Going Into Business with Friends

Let’s Talk Business Starting a Business Going Into Business with Friends

  • Post
    Colleen bail
    Participant
    What are the pros and cons of starting out a business partnership with friends? I have heard a lot of horror stories but at the same time they may be some of the best people to go into business with.
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    Akshay M
    Participant
    FIVE QUESTIONS TO ASK BEFORE STARTING UP WITH A FRIEND

    Would I do this again? Absolutely — though I always proceed with caution. Here’s what I look for in a friend before I ask him to join my team:

    1. Do we have complementary skills?
    2. Do we have different networks?
    3. Do I trust and respect his work ethic?
    4. Do I trust and respect his decision-making abilities?
    5. Does he have previous startup experience?

    Don’t start a company with a friend just because you think it’ll be fun to work together. Start a company because you believe in what you’re doing — and because you each bring a unique skill set and network to the table, improving your chance of success.

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    Julia Merrace 
    Participant
    Going into business with a friend can really make or break a relationship. You are putting money and time into something that might not work out in the end. But at the same time depending on how close you are with the friend can also work to your advantage because you know how the other person operates so it is a double edged sword sometimes.
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    Colleen bail
    Participant
    I agree after reading more into it, you need to make sure you have a solid relationship where you can put the friendship on the back burner and focus on business when you need to. I do think there are also a lot of benefits to it as well. So I guess at the end of the day it really comes down to the people and how well they can work. But if done well then it can honestly be a beautiful thing.
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