Is it a good idea to start your first business with your friends?YES or NO?

boomskie24

New member
I and my friends where talking about putting up business, but it will be my first business ever and I'm thinking if it's a good idea to start one with my friend or should I try it on my own first. I'm actually thinking if I started business with my friends it is a good idea because it will lessen the hassle on our ends because we have each other to help one another, but in the other hand I'm thinking that if I ever plan to put up my own business in the future by myself only i might not be able to do it alone because I used to have someone with me to help. That's why I'm asking for your opinions if it's a YES or NO to put up your first business with your friends.
 

Inem

Active member
I believe that partnership is good in business, because I always believe that two good heads are better than one ,having partners that are skillful in the area of a business is a great asset to a business especially a start up and most especially where you're a novice or a newbie in such area,it pertinent you partner with such a friend to build the business ,I believe less risks and losses will be incurred since one of the partners isn't a novice as well,but one has to be careful especially with finance you could handle that part yourself.
 
If the business is still small a single proprietorship will be the most ideal. It's best to start your business all by yourself first. First, the decision making process will be a lot simpler and the distribution of profits won't be too bloody and tedious. Partnerships arise between two single proprietors who have already proven themselves to be good businessmen. Why should you choose a partner just because he/she is your friend? If both of you are cooking something, then the assumption is that both of you are cooks.
 
G

Guest

Guest
From my point of view if your cash transaction is transparent then partnership can go longer, and the business has growth potential. And if the cash transaction not transparent and no big growth in the business then the chances of failures is high.

If you have a big idea and plan then the partnership is the best. And the success chances increased to go with your real spark http://www.realspark.in/ then you can focus more solve all the problem amidst the business with mutual understanding and face the hardship with a more confident way.

I have seen and studies show that big businesses achieve great heights in partnership.
 

Seyesystem

Active member
To me I don't buy the idea of doing your first business with your friend because business can bring fight between France and a friend can betray another friend when money is involve. When business and money enter friendship this tendency of problem to occur among them so I will never advise anyone to go into business with a friend.Getting into business with a friend depends on the kind of friend the person is but to me no matter how good that friend is I won't do business with a friend because business is business and friendship is different from business. Doing business with friends is very risky when money begging to flow now someone friend may change because you can know an individual well until when he get money. So in order not to go into problems with friend I will rather avoid doing business with them.
 

BuchiBankz

New member
Firstly it depend on the kind of friends involved.
You don't want to start a business with an unserious friend.
The business might probably go bad. So it all boils down to the kind of friend one get. A friend in business either good friend or bad friend determines the life spam of the business
 

Aqsa Shahid

New member
Partnership in business is good if you have those people on which you could trust blindly or they are the best ones to trust as they will be with you in the rest of your life. But if you can't trust or have blind faith in your business partner, then don't go with partnership business as there are many examples in which people have lost their loved relationship just because of business failures and misunderstandings.
 

Hina

New member
I have seen a lot of friendships destroyed or at least heavily strained from starting a business together, so it is important not to make the assumption that just because you get along well socially with someone that it is a recipe for a great working relationship.
 
D

Deleted member 27583

Guest
Don't ever run business with your family member or friend if you want a good result,its among the rules of making good business and you want it you last not just for lasting reason but to make more profit as well in it ...
So my kindly advice to you and it is what going to do as well,is never to run any business with friends or family member as well... Because we all pray and how for the best results before we venture into business..
 

Josemendez

Verified member
I and my friends where talking about putting up business, but it will be my first business ever and I'm thinking if it's a good idea to start one with my friend or should I try it on my own first. I'm actually thinking if I started business with my friends it is a good idea because it will lessen the hassle on our ends because we have each other to help one another, but in the other hand I'm thinking that if I ever plan to put up my own business in the future by myself only i might not be able to do it alone because I used to have someone with me to help. That's why I'm asking for your opinions if it's a YES or NO to put up your first business with your friends.
I think your reason of starting your business idea with your friend is quite rational ,and at such it is quite ideal ,since you won't want to lose out on the idea .
The only challenge is getting trustworthy friends who will give in towards the progress of the business.
This is the main challenge ,as many friends end up destroying the business through their act of greediness.
To prevent this from happening , you need to evaluate your friends and know who you should choose. There should also be a legal backing to the business
 

Doradorwa

Opportunity seeker
Starting your business with your friend is not the problem but your friend taking advantage of you in the process is what matters.... Especially small scale business it always lack legal binding and at the long run dispute occurred. And to think about how to share profit also I don't advise it at all... I prefer to start small and watch it grow without anyone financial aid... I prefer my to be sole proprietorship.
 
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