Trust essential in small business. At Bouncepreneurs we see that small business failure most often goes along with relationship failure between the business owner and their partner.
Failed Business Equals Failed Relationship
From 124 Bouncepreneurs 104 had personal relationship failure at a similar time or following their business failure.
Male partners are twice as likely to stay with a failed entrepreneur as female ones. This does reinforce the view that women expect their male partners to be providers. However trust essential between couples if entrepreneurial failure looms or happens.
The most common reason for couples splitting after business failure is the partner’s ignorance of the trading conditions and impact of them on personal spending and lifestyle. The entrepreneur’s partner is simple kept in the dark (which leads to real anger) and then a split. The trust essential idea has not been taken on board.
However, there is a polarisation as one quarter of Bouncepreneurs come to learning sessions as couples.
Relationships are very disrupted by business difficulties. “Being able to adapt to these difficulties as a team is the key” says Debbie a Kent-based Bouncepreneur. “When husband’s Ted’s engineering company failed, I knew I would have to become the main breadwinner, so I did. Ted was starting to drink, so I found a job for him in Saudi Arabia, he earnt well and got very fit. He made enough for us to bounce back and now our new business is doing well.”
Trust Essential says Debbie
“All businesses face difficulties, but you have to be able to make changes in your personal as well as commercial life, but trust is essential,” Says Debbie.
“If you don’t adapt to shifts in business, you’re toast and the personal relationships have to change also,” says Michael Allen Founder of Bouncepreneurs.
It seems to be important to have a personal plan that is tied to the business plan and this has to change and be planned for “fair and foul weather.” Says Allen. “It is no good planning world cruises if you cannot afford petty cash bills.”
Remember trust essential and essential trust.
Michael Allen founder of Bouncepreneurs