Ford Motor Co., Wal-Mart, Reliance Industries; what is the similarity that these names share? Successful business verticals, noteworthy monetary contribution to the respective economy, heavy revenue generation are some of the similarities that one can jot down easily by merely the mention of these companies. However, the most important reason that on tends to overlook is the labor and utmost support, which are two most striking likenesses.

A strong family backing has inscribed the success tale of many big corporations and has enabled them to attain a stature that it flaunts. If we turn the pages of the history, we will be amazed to see its struggling saga and never-dying spirit in some of the harshest economic scenarios.The mind of an individual who aspires to start a new business is filled with a lot of apprehensions and beliefs and in such scenarios getting a moral support from family can be really encouraging.
Let us now see how families can play a significant role in setting up a new business and contribution it can make towards making such endeavors, a roaring success.

A Happy Family: Role in Entrepreneurial Entry

There is a lot of sweat and blood that marks the success legacy of any business; however, the efforts can go waste if not coupled with the right amount of support and love from the family. Staring a new business can be a tough job and in such scenario the curator or the individual who will lay its foundation has to be assured that he/she has adequate support from the folks and family. There will be ups and downs wherein the failures can be actually devastating and ups can be extremely prodigious; in both the scenarios, friends and folks can be a motivational powerhouse for the individual.

A new business has the potential to affect the family environment in either positive or negative way; whatever, be the situation if the family stands tall then even the worst of situations can deter the budding entrepreneur from achieving the targets.Folks and friends can not only give the struggling businessman a lot of support but can also participate in business workflow processes like planning, sourcing information or contributing in management. When the business venture is commissioned by a positive family response and all the love and affection then even an arduous entrepreneurial entry can turn into a smoother one.

Family Support: How Important It is For the New Business

A successful business is not a matter of good luck; it is a sketch that is drawn using planned and careful techniques. Sure, one may be able to take the success of the business alone, but the chance of succeeding is much greater when the budding entrepreneurhas the help of those who matter the most.

Let us realize this point in detail:

1. Planning & Strategy

A woman is God’s wonderful creation and ‘She’ is blessed with natural planning and calculation abilities. The lady of the house manages several different chores simultaneously and therefore symbolizes multi-tasking capabilities. Including ladies of the family in planning the business tasks can be beneficial for the setup and can catalyze problem-solving activities.

2. Risk Management

Life’s learning experiences can surmount biggest of problems and mitigate risks of any severity. Considering a supporting hand from family can be truly beneficial here. The older generation can be of big help here as they have the maximum experience when it comes to dealing with problems. This aspect can teach the one who is curating the business in a long run.

Influential Instances

Having family support is the best thing one can have in his/her life while setting up a business or running it. This is not merely a discussion but there are a lot of examples that can prove the fact that “behind every successful business is a HAPPY FAMILY”.

Let us demonstrate the fact through Reliance Industries, based out in India. The company is into different businesses with its verticals serving clients based out in different geographies. The founder Mr. DhirubhaiAmbani was a villager and had no capital for starting a business. A visionary and a mindset capable enough to take the business world by storm; started his entrepreneurial entry by investments and thereby collecting goodwill from people. Throughout his journey, there was always a supporting family, dominantly a supporting wife and parents with him, who stood by him in his tough times.

Before We Go!

Family is everything and relations play a huge part in our lives. Running a business is not a child’s play as there is a lot of resource, time and money that is invested. Having a strong backing from family and folks can be encouraging and can also be a source of teachings that is gathered through life’s experiences.

Author Bio: Vineeta Tiwari, is an established writer professionally attached with job search portal deep interest in global economic scenario and the employment markets. Her articles also cover facts pertaining to global business activities.