Starting a Business with a Friend: Is it a Good Idea?

anastasya Business News

You want to know if working with a friend is a good idea. You want to know if it’ll be productive or if it’ll affect your friendship? There are pros and cons to partnering with friends. The outcome of this partnership depends heavily on their values, the kind of business you want to start together, and the extent of your friendship. It can be really challenging, and many people would agree that you shouldn’t mix friendship and business, but it’s actually possible to work well with your friend.

Reviewsbird.co.uk gives reviews and experiences on running partnerships for physical product and service companies depending on whatever business you’re planning on starting up.

The following are factors that should influence your decision to start a partnership with a friend.

1. Your friend’s values

You know your friend well, and you should be able to identify their values. Consider answering the following questions.

a) Is your friend persistent? Persistence is a key quality in a person you want to partner with. A person that stays dedicated during the hard times would be a great partner. Working with friends that are not persistent enough would ultimately cause problems as they’d think of giving up at any slightest problem.

b) Is your friend productive? You’ll notice this, especially for something you both have to do as a group. Maybe a course project or volunteering work. Does your friend put his all into these activities? Or does he display nonchalance towards several activities? It would be best if you worked with a friend that won’t make you feel you’re doing all the work. It’ll eventually end the business.

c) Is your friend a person ofintegrity? Integrity is steadfastness, honesty, decency, uprightness. This character is key, and you should not overlook this regardless of how close you are to this friend. Imagine partnering with a liar or a cheat. This would make business difficult when you find out because you need to trust whomever you’re in a partnership with.

d) Is your friend proud? Being in a partnership with a person that argues a lot and does not want to make corrections is a red flag. You need to work with a humble person, someone who knows they can be wrong and is open to correction.

e) Do your friends have so many ideas but don’t implement them? This is the surest sign you should not work with them. They would eventually influence you negatively, and you’d start noticing a decline in productivity. You need a partner that matches your zeal and ability to carry out things.

2. Your personal work values

As you ask questions about this friend, you also need to question yourself. Answer the following questions.

a) Do you like working with people? If you’re not a team worker, you could develop teamwork skills before starting your business.

b) Are you a micromanager? Micromanaging is simply wanting to decide on everything, wanting to call the shots, and not giving creative freedom to other people. This goes against the purpose of partnerships since the other person does not get to contribute anything, and they’d only follow the things you want. Most times, people are not aware of the fact that they micromanage. Now that you know what this means, make a conscious effort to be aware of this and reduce this in partnerships.

Bear in mind that partnerships make or break strong friendships. The outcome would depend on the kind of person you are, the kind of friend you have, and the willingness to make the business work without destroying your friendship.

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