Personal pursuits: No quality time to expend the earned wealth
Apart from so many functions and eight lines in the business, a businessman has to manage his personal and social life. In catering to the the numerous requirements on numerous fronts, a businessman doesn’t get sufficient time to pursue his personal hobbies and interests. He may have a lot of television sets with high cream size, subscription to many HD channels but he is not in a position to enjoy any serial the way the employees can do.
Family life: Heavy sacrifice due to business commitments
The family life of a small and medium entrepreneur is heavily compromised. He has to give first priority to the business appointments.
Social, philosophical, spiritual side: take a second seat.
A businessman has to compromise with his social philosophical and spiritual inclinations. He is driven by a passion for personal excellence, fulfillment of social cause through provision of essential services, etc. Other aspects automatically become relatively less important.
Financial & reputational security: Not there dues to volatile business environment.
A businessman must run the business and must Run It successfully and profitability. If this does not happen, lives of a lot many stakeholders are affected. But a business is intrinsically risky. It is not about only running the business sustainably but also about keeping all the stakeholders happy. If there is any error on any front, there is a serious implication on the reputation of the business and the businessperson.
Physical health: poor due to haphazard business schedule
A business person required to to give a lot of time for carrying out all the business activities. He has to travel a lot and he does not have a routine schedule. This has its own impact on his health.
Business relationships: test limit of psychological sensitivities.
A business involves a lot of relationships with human beings including business partner and employees. Many of these relations, due to the inherent human nature, might be sensitive. In a very competitive environment, may it be retention of employees or may it be satisfaction of the clients, the Expectations could be unreasonable. The behaviour of the stakeholders of a business test the limit of psychological strength of a businessman.
Frictional relationships: with business stakeholders such as employees, suppliers, clients, lenders, etc
A business is all about transactions. They are zero sum games. They involve sharing of risks and liabilities. They involve sharing of benefits. They also involved in the process of taking credit for a great development. There are many areas in which a misunderstanding can develop. Sometimes it becomes difficult to Reconcile a relationship. A businessman has to live with all these kind of frictional relationships in his life.
Now, what is the solution?
Of course, many Businessman achieved required degree of behavioural maturity with the passage of time. But that is always not sufficient. It is important to create an effective and efficient organisation led by a policy framework and expert internal and external support professionals.