1️⃣ What are the pros and cons of starting a business with a friend?
Pros – collaboration breeds creative brainstorming and a form of checks and balances. You can bounce ideas off each other, whether it’s 8 AM or midnight. You always have someone who’s also thinking about the same stuff. That can create multiple strategies, and offer some opportunity for A/B testing. When you can test more strategies together, you can build up the right company together while remaining transparent.
Cons – If you’re stuck on the idea or process of something you really like, it can be harmful if the other person isn’t on the same page. Communication can shut down real quick, especially if there isn’t a third party to approve or deny the vote. Plus, once that relationship is harmed, it can lead to a deteriorating business, reputation, brand, and eventually your clients.
2️⃣ What are the challenges of starting a business with a friend?
Money – maybe one person offers more collateral than the other.
Time – what if someone is putting more into the business than the other, that can lead to negative feelings and communications.
Network – someone might have a larger network, which can be a larger base for the opportunity. This may lead that person into thinking they can go along solo.
Success – someone’s ideas might work better than the others, and this can lead to counting the successes individually. Now it becomes more of a competitive environment.
3️⃣ Can you offer advice for people starting a business with a friend?
Schedule everything and be transparent. Give each other homework. Hold each other accountable. Share each other’s network. Share each other’s ideas and information. Be honest. Be sincere. Be genuine.
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