Friends and family can ruin your business

sincerem

VIP Contributor
Laughs, well written topic. But i can't play around with my business. My business my future, not even a beloved family members can make me go for cut price of items. I don't joke with my business, and things i do daily to get money. I own a small video game business, even my own biological brothers cousins, nephews, nieces, and friends pay similar amount to others. Their is no relation, or brother in business, just straightforward.
 

Sotherefore

VIP Contributor
This only happens to people how do not know what business is all about, if I am a business man and when you comes into my shop for purchase of whatever, I do not recognise if you are my family member or not you must pay for what you are interested to have, you don't have the right to take it like that when it was not on my decision to give you for free.
 
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Deleted member 13140

Guest
Stop looking at the negative things that happen in the world.

Yes you're right friends and family can pull one down, but friends and family can also pull one up, it just depends, if you have the type of friends that could pull you down reduce the way you talk to them, same thing with family, stop talking to them about your business, do it alone or make friends with people who can help, never allow negativity around you, because no matter how much will power and not caring attitude you gave at some point when a down time will come and it'll definitely come, you'll start to think maybe, my uncle or mom or Dad or my sis or my friends were right about me.. I can't do it.. your mind will start messing with you
 

Kendy

Verified member
No doubt, friends and family can and have always ruined businesses for a lot of people and this is the more reason people do not prefer partnership in business. Business on a normal level should be free from sentiments or affiliations. It is best to run a business where you are not disposed to your acquaintances this is because in most cases, no matter how you vow not to sell your products on credit or compromise, you would always find yourself in a state of dilemma where you would have to make a quick review on your initial stance or position. In business, when once you start compromising, then you do not need a soothsayer to tell you that the business would never reach the apex or peak of sustainability.

Most businesses are ruined because the entrepreneur had compromised through pity for friends and family and it is not always surprising that eventually, when the business declines or crumble, the same acquaintances would be the first set of people to apportion blame to you for mismanagement. I have had such encounter where I started a business which did not thrive even upto a year and this was because the business was operating near my family house and virtually I was selling the food items on credit which I never got to get the money and this was how the business went down the drench because of lack of funds to reinvest.
 

Stena

Member
Let's have the understanding that business is business. Fine, not all family members or friends have that tendency to ruin your business, but the possibility is there for a higher percentage. It is important to let family members and friends know that their interference in your business is limited. Once you make this clear to them, they know where to draw the line.

I would not encourage the interference of family members and friends in my business except they are experienced or skilled in the field. Employing them would mean strict adherence to my business ethics or sack in a case of default.

I have seen a business partnered my two siblings fail because of quest for dominance and disrespect.
Organizations that practice nepotism and favoritism do so to their own peril. Family members or friends would likely feel entitled and familiarity is sure to breed disrespect, eventually the job is left undone.

A family member may visit your shop and purchase your product at a lower price, some who feel entitled would not even pay. Over time, that business will suffer as the owner may run into debts and inability to keep the business running.
Business owners should learn how to say 'no'. It does not tell bad of them, it only shows how serious you take your business.
 

Yhubee

Member
Friends and family members can either make or mar your business. In some cases, I have witnessed some friends helping to promote the business of their fellow friend in applaudable ways. I have also witnessed others contribute to the failure of the businesses of their friends..
Some friends and family members feel they can purchase goods or receive services on credit , but this is not supposed to be so. Friends and family members are even the main people to promote the business of their fellow friends and family members.
Most times, the attitude of the business owner will determine how he or she will be treated by friends and family. Personally, if I am to own a business, I will treat my friends and family members equally as my other customers. They need to pay for their goods and services and should not receive them on credit most of the time or at all. I would be very strict and sensitive when it comes to my business because a wrong choice can lead to losses being incurred which is not good enough as of course the most important reason behind a business is to acquire as much profit that one can acquire.
 

TOZZIBLINKZ

VIP Contributor
Friends and families of an individual can indeed ruin the business of that individual . That is why it is 100% advisable to establish your business far away from where your relatives , family , or friends are and even though they want to visit you you must ensure to give them excuse for not visiting you almost all the time . even the act of sharing your business ideas to your friends and family especially not advisable unless you are going to seek financial capital help from them , this is because in most families today exist jealousy , envy and wickedness that is why a lot of people today do not involve their families or friends in establishing their business .

In another sense family and friends can ruin your business in aspect of collection and seeking of needs and wants . For example if you are running a provision store where you sell consumer essential needs and wants like food and other food related items . Most of your family members may take advantage of your business by collecting goods on credit which the might claim to pay later but because you are family to them , or because you consider them family to you, You might not seek payment so as not to be disrespectful . Actions like this incur busines liability and could make a business exhaust it inventory or stock without making reasonable or expected profit .
 
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