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Enriching Your Live Archive
Entrepreneurial Couples Archive

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Archive - Entrepreneurial Couples Archive

Partnerships and Creative

Friday, March 02, 2001


WHAT SUCCESSFUL ENTREPRENEURIAL COUPLES KNOW

Secret #4 RENEGOTIATE PARTNERSHIP TERMS


If life isn’t meaningful or fun for either of you, it is time to re-evaluate the marriage or the business partnership or both. In order to keep a business healthy, a business owner must be aware of the market trends, employment needs etc. and be prepared to alter their business plan accordingly. Within your personal life, it is no different. A marriage agreement that worked when you were 20, may be outdated for a couple in their 40s, for example.

Don’t throw the baby out with the bath water, as the saying goes, but if some things need changing, do it now, or suffer the consequences of a loveless marriage.

I have met too many entrepreneurial couples where the only thing holding them together is the business. They have forgotten that the business is a function of their love for each other, that by encouraging each other to achieve excellence, they have created a successful venture. By recognizing that the love is diminishing in your relationship and by being willing to renegotiate the terms of your marriage and partnership, you may be able to rekindle the romance and redirect the business to new heights.

A review of the secrets successful entrepreneurial couples know: SECRET #1 ENCOURAGE COMPETITION, SECRET #2 THE 100 PERCENT RULE, SECRET #3 MAKE LOVE THE TOP PRIORITY AND SECRET #4 RENEGOTIATE PARTNERSHIP TERMS. If you would like more personal advice on how you can utilize these secrets in your marriage, go to my web site, www.entrepreneurialcouples.com and utilize the on-line consultation feature. I can respond to your question in 48 hours.

CREATE A CREATIVE CLIMATE

Do you feel like your business is lacking creativity? Here are a few suggestions on how to promote a creative atmosphere.

  1. Encourage a trustful management that does not over-control the personnel.
  2. Open channels of communication among all business members.
  3. Maintain considerable contact and communication with outsiders.
  4. Employ a large variety of personality types.
  5. Show a willingness to accept change.
  6. Enjoy experimenting with new ideas.
  7. Show little fear of negative consequences for making a mistake.
  8. Select and promote employees on the basis of merit.
  9. Use techniques that encourage ideas, including suggestion systems and brainstorming.
  10. Have sufficient financial, managerial, human, and time resources for accomplishing goals.

These suggestions were taken from "Entrepreneurship: A Contemporary Approach," Kuratko, Donald F., The Dryden Press, 1998, page 135.

For more information on how entrepreneurial couples can make it work at work and at home go to my web site www.entrepreneurialcouples.com. You’ll find exercises, a library of family business articles, on-line consultation and much more.