Building a successful business is not an easy task, so it's no surprise that many entrepreneurs choose to do it with a partner. Another question - who exactly will have the honor to share with you the investments, costs, problems with suppliers or customers and, finally, the well-deserved profit. Without a doubt, this should be a person whom you can trust, whom you know as yourself, with whom you can discuss everything openly and bluntly. And now, once again catching yourself on this thought, you scroll through your Instagram feed, and suddenly it dawns on you - here he is, the same person with whom it is not scary to enter the market and it is doubly pleasant to share the profit. She sincerely smiles at you from your joint selfie, and you no longer have any doubts: if you build a business, then only with your best friend.
Or, perhaps, everything was not so, because in 9 cases out of 10 the idea of working together occurs among friends during a joint gathering, when one of you suddenly suddenly utters the phrase: "Oh, this is a great startup." Whether it’s true or not, in any case, all you have at this stage is an idea, a vague business plan (or maybe not), enthusiasm, and you two.
There remains only one question: to decide or not?
Together with our expert, the creative director of Ampersand. FM, Tully Kelmi, who also launched a business with her best friend, we are figuring out whether friendship with the business should get in the way and how to make the joint profit only strengthen your relationship.
Trend or gamble
If you're really into the idea of starting a startup with a friend, then statistics are not on your side: according to one Harvard Business School study of young tech business projects, the most volatile are those led by best friends. At the same time, businesses set up between strangers fired better. Add to this statistics the fact that, according to estimates, about 90% of startups close in the first year, and we get a completely sad picture.
However, statistics and advice from authorities like Rockefeller's “Friendship based on business is better than business based on friendship” also disappoint few. Moreover, based on the data that Tully receives from his company, "partnership and at the same time friendship is an obvious trend."
“In fact, friendship and teamwork are two forms of the same partnership, which is based on mutual respect,” the expert continues. In addition, if a person is already obsessed with such an idea, it is easier for him to look back on positive examples such as Steve Wozniak and Steve Jobs (Apple Computer), Bill Gates and Paul Allen (Microsoft), or Larry Page and Sergey Brin (Google).
The success of the aforementioned enterprises is truly amazing and cannot but suggest that it was the friendly relations between their co-founders that helped in many ways. These conclusions, in fact, are not devoid of meaning, because many experts today highlight several advantages of a friendly business at once.
Trust. You went through fire and water with her, and all those crises that were in your relationship are long over. Since then, you have studied every cockroach in her head, and she knows perfectly well what is important to you, what can upset you and what you will never do in your life. “Both friendships and working relationships imply openness on both sides,” Talley is convinced. “This means that if someone is hiding something from someone, then it will“pop up”anyway and inevitably ruin the relationship." It is understood that if you have been friends with a person for ten years (or even more), then you are well aware of how she will act in a given situation. Unlike a stranger, you can always be sure of her specifically.
Emotional support. It is no coincidence that some entrepreneurs compare doing business with a roller coaster, because working on your own brainchild always implies that you will worry about each of your failures and rejoice at any success at the limit of your emotional capabilities (read also: “Anti-stress: three rules for making effective business solutions "). At such moments, it is important that there is someone nearby who could adequately relate to your feelings - without unnecessary condemnation and accusations of incompetence.
Natural distribution of roles. If you were friends back in school, you probably know that you, for example, are more sociable (which means you can deal with clients), and your friend is more assiduous (which means that she can keep records). A thorough understanding of each other's characters saves you time: after all, if you start a business with a stranger, you would have to understand for a long time who is really good at what.
Identical values. Typically, healthy friendships develop between people who share the same goals in life, aspirations and orientations. In this sense, of course, you can argue about the little things, but the main thing is that you are united in the "basic".
Frankness. Childhood quarrels over trifles taught you a lot: from now on, you know which words to choose so as not to offend each other and at the same time be as sincere as possible. And disagreements do not scare you - all the same, you will definitely make peace.
What can stop you
On the other hand, what at first may seem like a plus, at some point can completely suddenly change its polarity. And, perhaps, it is on the points "against" that special attention should be focused. Analyze your friend's personality well. Are you sure that one day it will not work out as described below?
Support limit may be exceeded. You’re used to reaching out to each other completely selflessly for support, but when total profits are at stake, bringing personal crises to the fore can play a trick on your business. Imagine for a second that you or your friend are going to have a misfortune or suddenly have problems in your marriage - can you guarantee that you will work the same way as before, and not arrange psychological counseling for each other?
A power struggle is possible. Especially if you do not immediately agree on who will occupy what position. Friendship abhors any ambiguity. If you are accustomed to communicating on equal terms all your life, and suddenly you are suddenly faced with the fact that one is distributing assignments to another, this can become a very serious source of mutual irritation.
Narrowing your horizons. A long and strong friendship invariably assumes that you have already formed a common circle of acquaintances, and you are very limited in connections. In this sense, it will be much more useful to invite a person from the outside - with their unique experience, contacts and business habits. They do not have to be completely opposite to yours, and yet it is always useful to broaden your horizons, so as not to ensure the company stagnates at its initial stage of development. And with a best friend, this is not always possible (see also: "Corporate Viruses: Why Successful Businesses Need Troublers").
Illusory borders. According to statistics, entrepreneurs work one and a half times more than hired workers, which means that by starting a business with a friend, you will see her much more often. It is possible that half of your working day will be lost out of habit in idle girlish conversations, when in fact you have to work even harder than usual.
Where there is one friend, there is another. This is one of the most common mistakes in a friendly business - when you are ecstatic about how cleverly you two manage a business, you invite another beloved girlfriend, who seems to be able to do something, too. Be careful: even the closest person must pass a detailed test for professional suitability before you just give him 33%.
What to do? 6 main rules
A co-founder friend can only be your best business asset when the pros trump the cons with a crushing score. Be honest with yourself: if there is even the slightest detail that confuses you, hire a professional from the outside, because it will be much easier to say goodbye to him later. And if you have finally decided to invite a friend to your startup, then do not forget about a few basic rules.
#one. Try working with each other in test mode as colleagues. “It's not easy to work with friends, but it's hard not to be friends with colleagues,” Tally Kelmi is sure. By the way, the research says the same: the same Harvard Business School insists that the best startups belong to former colleagues, and not just friends.
# 2. Discuss everything "on the shore". Who will do what, who will have what share, if necessary - then also the work schedule of each. And be sure to draw up a contract: each of you must have guarantees that if something happens, you will be able to indicate this or that clause in the agreement.
# 3. Admit your weaknesses right away. “There is one Indian wisdom that will help put everything in its place:“If you want to know a person, hit him,”advises Tully Kelmi. be friends or work. I hope that, of course, you will not have to do such checks, but there are times when this is the only and most effective method to protect each other from mistakes and frustrations."
#four. Consider “escape routes”. No matter how much you are friends, in no case should this point be ignored. Anything can happen in life, and if you do not decide in advance on what conditions each of you can go out of business, you risk not only losing money, but also stop talking, among other things. The exit project should not only be spelled out, but also - ideally - spelled out in the contract.
#five. Get a separate bank account. Forget phrases from the category “the client will transfer to my card, and then I will transfer it to your phone” forever. Under no circumstances can company finances intersect with your personal savings, and accounting should be as transparent as possible.
# 6. Negotiate everything. “Dialogue is the basis of any healthy relationship,” the expert emphasizes, “women, in principle, tend to save everything and then explode, so you need to work harder on yourself. It is more difficult for us, we are more emotional. You need to learn, without offending, to speak the truth and not be lazy to make efforts to calmly explain everything. After all, what is obvious to you is not always obvious to another person."
About the expert:
Tully Kelmi is Managing Partner and Creative Director of Ampersand. FM, a visual communications agency.
Photo: Getty Images
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