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FRIENDS OR WALLETS: IS IT WANT TO START A JOINT BUSINESS

Starting a business is not easy. The co-founder will make life easier, especially if it is a friend.

Many warn against doing business with loved ones. But if you take into account all the pros and cons, the business will work.

The study found that 8 out of 10 startups run with the founder’s friends or relatives. CEOs from over 1,000 companies prefer to hire friends to minimize risks.

We have collected success stories, examples of falls and tips on how to save business and money when starting a startup with loved ones.
Business with friends: arguments for

– mutual trust

– confidence in the quality of tasks

– work on the overall result

– knowledge of each other’s strengths and weaknesses

– successful experience in joint problem solving

– the desire not to fail

– understanding in personal matters

The friendship of Ben Cohen and Jerry Greenfield from Ben & Jerry’s Ice Cream began in seventh grade. “I met Jerry at school during the cross-country race. We were the two slowest and fattest children in the class, ”Cohen says.

Cohen and Greenfield became best friends, spent their teenage years together, and remained in New York after college. Since childhood, they discussed the creation of a network of ice cream with different tastes, but in New York the market was oversaturated.

In 1978, Ben and Jerry moved to Vermont, where they opened their first store in Burlington. And after 10 years, the company received the US Small Business Representative Award from President Ronald Reagan.

7 rules for those who want to start a business with friends and succeed.

Ben Cohen likes to repeat in an interview: “If you are going to start a business together, make sure that it values.”

In 2007, Airbnb co-founder Nathan Blecharzik moved to San Francisco and found a roommate, Joe Gebbia. Blecharzik was an engineer, and Gebbia was a designer.

They already worked with other startups and knew the “kitchen”. “While I lived with Joe, I realized two things about him – he worked as hard as I did, and his skills complemented mine,” says Blecharzik, “I have technical abilities, and he has creative design skills.”

Hebby’s college friend Brian Chesky soon moved to San Francisco. So began the story of Airbnb. All three became close friends and worked in the same industry, and in the summer of 2008 put forward their idea for $ 1 billion.

7 rules for those who want to start a business with friends and succeed.
Due to the design conference, there were not enough free hotels in the city. Therefore, they created a website that rents out people’s apartments. Result: Airbnb, with 2 million guests worldwide annually.

Nathan Blecharzik advises following a simple rule: “Choosing a partner to launch a project, you enter into a professional marriage. You must complement, not duplicate, each other. ”
Business with friends: cons
icon 1
– different vision of company values ​​and development directions

– it’s difficult for a friend to point out a mistake and call for discipline, it is impossible to fine or dismiss

– it is difficult to establish the boundaries of communication at work and in life

– in working matters, mutual understanding may not work

– if the families are friends, the possible collapse of the company will affect them

– earlier general classes will have to be done separately (for example, to go on vacation)

– friendship can be destroyed in case of success, and in case of failure

– it is more difficult for friends to discuss the worst-case scenarios in business

– shyness to discuss financial and legal issues will lead to disaster

Cryptine Networks was founded by friends in 2002. The idea is simple – a do-it-yourself set in the field of information security. Things were going well until the issue reached the redistribution of shares, dividends and votes at a meeting of shareholders.

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The council consisted of organizing friends. Emotions and personal relationships prevailed, decisions dragged on.

They suggested withdrawing one participant from the council and inviting a person from the outside in order to better organize work and resolve conflicts. This caused even greater confrontation, and the company’s work became.

No one wanted to leave the council, share shares and focus on entrepreneurship and development.

One of the participants, Andrew Fife, after the collapse of Cryptonite Networks, wrote:

No matter how close the friends who built the business are, how much you trust each other, or how good your intentions are. Money is between people and it spoils everything. In addition, the founders are very emotional about their companies. The process of negotiations on the return of shares from the founders cannot be rational, everyone pulls on himself, this complicates everything.

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