Are you thinking about starting a business with your spouse? Great! This is an important decision to make together. Having a business can be like having an insurance policy. The question is, do you want to have business success with your spouse? If you do, then it will be important for you both to have some emotional intelligence. This is one of the key factors why couple-run businesses can fail.
In fact, 98% of couples who go into business together fail within the first 3 years, usually losing everything in divorce court. Only 2% of couples that start a business together will become wealthy and live the life they wanted to create. The question you may be asking yourself is, “why is the success rate so low and can we become part of the 2% that makes it?”
One of the biggest reasons for failure in business of any kind is not being emotionally adult. More businesses fail because the partners running the business are emotionally adolescent with each other. This happens a lot with couples who run a business together. Couples often have power struggle in their business. If you both are having power struggle, speaking to each other disrespectfully, lying or withholding, then you are displaying emotionally adolescent behaviors.
Over time, this will kill your possibilities, marriage and business. Running a business together takes leadership, emotional intelligence, and discernment. Running a business of any kind will require leadership skills and personal development skills. If you secretly think you can cheat your way to success, you may want to ask yourself why do you have to cheat your way to success, can’t you get there without trying to dominate, control or lie to your spouse?
Having a business with your spouse will require you to have emotionally adult skills and to practice them daily until you both have mastered them. Couples will be under more stress because they have more at risk and will most likely work more hours and be more tired than say a couple with jobs. If you are emotional adolescent on top of that your stress will be overwhelming.
If you are egotistical, controlling or domineering in business with your spouse, they will not want to work with you. However if both of you are emotionally adult it will empower your success, client retention, customer satisfaction, and deepen your relationship. Both of you being emotionally adult can help you become successful together.