and helped us develop both speaking and communication skills. As all great managers do, they encouraged us to be passionate in everything we did.
- They were leaders - teamwork was not an option, it was crucial; so they were creative in finding fun ways for us to work together as a team. We performed annual talent shows together and were given team projects at our annual camping trips (which still continue to this day).
- They were community-oriented - our holidays were always festive and filled with lots of people, and our doors were always open for those who had nowhere to go. Holidays were always a time when we connected with others in our community.
- They were strategic with finances - we worked off a budget but always included team activities and community giving - if not through money, through time. My parents made a point to teach us, by example, about financials.
Unbeknownst to me at the time, my parents gave me a head start in business. They provided me with fundamental attributes and systems that I learned to love at a very young age and have carried forward to my career. Looking back, I realize that my passion to help others succeed - to create processes, to be good managers, to build strong teams, to understand financials - are lessons I learned from my parents. Teaching lessons to other entrepreneurs brings me great happiness and fulfillment in the form of memories - both old and new.
This is the first in a series of articles on Michael's entrepreneurial story and how being raised in a large family influenced his career. Email him at MGunther@collaboration-llc.com or call (805) 541-9040.
Michael Gunther is Founder and President of Collaboration LLC, a team of highly skilled business professionals who are dedicated to assisting proactive business owners to build profitable, sustainable businesses through results-oriented education, coaching, and consulting services. Learn more at www.collaboration-llc.com.
Posted by Beth Fillerup on Thu, Feb 04, 2010 @ 04:56 PM
The Entrepreneurial Couple - these are individuals that are married, significant others, life partners, etc. who have elected not only to spend their lives together but also create a business together. At first it makes sense - two smart people, a great idea, working with someone you trust to take charge of your destiny. But along with these benefits come unique challenges and even additional pressure on the relationship due to poor communication, unresolved conflicts, reliance on the business to financially support both individuals, and no separation between work and home.
While I have seen many couples make this transition successfully, I have seen a greater number fail. The individuals that succeed do so by clearly defining what they expect from one another in both the business and personal relationships, avoiding undue stress and creating a true partnership. The following are seven topics that I have noticed are most important for discussion and agreement.
1. Roles and Responsibilities. Identify clear roles, responsibilities, and expectations - just as you would with any employee. Without clear roles, individual duties get blurred. This can lead to each person thinking the other is handling an item, which can lead to tasks not being completed, which leads to the blame game.
2. Decisions. Determine a process for making decisions from the get-go. Focus particularly on how disagreements will be handled. What happens if one partner wants to go in a direction that the other partner vehemently opposes?
3. Needs and Values. Come to an understanding on what each person's needs and values are in both the personal and business relationships. Often, the personal relationship is about security, connectedness, and equality; this relationship tends to be full of emotion. On the other hand, the business relationship is more about risk, equitability, and competition; this relationship leans more toward rationality. Each person needs to understand how the other views these differences, and then together you can come up with a game plan on how to honor these views.
4. Separation of Work from Home. Create parameters about topics that should stay at the office. Couples working together often see their home and work life blend together to the point where they feel they are always working and have lost aspects of their personal life and relationship. One couple that I've worked with uses the rule that from 6:00 PM until 8:00 AM the next morning they cannot talk about business.
5. Personal Independence. Identify and develop some independent activities, hobbies, or friendships. This allows each of you to maintain a sense of individual identity and to also bring new perspectives and insights into the relationship.
6. Finances. Establish clear budgets for both the business and your household. It is crucial that you manage both budgets well since you rely on one business to support a household of two (or more). Most importantly, business financial decisions that may impact your personal household finances should be made jointly.
7. Assistance. Get an outside advisor or coach. It is imperative to have someone you trust advising you on the dynamics that arise from sharing a business and personal relationship. Having an impartial third party can help prevent differing opinions from becoming major conflicts that can negatively impact your relationship.
Entrepreneurial couples can create an unstoppable team if they have a strong, trusting foundation, but without good communication skills and clear expectations or parameters these relationships may also hinder a business's growth and prosperity.
Bottom Line
If you are an entrepreneurial couple, you probably desire business success, family harmony, and personal well-being. Unfortunately, entrepreneurial partnerships may have a hard time achieving these three things and may under-perform due to unresolved conflicts and ambiguity about roles. Together as partners, I encourage you to take time to evaluate how you are truly performing as a team. Create a game plan, write down your resolutions, and make a contract with one another using the above seven topics as a guideline.
Is there a topic that you would like Michael to discuss? If so, email him at MGunther@collaboration-llc.com or call (805) 541-9040 to let him know.
Michael Gunther is Founder and President of Collaboration LLC, a team of highly skilled business professionals who are dedicated to assisting proactive business owners to build profitable, sustainable businesses through results-oriented education, coaching, and consulting services. Learn more at www.collaboration-llc.com.