Would you go into business with a friend?
You're friends, you get along well, and there's already a firm trust base - so why not go into business together?
Listen as Jane and KZN chat about the topic at hand and read more below;
The other night, Mr T and I had dinner with a dear friend who was chatting about how going into business with a friend is never a good idea.
Read: KZN graduate: ‘Small business key to bring down unemployment’
She went on to say that it changed a relationship with her girlfriend and went from being a happy, upbeat connection to a stressful one, and they lost their relationship as they were always talking work.
She then decided to get out of the business to salvage the friendship, but fears it will never be the same as the damage may be done.
I think it depends on the circumstance, surely? I know it's not a good idea to work with family, but doesn't that also depend on the situation?
Read: From friends to enemies, share your feuds with us
I thought I would do some research and these are a few things you need to consider before going into business with a friend:
The good stuff
- Integrity - if the person lacks integrity, bringing them onboard merely is too risky.
- Strong work ethic- nobody wants to be saddled with a shirker .
- Persistence - countless businesses fail within the first year, you need a person who sticks by no matter how dull the idea might seem for the moment.
The bad stuff
- A big ego - you need someone who is willing to learn and is not afraid to say so.
- Overly passionate - passion is good, but only when it is matched with a grounded, realistic view of the situation at hand.
- The talker - what's the point in talking if you cannot make it a reality?!
The downright ugly
- Going into business together can destroy a relationship as can be seen with my friend.
Is it ever a good idea to go into business with a friend? Let me know your thoughts.