Starting A Business With A Friend?

By Eazyhire Team
In What's YOUR take?
Dec 23rd, 2015
0 Comments
551 Views

startups in india

When I was thinking of my startup, I was in a huge dilemma. I wanted one of my childhood friends to co-found my business. I pursued him for a while and we finally met to understand the premise of my business. Over a few beers, I understood as dear as my friend was, he lacked the vision, that undefinable something that I needed in my co-founder. I let the matter drop. We are great friends, till today.

When you decide to start a new business, you’re excited, motivated and also, really nervous. So what do you do? You decide to ask your friend to join you. However, business, unlike friendship, can often get complicated with impersonal decisions being needed on a daily basis. While working hand in hand with a friend is always great, you don’t want to end up in losses and a ruined friendship. So how do you choose a friend to start with? And how do you avoid the pitfalls?

  1. Find someone with the same business goals. Growth strategies often lead to conflict. You may want to grow rapidly, but your friend may want to take it slow.
  2. Do you share the same values and beliefs? Can you mix your finance and future with this person?
  3. A business should benefit both of you and shouldn’t be just “fun.” Make sure your skills complement each other.
  4. Get roles that suit both your interests and define them early on. Have it in writing. Collaborating jointly seems natural, but each should “own” a different portion of the business.
  5. Personal lives – Are they stable? Does your partner plan to marry and shift to another city/state?
  6. Have tough conversations early. Decide salary, job roles, equity, strengths and weaknesses early. It’s more challenging later on.
  7. New perspectives are crucial. Having a lot in common makes for a great friendship. But in business, you need someone to cover your blind spots and can give fresh ideas.

Eazyhire Team

Comments are closed.