Going into business is very much like being in a relationship. You spend a large portion of your time on it. Sometimes, when your business suddenly becomes demanding, you have no choice but to yield to it if you want to keep your business going.
Here are three important similarities between human relationships and business:
Commitment - Before one opens a business, a certain level of commitment is required if one wishes to become even slightly profitable. A business cannot be successful unless the founder or business owner is committed on making his business a success. A committed business owner will be able to give his company enough..
Time - Just as how you need to be on time whenever you have a date with your loved one, you have to be on time for work everyday. You might not have a boss, but if you always arrive late for business appointments and scheduled meetings, then your business won't have much of a future to hope for. Another thing that requires timelines in business is responding to client queries. If you fail to respond in a timely manner to client questions, complaints and requests, you are essentially telling them to transfer to your competitors. Often times when your schedules collide, you have to prioritize one over the other and learn to take...
Risk - Perhaps the most important aspect where business and human relationships are similar is the issue of risks. In a relationship, if you don’t take the risk of falling in love, then you will never experience the extreme joys and sadness of the human emotion. If you fear taking risks, then your business will never get off the ground. Even if it seems profitable now, you will always stay on that plateau and never achieve anything else of significance.
But that is not the only time when you have to take risks in both business and relationships. For instance, your loved one frequently forgets your important dates, or the two of you often quarrel. Your relatives and friends may even get involved and convince you to end the affair once and for all to save your sanity. Though it seems unrealistic to carry on with your relationship, you still hang on with the hope that it’s just a phase that you have to get over. In business, this same blind commitment is observed when your startup appears to be a failure. It’s that time when, no matter how much you try to improve, your products still fail to generate leads, your credit line is negative, and your employees have begun jumping ship. Add to that the fact that your competitor is rolling out one sensational product after another. For all intents and purposes, the most logical action would be to abandon the cause and build another business altogether or even consider getting employed. But that isn't the actual truth regarding the reality of things. Business owners and entrepreneurs are known to slave for years over their startups, even when the future of the said venture seems nothing but bleak.
Let us take Henry Ford, for example. The founder of the automobile manufacturing company experienced numerous failures in his dream of producing a reliable, efficient, and relatively cheap automobile. By continually taking risks despite being broke, he was able to achieve his business dream through the Ford model T and build an enduring company.
To make a business venture successful, you have to treat it as an important relationship by giving your commitment, time and learning to take risks. It takes considerable effort to make anything work, and businesses are no different.