Last week I became a father for the third time – so, naturally, I've been meditating on the impact children have on our lives, and on entrepreneurs in particular. Does having a growing family help or hinder the task of expanding a business? Is settling down good for risk-takers? These are vital questions for anyone seeking to make their fortune.
When I was a single man without domestic responsibilities, I believed I possessed a powerful competitive advantage over rivals, who often appeared burdened by the obligations of parenthood. They could take few financial chances in their career, for fear of failing in their role as provider. They also suffered the incessant distractions of clamouring kids, and had to fulfil endless duties as conscientious fathers. For female self-starters the challenges were even more immense. To paraphrase the critic Cyril Connolly, my view was that there is no more sombre enemy of good business than the pram in the hall.
However, like many before me, once I married and became a dad (admittedly fairly late) I changed my tune. Suddenly, I understood that having obligations can act as a spur and a discipline. It can force you to grow up and to seize opportunities – because now there is a compelling reason to do so.