The other side of entrepreneurship: How to beat the statistics
If you’ve started your own business, you will know that entrepreneurship is a very exciting and rewarding journey, but it can also put a strain on personal relationships, especially marriage and family life. Statistics show that the divorce rate among entrepreneurs and small business owners is significantly higher than average, with many studies showing the rate at around 50%. In this blog, we will explore some of the most common ways in which entrepreneurship impacts family relationships and discuss how a virtual assistant can help mitigate that impact.
One of the most significant challenges faced by those running their own businesses, is managing their time effectively. According to a study by the National Bureau of Economic Research, self-employed individuals spend 25% more time working than regular employees – maybe as it’s your baby and you love what you do, you find it harder to step away. The demands of building and running a business can leave little time for family (if you let it!). This lack of quality time may affect family relationships and create feelings of resentment.
The lines between work and personal time can often become blurred. A survey conducted by Harvard Business Review found that 62% of business owners reported working more than 50 hours per week, with 22% working more than 60 hours. The same survey revealed that 70% of entrepreneurs experience work-life balance conflicts, impacting their ability to engage fully in family activities (trying to play with the children whilst replying to an email? – we’ve all done it!).
Emotional stress and burnout
The demands of running a business can affect an individual’s emotional well-being, leading to increased stress levels and potential burnout. A study published by the Journal of Business Venturing found that entrepreneurs reported higher levels of distress and emotional exhaustion compared to non-entrepreneurs.
Limited availability for family activities
Starting a business can result in missing out on important family events (although if you get the balance right, it can also mean you can attend that family lunch or school sports day). A survey by the National Small Business Association revealed that 57% of small business owners reported working during vacations, significantly impacting their ability to spend uninterrupted time with family. The same survey found that 39% of entrepreneurs reported missing important family events due to work obligations.
How a virtual assistant can help
A virtual assistant can help with time management by taking care of administrative tasks, freeing up time for you to focus on the core business and spend time with your family. We can also help reduce stress by managing tasks that are not essential to your core business, ensuring that things keep ticking along without your input. By efficiently delegating routine tasks such as email management, appointment scheduling, and travel arrangements, business owners can alleviate the emotional stress of running a business.
Ask yourself these three questions:
- Are you fully focussed on friends and family when you are with them?
- Do you take your phone on holiday with you?
- Have you missed any family events due to work?
By being aware of the potential challenges and putting things in place to mitigate their negative impact, there is no reason why you can’t have a full and present family life, whilst pursuing your entrepreneurial endeavors!
Why not check out our services to see how we can help with not only your business, but ensuring that life is taken care of too.