#AskPS
Aayush Shah .

Is starting a business with your friends a good idea?

My father recently told me that he started a business (which ultimately failed) straight out of college with his friend.

He told me that one of the several reasons it failed was because it became too personal for him and that the friendship factor did not automatically imply business compatibility.

He also told me that failure in such a business has a higher price because not only does it affect one financially but also emotionally.

What are your thoughts?

Originally Posted Here
16 Comments

Harshil Vora

Starting a business with anyone when you and/or the other person do not have adequate clarity about every and any aspect of your partnership, expectations, working, goals, approaches and externally influencing factors - will most likely cause conflict some time in the future. So if you do plan to start working with a friend, have all the uncomfortable conversations before you begin and make that a daily habit. Ofcourse conflicts will still happen, but then you will know what you've signed up for and hopefully be able to trust the other person to want to work together on resolving any unexpected conflicts.

But really, talk for weeks, and as much in detail about everything as possible.

The flip side is that working with someone you're very comfortable with allows you a space for your authenticity, support for your failures, inspiration when you're lacking some, motivation when you've lost sight of the goal and a lot more amazing things.

I've worked with a close friend, didn't work out. I've been working with my father, and it couldn't have been any better. I know it to be the opposite for many too.

All the best for your startup!

Srimathi

Depends on how genuine your friend and how genuine you are , how loyal you are to each other, how hard working both are...

There are lot of differences, sometimes one partner act like they are working but they don't work, they make work done by other partner for silly reasons..

If you have second thought about starting with friends, then that will not be good option always starts solo, the road is tough but you are the one going to take the yield

Naveen Subramanian

Even if u partner with stranger, they turn as a friend at one stage..the biggest prob is whether to be professional or emotional when a conflict arise...

I faced such a situation n valued both my money as well as my loyalty. I sensed I'm getting betrayed, taken for granted.. Before it turned ugly, i sold of my shares for as a non-profit n walked out. ( there was min loss which I could bear).

So it depends on how cautious you are, when you sense productivity n predict ahead about time to quit before it turns ugly.

Jst extra cautious is sufficient.

Ashutosh Titoria

Like the relationship, compatibility is more important than chemistry.

So basically it depends on chemistry and compatibility between you and your friend.

Jayesh Keswani

Absolutely correct. I was cheated by my own friend. And now I'm independently doing my own things!

Amit Rawat

Choosing a CO-FOUNDER is like choosing a life partner and yes the emotional costs are high when u choose a friend or family member. CO-FOUNDER should be chosen on the basis of their talent & capabilities as well as inclination towards a common goal.

Prasad R. Ganpule

As far as they are trustworthy and also eligible.

how do they understand finances. Are they more of a spender or more of a saver.

You are looking at someone who understands. Savings are more important than spending. This will help you with more profitability.

Sunny Santosh

No

Vishvender Chaudhary

No

Bhushan Gaikwad

Had been through this, seriously turned out to be a very bad experience after which had to break the partnership.

Starting with friends is a good idea if and only if the person is as passionate as you, you can easily tell him his mistakes and he can work on it, the ego part shouldn't be there since a friend is ordering a friend, most of the times ego comes in between when a friend tries to order or point out mistakes of the other. Sometimes emotions involved in work can be not suitable to the business you are doing. At the end if the day, you should be only bothered about the work and not other issues due to friendship and you should be able to be in control of the people working with you.

Siddharth Sehra

Starting a business with any co-founder is difficult. Even more when you are a friend.

This is because two people tend to have difference in vision of how they intend to grow the company. Too many conflicts rise up

Umm, My suggestion, don't start a business with anyone.

In case you do, ensure that you lay down an entire road map but in case your partner is not willing to. There is hardly anything you can do. And more often than not, this situation arises.

Riza Rais Raisuddin

My personal experience with starting a business with a friend was very ugly. In the initial months, there was a lot of excitement and enthusiasm however, ego and personal problems came in between. Not only was I forced to resign from the company, but it also destroyed the friendship. Idk maybe it could be different for you but I have vowed myself to never start a business with a friend again. It certainly transformed my view of life and made me realise the extent of selfishness in human beings.

Shri Vallabh

Friend. family etc are all people like you and me and they have their needs just like you and me. If we respect each other's needs, draw clear boundaries of expectations, roles and responsibilities and NEVER take each other for granted, it gives great dividends. Bottomline - clear communication that fosters trust. Consistent and honest communication and impersonal feedback is crucial. I did business with a friend, an acquaintance, went solo and partnered with my spouse. Guess which one was the most successful??

Sudhir Kumar Sinha

Yes you can Depend on your friendship and trust

Akshaya Nim

Start the business only when you are open to face any challenge that may pop up...there are going to be lot of challenges that will come and has got nothing to do with about starting it with a friend or not..it's just part of the process..if you think you want to handle challenges and will be willing to learn and changes go for it..

So if question is, should you start business with friend, surely you should,

And if question is if you and your friend are committed to grow together, would business would be a good thing, surely it is

But if question is, should I start business or can my friendship be spoiled due to business, then think again, because in either case your priority is not the business nor growth of friendship because you are not sure about your involvement in either, but it's about living balanced life, and in that case it would be a good idea to keep business and friendship separately..

To summarise -

1. If want to start business, do it doesn't matter with friend or not

2. If want to grow in depth of friendship, go for business it will show who you are and your friend is and both of you would become better friends or part ways for good

3. But if you want to live a life of balanced priorities, and are really unsure about how much you can commit to business nor to the friendship, keep business and friendship separate..

Garima Juneja

Whether it's a friend, a love interest or a stranger, look for just one personality trait in your partner. Someone who puts business first, not ME FIRST. When you have to make a decision, if the person wants his/her opinion to go on the floor, without weighing its pros and cons, you run in the opposite direction. Anyone who's unbiased while making decisions, small or big, is an ideal business partner.

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