BusinessImage ConsultingMotivational SpeakerPersonal DevelopmentHow to Grow a Business and a Family at the Same Time

July 4, 2020by admin0
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Corporate motivational speaker in india

 

Can an entrepreneur nurture a business and a family? Both demand time, energy and commitment.Corporate motivational speaker in india At times, these two aspects of life can seem mutually exclusive. Still, many entrepreneurs achieve a balance and do both well. How do they do it?

We asked Don McDonough, regional executive at Merrill Edge, to share his thoughts on work-life balance.

Q: Is work-life balance realistically achievable between the competing demands of a family and a business?

Bank of America studied this question in a recent survey and found that 82% of small business owners believe they had achieved a work-life balance. But nearly 20% admit that they struggle to do so, and 46% admit to taking on too many administrative tasks.

Q: What can an entrepreneur do to manage stress that a business and family inevitably create?

Very simply, entrepreneurs should set goals for both their business and their family, and revisit these goals regularly. Families need goals to thrive just as much as businesses do.

Q: How is retirement planning different for women entrepreneurs?

Women must consider the fact that they traditional live longer than their male counterparts, so their assets will likely need to last longer. A financial advisor can help women entrepreneurs plan for those extra years with a personalized investment strategy built around goals. An advisor can also help determine the best time to claim Social Security and retirement benefits.

Q: What can entrepreneurs take from their business lives to benefit their family lives?

Families should consider creating a mission statement for the same reason businesses do: to make its purpose clear.

Holding family conversations around questions like, “What does our family stand for?” and “What aspirations do you have for the family and for yourself?” help identify values that better define life goals and better ensure a family legacy.

For example, a family mission statement centered on continuous learning and education can set the tone for saving and investing decisions as well as other key life decisions like a career change and community involvement. When you weigh the benefits, family mission statements can be as important as company mission statements.

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