Entrepreneurial Renewal Series: Navigating the Shame and Emotional Toll of Financial Struggles as an Entrepreneur
This series delves into the emotional complexities of financial struggles faced by entrepreneurs. Many entrepreneurs hesitate to reach out to their peers, not realizing that others are dealing with the same challenges. Meanwhile, conversations often focus on the idea of success, leaving little room for discussing the need for support. This series aims to expose and confront issues such as shame, guilt, and the importance of open communication and mutual support.
Whether you’re struggling with the guilt of asking for help, feeling the strain in your relationships, or facing the difficult task of rebuilding, this series offers valuable insights and actionable strategies tailored for entrepreneurs navigating these financial challenges.
Part 2 of 4
It Takes Its Toll, And Then It Takes A Village
When financial struggles hit the entrepreneur—they reverberate through their household and relationships. In this part of the series we examine how financial strain impacts partnerships, highlighting the importance of honest communication, compromise, and a shared commitment to weathering the storm.
Financial strain doesn’t just affect the entrepreneur—it impacts everyone around them, particularly their partner. Money is one of the most common sources of tension in relationships, but when combined with the unique pressures of entrepreneurship, it can become even more fraught.
For one couple, navigating these struggles required months of difficult conversations. The entrepreneur, who had always handled the family’s finances, was forced to admit the full extent of their business’s struggles. This wasn’t just a logistical conversation—it was an emotional reckoning. Explaining the need to dip into retirement savings to create a six-month “runway” for rebuilding was no small ask. It required transparency, vulnerability, and, most importantly, trust.
Their spouse, on the other hand, had to face a difficult reality as well.
They took on two part-time jobs to help cover basic expenses, all while grappling with frustration, fear, and their own sense of helplessness. Together, they had to find a balance, prioritizing non-negotiable expenses like their children’s private school while making sacrifices in other areas.
The emotional toll of these conversations cannot be overstated. Asking for help—particularly financial help—can feel like an admission of failure. For entrepreneurs, who often pride themselves on their independence and self-reliance, this step is especially difficult. But as one entrepreneur put it, “It started with an honest conversation—me coming clean.”
You’re only in this together if you commit to never facing it alone. Our missteps don’t have to be scattered breadcrumbs leading us back to an uncharted path with no clear direction. Something we at Battle’s Insights strive to impart to our participants is honesty and fragility. Choosing the right path doesn’t mean the most positive consequence is going to feel good. So do as much as you can together. A few practical tips:
- Establish Regular Financial & Emotional Check-Ins
- Schedule consistent, dedicated time to discuss both your financial situation and the emotional impact it has on your relationship. This helps ensure that both partners have a clear understanding of ongoing struggles, can celebrate wins together, and adjust plans proactively without letting resentments build up.
- Share Responsibility and Decision-Making
- Move away from a system where one partner handles all the financial logistics. Instead, co-create your budgets, financial goals, and decision-making processes. This not only promotes transparency but also shows mutual trust and respect for each other’s contributions—both monetary and non-monetary.
- Use Visual Tools for Clarity and Transparency
- Leverage professional tools like shared spreadsheets, budgeting apps, or even custom-designed templates on platforms like Canva to break down and visualize your financial commitments and household tasks. Making the “invisible labor” visible fosters accountability and helps both partners see the full scope of their contributions.
If It Was Normal, Wouldn’t It Be Easier
The shame of financial struggles is often compounded by the difficulty of asking for help. In the next post, we’ll delve into why entrepreneurs struggle with this step and how partners and communities can provide the support and compassion needed to navigate these challenges.
The next part in our series asks why it’s so hard asking for help, diving into why it’s so difficult for entrepreneurs to admit they can’t do it alone and how compassion and understanding are crucial in these moments.
