Starting a business with friends is probably a dream cherished by most people. We cannot deny having had casual conversations with some of our friends about the possibility of starting a successful business together. While some of these conversations are forgotten with time, some of these dreams actually live to see the light of day and business ventures are made with the true bonds of friendship.
However, starting a business with your close friends actually has its own set of limitations. Here are a few things you should consider before finally agreeing to take that plunge with your friends:
It is quite natural to befriend someone with likes and interests similar to yours. However, if your friend also has similar overall skill sets, problem-solving abilities, and pressure triggers, it won’t necessarily be an advantage. Working with clones will actually hamper the productivity of the team.
A diverse team is more likely to add value to the business. Choose a mix of talents, skills, and personalities to reap maximum benefits.
Having known the person well certainly implies the possibility of preferring their company over that of others and after a certain point, it might be difficult to draw a line between brainstorming sessions and casual chats. The likelihood of wasting time and resources increases in this case. Also, if one is not careful enough, unprofessionalism takes over.
Ensure that you spend quality time with the rest of the team to get to know them as well. This will promote a healthy camaraderie.
For any business, documenting the key highlights such as job roles and policies is of paramount importance. Just because you decide to work with your friends, it does not justify the habit of talking about important things on social messengers.
Ensure that you document the important things and get them duly verified with appropriate signatures, official stamps, and so on.
Running a business is no small matter. You will often find yourself in situations where you need to be extremely firm with your team and take charge. Going easy on friends at the workplace will promote unnecessary fake diplomacy and negatively affect the overall productivity.
Ensure that when there is a need for you to take charge, you take control and be assertive. Do not get bogged down by bureaucracy and fake diplomacy.
Now that we have mentioned the most important things to consider before deciding to work with friends, here are a few crucial things worth reiterating:
When you start a business of your own, you need encouraging people around you, people with a positive approach towards life. You need talented and intelligent people who will help you push yourself further to do extraordinary things. If you are lucky and you actually have a group of friends who fit these criteria of a formidable team, don’t stop yourself from taking the first step.