How to Create a Start Up and Maintain a Family

What’s the Latest Development?

Reflecting on creating a start up while holding down a job and supporting a family, Eric Farkas has generated a list of priorities that other would-be entrepreneurs should pay close attention to. Before getting to priorities list, however, Farkas says having a supportive wife who is genuinely curious about his business has proven the most essential ingredient. Beyond that, focus on your inner life first, says Farkas, because that is the source of inspiration and motivation, two essential factors for creating a start up in today’s knowledge-based economy. A close second is Farkas’ relationships with other people, which he tries to maintain before just about everything else. 

What’s the Big Idea?

Surprisingly, even though Farkas’ start up is what caused him to generate a list of priorities, it sits near the bottom. After maintaining his personal relationships comes not quitting his day job (so he can continue to provide for his family), then remaining committed to social engagements (in Farkas’ case, teaching at a local church). Then comes the start up. Thanks to Farkas’ priorities, he has found the only thing that “suffers” from his dream of creating a start up are his hobbies. Still, Farkas regularly leaves his laptop behind to spend time on things he enjoys. “Life is short, and you don’t get these years back. Be flexible.”

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