Starting a Business with Friends? Hmm…
What’s the saying – “Don’t work with friends, but be friends with those you work with.” For the entrepreneur starting a company, I think that’s some solid advice. Of course, it’s natural to want to link up with friends to start a business.
In your mind you may say “Yeah, I’ve known Joe for 10 years, so of course I’m going to partner with him on this venture.”
It sounds so sweet at first (I know… I know…) but in the long run it may not be the best decision to start a company with people that you have a long history with. In doing so, you’re opening your company to a slew of threats that can lead to the demise of what you’re trying to create.
Taking Advantage
Being good ol’ buddies with your business partners makes you both susceptible to taking advantage of one another. Heck, you’ve know the dude for 10 years so what does it matter if you take a few days off to hit the beach without telling him? That’s the type of thinking that can lead to serious problems.
When you’ve know someone for so long, you tend to get complacent in your actions and as a result your ambitions and motivations may suffer. You’re simply too comfortable when there is no one who is going to be on your ass urging you to get things done.
The History
Ahhh…. We all have history, don’t we? Remember that time you and Joe – your friend partner — got into a fight over who would take Jessica to the movies? Or what about that time you guys fought over who can bench-press more weight.
One thing that you don’t want is for your past to follow you into your new business venture. It’s so easy for an old memory or past feud to throw a wrench in your new business. It will always be a liability when you are working with your friend. A liability that can be brought up any moment to take a stab at the other. Is it really worth it?
Where’s the Freshness?
Starting a business with a friend can be as stinky as a sweaty gym sock. Now that’s stinky! There is simply no freshness. Starting a business with someone new can be extremely advantageous to the startup process.
You don’t really know each other that well, so you’re both naturally going to be walking on eggshells and trying to impress one another (which means working harder!).
You don’t have a history that can come back to haunt you at any given moment. And things are usually more spontaneous and fun because instead of talking about the past all day long, you’re more focused on creating a future with that person – that’s great energy for any startup.
Bottom line: For the most part, working with a friend is bad news. It can definitely work, but it most cases it’s more likely to be a liability than an asset to your startup. Just be a great friend to someone new. Starting fresh will keep each partner motivated and sharp — that’s what entrepreneurship is all about!
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