Going into business with a friend, wise or not?

[kinqzbitz]

Going into business with a friend has its advantages and disadvantages because automatically you will both have shared in the business and if there is a disagreement then the business might fall

 

[Sotherefore]

To me with a trusted friend it is perfectly okay, but when I understand that my friend is not being trusted to run and manage a business organisation then I cannot go into a partnership with business with such.

Going into business with a friend has its advantages and disadvantages because automatically you will both have shared in the business and if there is a disagreement then the business might fall

 

[HayKay]

It's dependent on what you want, how well you trust the friend and his drive as well. Truth is you may the drive or passion for a particular project and that your friend doesn't have same, you guys wouldn't go anywhere.

 

[Justin]

If you do not have any trust issue and if you re forgiving, I think you will make a great business partner. The key to become a successful business partners is to sign the terms.

 

[Adecyptii]

Yes its a very good idea to run business with a friend,because as friends you can share ideas,there won't be any form of keeping secret but everyone will be toward the achievement of the business.

 

[Nomad]

I started my first business with friends. Even though my business failed, I did not encounter a huge loss because my friends also shared the business loss.

 

[Ghost]

Can't really say. But I know for sure it can only end in two ways. Either they become enemies or it could cement their friendship further.

 

[kayode10]

It can be a good decision to go into business together with your friend provided both of you trust each other. It makes it easier for you guys to pull funds together and start the business idea you have been nursing for a long time.

 

[Godspower]

Can't really say. But I know for sure it can only end in two ways. Either they become enemies or it could cement their friendship further.

This is why it is advisable to draft an agreement in case there are differences or disagreements in future along the line of the partnership.

Post automatically merged: Nov 29, 2021

I started my first business with friends. Even though my business failed, I did not encounter a huge loss because my friends also shared the business loss.

One of the advantages of partnership is that one partner can support the business if the other partner is in crisis or unable to do so.

 

[Good-Person]

I would refrain from conducting a business with my friend or making my friend as my partner because making your friend a business partner can cause problems in friendships.

 

[Toyoabasi]

I can run a business with a friend if he or she has what it takes to manage a business.
Two heads are better than one.
we can get to share the profits 50:50 and that is it.

I like your point.
I can only trust a friend with my business if he or she has that ability to run a business effectively. We can get to share responsibilities and of course the profits.

 

[Laurentta]

I don't think it's wise to go into a business with a friend. Like your friend said if anything goes wrong, it might lead to a broken friendship. It's better to go into a business with someone else to be on a safe side.

 

[Ghost]

I started my first business with friends. Even though my business failed, I did not encounter a huge loss because my friends also shared the business loss.

The same ways profits are shared is the same way loses would be share when a partnership business fails. It is one reason I love partnership

 

[Joy123]

I won't advise anyone to go into a business with a friend or family member because I have seen a case where siblings of the same parents went into partnership, both of them were signatories to the business account but later one of them wanted to be the sole signatory to the business but the other refuse and that was how the business ended.

 

[Smiles20]

The most important thing is that you and your friend should be having business ideologies ability to cohabiting besides that an advantage for you to have a business with your friend.

 

[Skysaint]

Well, if it's actually starting up a business with someone then you could consider a friend provided he is good and have practical experience about the business. Also make sure that the both parties contribute 50/50 to the business establishment and development

 

[Nomad]

The same ways profits are shared is the same way loses would be share when a partnership business fails. It is one reason I love partnership

That's very true, you share profit and loss. you also share ideas, you can do brainstorming before implementing any decision. If you are into a business with someone you trust, it is likely to succeed.

 

[Matan_z]

It might be a problem because then when bad things happen you migh be too friendly nice and polite to your friend and you wouldn't be able to say it out loud as needed so he will listen right away to your orders. And as you said it might hurt your relationship if one ruins the business the other one might never forgive him or might always remember it and be mad about it which is worse in my opinion. Better not combine a friendship with a business and just find somebody to work with, it can be someone you trust and desire but not a friend because that's a different case after all.

 

[Shigobad2020]

Sometimes starting a business with a friend might be right and the same time wrong , but before starting a business , you must have known your friend perfectly well that hes tested and trusted before starting a business with him or her.

 

[Robust]

Going into business with a friend is not really a problem once you have a goal mindset, it will even make it much more better and easier for you people once there is trust with in.