Mixing Business and Family
A business refers to an organization or entity existing as an enterprise and engaging in professional, commercial, and industrial activities for profit or non-profit purposes, with a definitive classification based on its bureaucracy or hierarchy. A family, on the other hand, is a group of two or more people united by birth, marriage, blood, or ancestral ties who often live together and interact with each other.
Mixing business and family is very distinct from the concept of family business. While the latter is an enterprising entity owned by a family, the former is a more complex subject, rearing its head on top of problems faced by members of a family who own or work at a business and fail to utilize its benefits. Mixing business and family is the concept where family members engage in a business venture and the management of both blends into their lives.
Most authorities argue for the necessity of separating business life from family life. However, the benefits of mixing business with family serve important purposes, posing the need for a balance between the two, as mismanagement may have negative impacts that affect the other, a vicious circle.
Advantages of Mixing Business and Family
1. Emotional support:
When members of the family are understanding and love one another, they can motivate and inspire themselves, providing needed advice in times of difficulty.
2. Improved mental health:
Mixing business and family may be beneficial to mental health when family members observe a new stress pattern that poses an issue in their sibling's or parent’s life. They can avail themselves to help combat factors that may cause a mental breakdown.
3. Improved efficiency:
Due to the knowledge of love and security from the family, one has improved efficiency at work because fear of incapability does not thrive for long.
4. Stronger family bond:
Successful management of business and family enables one to accord necessary time to work or family, depending on their schedule, enabling family time for bonding.
Disadvantages of Mixing Business and Family
1. Reduced productivity:
Mixing business and family is not advisable, as there can be reduced productivity at work while thinking about family problems.
Emotional & psychological stress:
When family and/or work become a heavy burden on an individual, this may cause great emotional and psychological stress, reducing productivity and causing further damage.
2. Conflict of interest:
Sometimes, individuals who mix business and family battle priorities and decision-making, as choosing one over the other may not be pleasant.
3. Work/Family Negligence:
Usually, when one of these two consumes more attention, the other will suffer the negligence, usually as profit loss in business and any dire condition in the family.
Strategies for Integrating Professional Ambitions with Family Life
1. Boundaries:
It is important not to allow family members or work colleagues beyond where their matters lie. For a family-owned business or a non-family-owned business, principles must be set and adhered to to avoid damages.
2. Effective communication:
Open communication among colleagues and as well as family members builds a healthy work/family relationship where everyone feels loved and heard, whether at work or home.
3. Time management:
To successfully integrate professional ambitions with family life, timetables for both work and family are to be drafted. This way, discipline helps to deal with the things that are meant for now and for later.
4. Prioritize and delegate.
To avoid emotional stress and breakdown, it is advised to use the 20-minute rule. Draft a to-do list and work through it, assigning roles to colleagues or family members where needed.
5. Utilization of technology:
Because business leaders are usually away on trips or far from home, they should maintain communication with their families through video and voice calls. This way, no father, mother, or sibling will miss any important day in their family members' lives.
6. External expertise:
The advice of professionals and leaders is always important in understanding what one’s priorities are for effective judgment.
With the right guidance, wisdom, and cooperation at work and family, mixing business and family will not always have negative consequences.
A remarkable example of successful individuals who balance both their work and family life is the musician couple, Simi and Adekunle Gold. Both influential Afro-pop artists have carved themselves into that niche and still maintain a healthy work-family balance, evident in their happy life with their daughter, Dejare, on social media. They have also addressed the public in interviews on how they have come to where they are and what their roots are.
Photo credits:
Onrec
Dracaena Wines
Entrepreneur
Simi & Adekunle
References:
Wikipedia
Entrepreneur
