Business Survival Strategy for Copreneurs: Work-Life Balance Perspective

Purpose: The performances of family businesses are particularly influenced by the work-life balance of its owners. This is due to the challenges and stress-related issues that affect the owner’s performance on the job, thereby negatively influencing the performance of the organization. Hence, this study investigates the effect of work-life balance on the business survival of copreneur. Specifically, it (i) determines the impact of family responsibilities on business growth; (ii) determines the effect of job demand on business sustainability; and (iii) examines the influence of personal demands and coping strategies on business efficiency. Design/Methodology: A descriptive research design with a population of 782 Copreneur owned businesses in Ilorin with 265 sample size. Purposive sampling was adopted. Hypotheses were tested through multiple regression with the aid of SPSS v23. Findings: The findings show that family responsibilities, job demands, personal demands, and coping strategies significantly affect business growth, business sustainability, and business efficiency with R square values of 50.3%, 46.1% and 75.2% respectively. Research Implications: The study concluded that work-life balance has positive significant impact on the business survival of copreneurs. It therefore recommends, among others, that copreneurs should develop family-friendly policies that support employees in balancing work and family life. Additionally, copreneurs should invest in training programmes focused on effective time management and the development of flexible work schedules. Originality/Value: It provides understanding of how family responsibilities (particularly parenting), job demands (especially time management), and personal coping strategies (notably social support) collectively explain significant variance in the business survival outcomes of copreneurs.