Should you start a business with someone or not? Here are things you need to look into and decide.
Decide from beginning if you would start a business with a friend or not.
That’s up to you and that’s why you should start from the beginning to plan your business well and draw the road map on which you travel on.
Once you have started off, there is no going back, and you should not start what you will regret. Before starting at the initial time, decide if you are going out there to partner with someone if you meet a willing person. As you know there is comfort in going into a business with a friend.
You know and trust each other.
It would seem so appealing, But there is a truth here, “friends don’t always make the best co-founder”. And that is why you should start deciding clearly from the very beginning because there is something that is likely to happen in every partnership when there is a Boom. And same can also come anytime there come recession.
When you are deciding, ask yourself these sets of questions.
1) Do I trust this person completely; His livelihood, credit and reputation?
2) Does my friend have experience that will help us succeed in this business?
3) Am I willing to lose my business because of my friend or lose my friend because of my business?
4) Do we have complete agreement, preferable in writing, based on the core value of the ideal business? Do we believe in the same vision and mission?
5) What is likely to happen, if anyone of us wants out?
6) What if one of us dies, or falls seriously sick, how will that be handled?
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