Many people who work in family-owned businesses, or family firms, have never
stopped to think of the concerns that are unique to family businesses. While
about half of the gross national product comes from family owned businesses,
and roughly half of America's workers are employed in family firms, the family
business is seldom seen as having issues of any significant difference than
other sole proprietorships, partnerships or corporations.
Inc. Magazine decided it was time to dig deeper into family business
issues. Author, Christine Lagorio recently posted the article entitled, How to Run a
Family Business, which discusses how to run your family business the
right way. She interviewed experts on this topic asking them to share their
advice and lessons learned. Since I’m a Family Business Coach and the author
of, Entrepreneurial
Couples - Making it Work at Work and at Home, I was able to share some practical tips for family businesses.
I discussed the value of determining what your family style is and working that
into your business, as well as the importance of writing a formal
business-partnership agreement. Click here to
read the article in its entirety.
If you would like to learn more about family business or being an
entrepreneurial couple, please visit the
Entrepreneurial Life section of my website.
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Kathy Marshack News
Are Family Businesses Really Different?
Thursday, March 11, 2010
Entrepreneurial Couples - Can Competition At Work Cost You Your Marriage?
Wednesday, January 20, 2010
When a couple works together both at home and at work, they can become confused about the roles they should play in both of these worlds. Often the aggressive pull of success and the push of competition eradicate the more subtle pull of love.
Bringing competition home is probably the worst thing you can do for a marriage. Keep competition and achievement needs at work. When you work with your spouse in your own enterprise, keep in mind that you will be crossing the competition barrier daily. It is hard to stay kind and loving with the one you are competing with. We tend to take competition personally.
The following are some ways to diffuse the tension of competition between spouses:
· Set up separate work areas within the business.
· Reward each other often for your individual successes.
· Take breaks from each other often.
· Make a clean break from work at the end of the day.
This latter recommendation is vital. Do not discuss work at all at home if your business requires that both spouses be leaders and you are both highly independent and headstrong (sound like anyone you know?).
The most important thing to remember when you work together is why you chose your spouse in the first place. This is someone you love and trust and want to spend the rest of your life with. These qualities aren’t bad either for the kind of person you want to help you build your dream business.
For a more detailed discussion on this topic, read my article, Can Competition At Work Cost You Your Marriage? If you are an entrepreneurial couple, please sign up for my free monthly Entrepreneurial Couples Newsletter for sound business and relationship tips to show you how to make it work at work and at home.
Bringing competition home is probably the worst thing you can do for a marriage. Keep competition and achievement needs at work. When you work with your spouse in your own enterprise, keep in mind that you will be crossing the competition barrier daily. It is hard to stay kind and loving with the one you are competing with. We tend to take competition personally.
The following are some ways to diffuse the tension of competition between spouses:
· Set up separate work areas within the business.
· Reward each other often for your individual successes.
· Take breaks from each other often.
· Make a clean break from work at the end of the day.
This latter recommendation is vital. Do not discuss work at all at home if your business requires that both spouses be leaders and you are both highly independent and headstrong (sound like anyone you know?).
The most important thing to remember when you work together is why you chose your spouse in the first place. This is someone you love and trust and want to spend the rest of your life with. These qualities aren’t bad either for the kind of person you want to help you build your dream business.
For a more detailed discussion on this topic, read my article, Can Competition At Work Cost You Your Marriage? If you are an entrepreneurial couple, please sign up for my free monthly Entrepreneurial Couples Newsletter for sound business and relationship tips to show you how to make it work at work and at home.
Adjust your attitude about the upcoming New Year
Wednesday, December 30, 2009
The New Year is in just a few days! The arrival of the New Year can bring additional stress to overachievers. Instead of thinking about the negative, think of January as time to recoup and restore your energy and peace of mind. January is also a time to build a foundation for the goals you want to accomplish this year.
Because January brings us the opportunity to make New Year's Resolutions, I think it is about time to start a new tradition, that of appreciating ourselves for who we are. As one bumper sticker proclaims, "God doesn't make junk." Let your New Year's Resolution this year be - "I will accept myself totally and unconditionally and be the best I can be this year."
If you can appreciate who you are, that each and every day you are making a valuable contribution to your community by just doing your everyday thing (not overachieving), then you will have a much more prosperous New Year.
You will notice your talents more and strengthen them. You will notice your flaws more too, but you can build a plan to correct them. If you have been successful accomplishing other people's goals, think how much you can really accomplish if you lead your own life.
This year focus on self acceptance and you will benefit. For suggestions on how to change your paradigm for the year, read my article - Entrepreneurs should tackle the New Year with new priorities.
Because January brings us the opportunity to make New Year's Resolutions, I think it is about time to start a new tradition, that of appreciating ourselves for who we are. As one bumper sticker proclaims, "God doesn't make junk." Let your New Year's Resolution this year be - "I will accept myself totally and unconditionally and be the best I can be this year."
If you can appreciate who you are, that each and every day you are making a valuable contribution to your community by just doing your everyday thing (not overachieving), then you will have a much more prosperous New Year.
You will notice your talents more and strengthen them. You will notice your flaws more too, but you can build a plan to correct them. If you have been successful accomplishing other people's goals, think how much you can really accomplish if you lead your own life.
This year focus on self acceptance and you will benefit. For suggestions on how to change your paradigm for the year, read my article - Entrepreneurs should tackle the New Year with new priorities.
Entrepreneurs – Be Prepared for Winter Conditions
Monday, November 09, 2009
The days of winter are upon us. With the busy schedules of entrepreneurial couples, a dangerous weather situation can occur before we even realize it, and we find ourselves not only unprepared in our personal surroundings, but also our work environment. Here are some reminders from FEMA that will provide protection at home and at work:
Basic home and/or office checklist:
· Prepare an alternative heat source.
· Check your roof for leaks, and nearby trees for branches that could fall on the house.
· Protect your pipes by insulating them, and keep those faucets dripping during extreme temperatures.
· Know where the water valves are and how to shut them off.
· Have fire extinguishers available along with the knowledge of how to use them.
· Think ahead to how you can help disabled friends and elderly ones. Include clients who have special needs.
Basic car preparations:
· Check antifreeze levels, battery, brakes, heater and defroster, lights, oil, thermostat, and wipers.
· Make sure that your tires are in good working order.
· Keep at least a half-tank of gas in the car.
· Have a winter emergency kit in the car, which includes: a shovel, scraper and broom, flashlight, battery powered radio, water, snack food, matches, extra warm clothing, first aid kit with a pocket knife, blankets, medications, booster cables, flares, fluorescent distress flag, tow rope, and road salt and sand.
These guidelines not only protect you and your family, but they can assist others. In addition, being prepared means you save time and money. In the end, you can continue your business with less interruption and the ability to be available when perhaps the unprepared competitors are not.
Basic home and/or office checklist:
· Prepare an alternative heat source.
· Check your roof for leaks, and nearby trees for branches that could fall on the house.
· Protect your pipes by insulating them, and keep those faucets dripping during extreme temperatures.
· Know where the water valves are and how to shut them off.
· Have fire extinguishers available along with the knowledge of how to use them.
· Think ahead to how you can help disabled friends and elderly ones. Include clients who have special needs.
Basic car preparations:
· Check antifreeze levels, battery, brakes, heater and defroster, lights, oil, thermostat, and wipers.
· Make sure that your tires are in good working order.
· Keep at least a half-tank of gas in the car.
· Have a winter emergency kit in the car, which includes: a shovel, scraper and broom, flashlight, battery powered radio, water, snack food, matches, extra warm clothing, first aid kit with a pocket knife, blankets, medications, booster cables, flares, fluorescent distress flag, tow rope, and road salt and sand.
These guidelines not only protect you and your family, but they can assist others. In addition, being prepared means you save time and money. In the end, you can continue your business with less interruption and the ability to be available when perhaps the unprepared competitors are not.
Do you want to be an entrepreneur
Wednesday, October 28, 2009
I hear people speak of their dreams of becoming an entrepreneur and owning their own successful business. It sounds like an exciting and challenging new adventure. Making this type of decision is very serious. Before deciding to take the big plunge, there are a few important things to consider to see if the entrepreneurial life will suit you.
1. If you want to be an entrepreneur you must think like an entrepreneur. In other words you must have a vision that is bigger even than your business idea. Your business is a part of your life, just like your marriage and your children. An entrepreneurial venture is a reflection of you, your values, your beliefs, your strengths and your faults. You must live and breathe the business, day and night, week in and week out.
2. Recognize the commitment. With a hectic schedule, sometimes there is little time for personal relationships or their own health. But if kept in perspective the entrepreneur can find tremendous satisfaction in working at something he or she has created. Watching this creation grow, seeing it benefit his or her family, achieving a long dreamed of goal . . . all of this can be quite thrilling.
3. A supportive spouse is a MUST! The most successful entrepreneurs frequently have glowing praise for their spouses, the people without whom they could never have succeeded. So not only do you have to think like an entrepreneur, but your spouse needs to think like one too, or at least be open to supporting your vision.
4. Entrepreneurship is not for the feint of heart. It is a tremendous responsibility to recognize that every action you take is related to the business and to the people who depend upon that business, such as you, your family, your employees and customers. Decisions must be weighed very carefully and every move must be analyzed to reduce the risk as much as possible.
If you believe you have what it takes to be an entrepreneur, ask yourself if you can do the tedious work of integrating your every move and decision into the template of a business venture. True entrepreneurs don't even realize that they think this way. It is just natural for them to be whole-brained thinkers, with their heads in the future, but their feet firmly planted in the present. Visit my website for more information on the Entrepreneurial Life.
1. If you want to be an entrepreneur you must think like an entrepreneur. In other words you must have a vision that is bigger even than your business idea. Your business is a part of your life, just like your marriage and your children. An entrepreneurial venture is a reflection of you, your values, your beliefs, your strengths and your faults. You must live and breathe the business, day and night, week in and week out.
2. Recognize the commitment. With a hectic schedule, sometimes there is little time for personal relationships or their own health. But if kept in perspective the entrepreneur can find tremendous satisfaction in working at something he or she has created. Watching this creation grow, seeing it benefit his or her family, achieving a long dreamed of goal . . . all of this can be quite thrilling.
3. A supportive spouse is a MUST! The most successful entrepreneurs frequently have glowing praise for their spouses, the people without whom they could never have succeeded. So not only do you have to think like an entrepreneur, but your spouse needs to think like one too, or at least be open to supporting your vision.
4. Entrepreneurship is not for the feint of heart. It is a tremendous responsibility to recognize that every action you take is related to the business and to the people who depend upon that business, such as you, your family, your employees and customers. Decisions must be weighed very carefully and every move must be analyzed to reduce the risk as much as possible.
If you believe you have what it takes to be an entrepreneur, ask yourself if you can do the tedious work of integrating your every move and decision into the template of a business venture. True entrepreneurs don't even realize that they think this way. It is just natural for them to be whole-brained thinkers, with their heads in the future, but their feet firmly planted in the present. Visit my website for more information on the Entrepreneurial Life.
Why Women in Business Are Frequently Misunderstood
Saturday, September 19, 2009
With the changes in the economy, more and more women are going back to work and many of them are starting their own businesses. At times women are not always taken seriously when it comes to running a business. I don't think that people are discriminating because of gender necessarily. It's probably more because they don't know how to relate to women business owners. Women have different values and these values are showing up in how women design their businesses.
Women business owners are more likely to be in tune with the challenge of juggling work and family. A lot of women business owners work from home, which allows them to be available for work and family. While this sounds ideal for a woman, it can sometimes cause a problem. The problem is invisibility. For example, I lost a contract to provide certain psychological services because my office is at home. I was told that home offices are not professional enough. However, I always thought I was clever to find a way to be with my family and still develop my career interests. Obviously this is not a value shared by the contractor.
So, how can a woman overcome the challenge of invisibility? Simply put, they need to be bold and speak up. They need to educate lenders and others about the values of blending family and work life. Learn to be clear, assertive, and decisive. Just think of the example that these working mothers are teaching their daughters. They are teaching them how to be true to their feminine spirit and yet develop their creative side through career, professional and business. This is extremely valuable since it is most likely that these young women will grow up and be in the working world.
If you are a working woman or are married to one, I recommend reading my article Balancing Life as a Dual-Career Couple. Understanding one another better in your different roles will lead to harmony within the family arrangement.
Tips for the “Survivor” Entrepreneur
Friday, June 19, 2009
Are you an entrepreneur? Are you impatient with details? Do others work too slowly? Are you hypercritical? Do you make things happen? Do others admire you? Can you usually handle twice the work of others? Are you tenacious? Are your successes due to your own hard work? Do you thrive on adversity?
If you recognize yourself in this short quiz, then you are probably a survivor entrepreneur, someone who overcame great obstacles to accomplish their dreams in life. Because your survival depended upon quick action and attending to what was immediately necessary to accomplish your dream, this type of entrepreneur has honed efficiency to a fine science. Your gaze is constantly on the horizon, looking for the next opportunity or the next problem to solve. However, when you err, you are exceptionally hard on yourself.
Here are a few tips every survivor entrepreneur should learn to cultivate:
1. Learn to accept failure graciously; you'll have more friends and supporters that way. Others may have experienced more failure than you have and they need to know that you understand and are human too. Don't stop being right, but be more patient with your errors and those of others.
2. Remember you are the one with the vision. It is your gift and one that should be used generously and wisely. Others have different gifts to contribute that are just as valuable, but without visionary ability, they really can't so easily understand what you grasp in an instant. So take the time to walk them through what you know.
3. Don’t make a life of surviving. Some survivor entrepreneurs keep creating crises in their lives, often unconsciously, so that they can get the thrill of mastering the crisis. The entrepreneur may be able to handle this excitement but your family and friends may tire quickly of the emotional roller coaster. Save the surviving for real adversity and take the time to stop and smell the roses with the ones you love. There are deep and profound rewards in the tiny things that occupy ordinary life too, if you will explore that territory.
Read my article to learn more about “survivor” entrepreneurs.
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