">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Wednesday, January 20, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Startups

Here Are The Pros And Cons of Founding A Business With Your Friend (s)

Adeniyi Ogunfowoke by Adeniyi Ogunfowoke
3 years ago
in Startups
7 min read
0

Starting a business is one thing but the question of who you are working with to start the business is also very important. Obviously, you cannot do this on your own. You need friends. To help you decide if you and your friend can make it as business partners, take a look at these pros and cons of founding with friends.

Pros

Trust and honesty

Because you already know and trust your friend, you can trust them to be supportive and open, and vice versa. It’s sometimes easier to be honest about problems because the trust already exists. You already know each other so well that it’s easier to decide who will take on which responsibilities and how you can each leverage your strengths.

A shared vision

When you start a new business, being on the same page with your co-founders about the vision for the business is crucial. By starting out as friends, you’ve probably been dreaming about this vision together—and know where you want to take it.

Someone to depend on

Entrepreneurship is no walk in the park, especially at the beginning. Many people give up and go back to the corporate world without a support system encouraging them to continue. Founding with friends means you’ll always have someone to support you during the tough times.

Related posts

Autochek opens Accra office to bolster its customer acquisition efforts

January 20, 2021
0

Ghana’s Zeepay raises $940 000 seed capital from GOODsoil VC for expansion

January 20, 2021
0

Nigeria’s uLesson raises $7.5m series A for expansion into Eastern & Southern Africa

January 19, 2021
0

This VC firm is Calling for Changes to Cut-and-paste VC Strategy In Africa

January 18, 2021
0

More fun at work

READ  Eneza Education Hits Over 1 Million Users Across Africa

Having your best friend around all the time is great. You can joke around together, have a relaxed atmosphere in the office, and just generally have more fun at work. You will be unwinding with someone you can trust and not just a random stranger!

The cons

The tendency to overlook faults

We all know that our friends are not perfect—and yet it can sometimes be difficult to see the flaws that others do or call them out for behaviour that might not serve the business. No one wants to ruin their personal relationships with friends—but ignoring problems can lead to the collapse of the business or a bigger problem.

Power struggles

Of course, no one thinks that they will be competing for control when they go into a business with their friends. However, it happens all the time. Entrepreneurs are very versatile, but when you’re getting into business with friends, knowing which roles each of you will handle is crucial. If one person starts taking charge and acting as the manager, the other founders might become frustrated and communication can break down.

Work and social life go together

Although working together can be a lot of fun, it’s a double-edged sword. Your socializing might just become more like work, and it’s easy to lose sight of your friendship as a separate entity. Because you and your buddy will be living and be breathing the new business, your work and life might just become one entity, and you need to be able to step back and take some time for yourself.

READ  Uber driver partners in Kenya on strike demanding higher rates

A potentially bitter ending

Of course, the biggest pitfall of founding with friends is the potential for a messy breakup. If you start arguing regularly, disagree on the direction to take the business, or if one partner is picking up the slack for the other, resentment can brew and this can result to the end of the friendship which may sometimes mean the end of the business.

Readers 2,602

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Tags: BusinessSTARTUP
Adeniyi Ogunfowoke

Adeniyi Ogunfowoke

All things Tech and startup.

Related Posts

Startups

Autochek opens Accra office to bolster its customer acquisition efforts

January 20, 2021
0
Startups

Ghana’s Zeepay raises $940 000 seed capital from GOODsoil VC for expansion

January 20, 2021
0
Education

Nigeria’s uLesson raises $7.5m series A for expansion into Eastern & Southern Africa

January 19, 2021
0
Startups

This VC firm is Calling for Changes to Cut-and-paste VC Strategy In Africa

January 18, 2021
0
Startups

Tizeti rolls out high-speed 4G LTE in Edo with N4000/month broadband service

January 18, 2021
0
Startups

Copia Kenya hosts MIT Global Entrepreneurship Lab project 

January 18, 2021
0
Entrepreneurship

Adam Molai’s JUA Kickstarter Fund Doubles to $2M to Kickstart African Entrepreneurship

January 15, 2021
0
Startups

Nigeria’s TeamApt pivots to serve consumers, eyes expansion into West & North Africa

January 14, 2021
0

https://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoB
ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Safaricom Will Allegedly Allow The National Intelligence To Illegally Forward Your Calls

January 20, 2021

Autochek opens Accra office to bolster its customer acquisition efforts

January 20, 2021

List Of Kenyan Betting Apps You Can Use

January 20, 2021

Ghana’s Zeepay raises $940 000 seed capital from GOODsoil VC for expansion

January 20, 2021

Safaricom Foundation’s Ndoto Zetu Supports 2,000 Students in Six Counties 

January 20, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: