Sometimes, it is a common scenario to get tempted to open a business venture with a friend. Primarily, this is based on the fact that the two of you have been relating very well. Indeed, it can be an enjoyable experience to associate with a friend in business, but this does not mean that there are no challenges involved. Thus, whenever you make this critical decision, make sure that you clearly define the expectations for both of you and maintain effective communication. It is important to note that the separation between individual life and business can be unclear.
In case you aren’t sure about the credibility of this idea, check out this article about some prominent founders of notable businesses who established and operated their companies with their close friends.
He was the founder of Pokeworks, together with his college friends. This company was composed of individuals with diverse managerial expertise and specialties. They managed to combine that resource pool and scale up their aspirations into a notable company that offered affordable and delicious food to many buyers.
From this example, it is imminent that a company can be served as a marriage. For example, the primary qualities sought after include effective communication, capacity to compromise and respect. Furthermore, honesty is required to run a business successfully. Indeed, this can be realized whenever business associates are close friends.
Honesty and clear communication help to ensure that all partners have a shared ambition, which is well aligned with the mission and vision of the company.
Vasilas and Arlotta
These allies had a strong love for the beauty industry. However, they faced many challenges when striving to succeed in this sector. However, when they found out an idea on making a successful company, everybody was surprised. Indeed, they established one of the fastest-growing franchise, which has grown to become a multibillion-dollar enterprise.
Critical insights from this association are that it is crucial to stay with a prospective business partner, bearing in mind that when starting a business venture, personal and professional lives tend to blend.
Furthermore, you need to take into consideration the life stage that you are jointly in at the moment. This makes it possible to have equal inputs into the business. Usually, it easy to have the relationship jeopardized in case one of the partners has more input in the company than the other.
However, sometimes, it is possible to start a business even though you aren’t at a similar life stage. Here, it is crucial to ensure that you clearly highlight the common interests in the venture and clearly define the time required. Thus, both of you could be sure to meet such expectations.
Moreover, when starting a business with a close ally, take time to comprehend your friend’s capacities, and even inabilities. It will be easy to share work between yourselves while aiming at attaining optimum effectiveness as much as possible.
Runyon and Mortensen
Runyon and Mortensen, who were the founders of Anytime Business, left school at the same time. They advise that when you start a company with a friend, it is ethical to be ready to apologize in case of any mistake committed. This is a simple statement but can play a vital role in resolving any conflicts that may arise in business. For instance, Runyon once agreed with his friend to fire an employee who was his close relative. However, he had a different mindset: to move him to a different department in the same firm.
This was received well with his business partner, who agreed with his proposal. In the course of their discussion, Runyon explained to Dave, his partner, that he made a mistake while implementing that proposal. After being sorry for the mess, Dave felt angry but abandoned his disappointments. This made them move ahead well.
Indeed, it is easy to start a firm with a friend. However, it comes with many challenges. Therefore, to avoid negative impacts on your business, be sure to get in touch with them regularly. This will help you gauge their determination in the business, and also detect and iron out any differences that might have developed while running the joint venture.