Secret Ingredients for Starting a Business with Friends

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It is not that easy as it seems to be to initiate a business venture with someone whom you share great rapport with. It is even more difficult to maintain same flavor in your relationship which you used to share before actually starting the business. History is plenty of such examples where two or more friends began their entity with decent collaboration of funds and efforts often end up getting separated. Search for the same using google! (Pun intended)

We bring you some essential tips which you can opt to follow, right from the inception of your future endeavor to strengthen your partnership –

Maintain trust: Business is all about over-powering insurmountable tasks and derive monetary incentive for the efforts put in. However, lack of trust between one another can lead to multiplicative impact on inefficiencies related to particular activity assigned to particular partner due to increased amount of skepticism. It is better to plan discussions to settle out all possible doubts during their initial stages only.

Job Clarity: To define work profile of each partner at the very beginning of start-up will not eliminate possibility of future disputes but can reduce its extent. To clarify authority and responsibility will help to assign accountability for any possible outcome and will induce peace in the existing relationships of partners.

Stop believing ‘third’ parties: When it comes to maintain cordial attitude with the partners, one should simply accept the fact that most of other people involved in different processes can furnish various situations to ruin your friendship. You should better account for evidences other than ‘superfluous’ talks by other people to reach out for some final decision.

Give each other enough space: When it comes to celebrate holidays or some other occasion, it is advisable to not impose our plans over other you’re working with out of sheer enthusiasm which may pose many more hurdles into your relationship in coming future. It is always better to provide enough opportunities to one another when it comes to personal life rather than getting it juggled with professional one.

Revive your old friendship: Don’t let your professional association to ruin your extremely funny talks which you once used to have. Try to revive your old friendship into your existing lifestyle in such a way that it blends well with your business activities.

Don’t mess up over petty issues: it is not profitable for you to mess up with your associates on things which aren’t capable of making any significant impact over future course of business. In contrast, one should not hide issues which are worth discussing under false disguise of true friendship.

There is no particular formula to ensure that your friendship survives with one whom you’ve started your business with but one can reduce the frequency of such instances that may lead to their separation by giving ample consideration to aforesaid things.

Category: Business 302 0

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