Your Personal Stakeholders

In business management, a critical concept is that of the stakeholder. These are the various persons and groups that have an interest in the business. The customers, employees, and owners all are very interested in the products and practices of a company, but for very different reasons. Customers look for quality and value. Owners are interested in quality, to be sure, but also seek profit. Employees want fair compensation, security, and a good working environment. These different wants and needs are interrelated and often contradictory; and businesses must strive to find and maintain a balance.

Your personal life is actually very similar; there are people and groups who expect certain results from you: your spouse, your children, your employer, your co-workers, members of community organizations, clubs, churches, teams, or social groups of which you are a part. These are your personal stakeholders. Each have different expectations of how you will interact with them. What behaviors, results, and investments are expected or accepted may differ between your stakeholders.

Think about who your personal stakeholders are.

Which of these are most important?

What do these most important stakeholders expect or require from you?

Some of these expectations will be somewhat contradictory - Prioritize them.

Are there stakeholders in your life that completely contradict your other stakeholders or your core values?

Are any of these expectations unreasonable? Talk to your stakeholders about this.

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