An Entrepreneur’s Guide to Get Family Support
In an article that appeared at YoungEntrepreneur.com, Adam Toren enumerated ten ways to win over the support of your family should you try your hand at entrepreneurship. He notes that most families find going into business a riskier endeavor than being an employee and receive regular paychecks. Explain to them your plans by showing them information that will back up your idea. Cite examples of successes, preferably in the same field of business you are getting into. Ask entrepreneur-friends or relatives to help you discuss with your family the benefits of your business move. Get your family involved by asking for their suggestions on some aspects of the business. You can read more tips by Toren below.
1. Explain your plan.
Offer budgets, strategic goals, potential customers, marketing plans and any other plans you’ve developed that will show that you’ve thought your business idea through.
2. Show them the research.
Show them articles, statistics, demographics and market information which support the need for your business or back up your idea.
3. Provide examples.
Talk about people they may know rather than big names like Steve Jobs. If possible, choose businesses that have similarities to yours so they can see the relationship.
4. Make connections.
Some people don’t see small-business owners as entrepreneurs, but in reality they take similar risks, work long hours to build their businesses, commit savings and borrow to make their work a success.
5. Get them involved.
If you walk through your ideas and ask for advice, they may find it more and more interesting to explore the possibilities. From the style of a logo to finding an ideal target market for your product, you may be surprised at their suggestions.
6. Demonstrate a Plan B.
Doing some contingency planning will not only reduce your risk, it shows that you’re aware of the possibility of failure.
7. Accounting awareness.
But laying out some of your money plans — including ways to minimize investment until returns start to show up — will reduce their concern that you’re mortgaging your life for a dream. You may be doing that, but you can at least demonstrate that the money will be spent carefully and responsibly.
8. Show a small success.
An early success — for instance, landing a first client or making even a small sale — will go a long way toward assuaging your family’s fears.
9. Bring in support.
Is Uncle Jimmy an entrepreneur? Does your father’s best friend have his own business? Ask them to help discuss this with the rest of your family.
10. Let it go.
You have to make your own decisions. Listen to their advice, love them and then do what works for you …
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