5 Reasons to Avoid Involving Your Family In Your Business Plans

Did you know that over 90% of people considering entrepreneurship doom their chances of success because they mismanage their family and friends' involvement?

The old saying, "Never let the right hand know what the left one is doing," makes a lot of sense here because sometimes, what is closest to us and perceived as a necessity can also be the source of our undoing.

We don't want to cast a shadow over all our loved ones, as family and friend relationships greatly benefit the entrepreneurial journey. The problem lies in distinguishing between those that do and those that don't. Here are five eye-opening reasons to reconsider whether and when to involve family and friends in your business plans.

Number 1 Familiarity

They know too much about you. Sometimes, family and friends have an advantage over you that others don't. Their proximity to you and your current lifestyle inform them about your behaviors and emotions. Even though this can be viewed positively, especially when one needs emotional support. But, far too often, some love ones use this information to manipulate and dissuade you, not necessarily because it's in your best interest.

Subsequently, because family and friends are familiar with your triggers, behaviors, and decision-making habits, they may prejudge your entrepreneurial abilities, which may negatively impact their support of you. This may also negatively impact the relationship, making you feel anxious and misunderstood. 

The best way to avoid potential family feuds or ill feelings among loved ones over entrepreneurial plans is to keep them informed only when necessary. Then, select those family or friends who will advance your efforts, and rather than tell them about it, give them a detailed outline of your concept and plan.   This strategy shows you respect their opinion and that you also mean business. 

 Number 2  Kinship Entitlement 

 

Many Family members and close friends often feel entitled to your entrepreneurial success even before you've achieved it, leading to various peculiar and estranged challenges. They may demand discounts, resist paying you, and ask for free services while willing to pay others for lesser or the same quality. While it’s believed that family and friends can be a rich source of valuable referrals, this often comes with hidden, disheartening costs.

As a result, aspiring entrepreneurs can waste valuable time and resources trying to appease those who are not genuinely interested in their work, rather than investing in customers who will appreciate their offerings. Involving family members with gifts can often feel one-sided or like being drafted into your entrepreneurial cause, making you feel obligated to support them due to kinship. This situation, either way, leaves both sides feeling conflicted or taken advantage of by those closest to them.

The ideal solution is to offer your family and friends the same deal as your customers, including when to share information about the business with them. In other words, don't put yourself in that position in the first place. Offer them a Family and Friends discount for an exclusive event. This not only makes them feel special, but it also makes them feel appreciated and more eager to support you. 

Jealousy 

Because sometimes the green-eyed monster is closer than you think. It's no secret; not everyone wants to see another person succeed without harboring a little envy. Family members and friends are no different. In fact, they can be the worst ones. It's common knowledge that for every one person who genuinely supports your entrepreneurial endeavor, there are ten who root for your failure. 

Either way, more forces are working against you than in your favor, thus making it harder to tell the difference when adding the family factor. The consequences of exposing your efforts to this type of environment too soon or at all can have devastating repercussions, both professionally and personally, and emotionally. 

The only way to combat kinship envy is to know it exists in the first place. Recognizing that, regardless of your outcome, the very fact that you're trying can trigger envy and set into motion emotional turmoil is the most powerful weapon you can have. Keeping your plans and actions private prevents envy's prying eyes. Therefore, protecting your emotional status and potential for a successful entrepreneurial outcome. 

Commonality

Familiarity, such as kinship, often leads to commonality issues, where family and friends see you as they see themselves. Sometimes, these loved ones feel they are not successful in that way, so how and why can you be? It is not a form of jealousy but a sense that you belong in their category and share their views, values, and opinions.  

As a consequence, their views of your entrepreneurial endeavors are taken lightly. They often do not believe you can achieve the status that you aim for, so this is another side hustle to put a little money in your pocket. This attitude towards you often makes you the subject of family jokes or, even worse, downplays or detours your efforts. 

The only way to avoid this is to keep your plans private, even from your loved ones. Play naive while continuing to build and grow. Often, when commonality issues arise and people are unsure of what you're doing, and you finally launch a successful endeavor, the sheer look on their faces afterward will speak volumes.  

Conflict in Standards or Values

Sometimes, entrepreneurial aspirations don't work well within family or friend dynamics. They can be considered rebellious or too different from the norm, so the idea is rejected as foolhardy. This discord can create deep rifts within close relationships, often negatively affecting both sides. 

The aftereffects can be even more damaging, creating mental struggles that cause one to question one's capabilities, decisions, regrets, and feelings of animosity. This is especially devastating to the business, as it may halt the entire idea. The long-term implications of involving family must be thoroughly weighed beforehand. 

As it may seem, knowing the impact of your entrepreneurial decisions on the family is vital to deciding whether to involve them in the first place. Be mindful that the impact is overall critical to protecting both sides; it is the best way to avoid putting everyone in a precarious situation. 

While family and friends are often seen as key sources of resources and support for aspiring entrepreneurs, successfully navigating this dynamic requires careful strategy and timing. Entrepreneurs must evaluate the implications of family involvement, considering how it can significantly influence outcomes—both positively and negatively. For more insights and tips on how to engage family and friends effectively to achieve the best results, check out “Introducing the Family to the Business: 5 Strategic Ways to Involve Family.”