In my last post on entrepreneurship, I spoke on the need to not take on everyone’s burdens as well as how to protect one’s mental space. In today’s post I am talking about an issue that plagues many of us–the importance of deciding who to do business with.
In general, business owners and those who work in entrepreneurial/ start up company settings often can overlook the importance of mental health. That is a huge mistake. Being centered will actually trickle down and make a huge improvement in your productivity.
Here are the four mantras or quotes that I am highlighting in this series:
1.“A lot of what weighs you down isn’t yours to carry” ( see part 1 to read)
2. “People who save everyone, usually don’t save themselves”
3. “One of the most important things you could learn in life is who to do business with and who to just be friends with.”
4. “I’m willing to do whatever it takes to ensure that my energy and mental health are both in order. Never take it personal if I have to keep to myself. It’s how I recharge and regroup so I can be the best version of me.”
Friends are a necessary part of our life.We share important milestones, disappointments and triumphs and also mistakes with those in our friendship circle. While there are many success stories of friends that have came together to start businesses successfully, there are even more horror stories.
“One of the most important things you could learn in life is who to do business with and who to just be friends with.”
I started to think about what factors one should consider if you are deciding to start a business venture with a friend and here a few to help guide your decision making process:
- What beyond friendship is this individual bringing to the business, vision or company?
- What skill sets are they going to contribute and how will they expect to be compensated? [part ownership, a paid position, part of profits only]
- How does their personality fit into your work personality? [Are they productive? Lazy? Forgetful? Need to be reminded to do do things? Are they timely? Do they make a ton of excuses for everything in their personal life? Do you guys argue often?]
- Assess their communication skills [Will they let a ship sink with no warning?]
- What are the cons of going into business with this person? What are their weak points?
- What are their strengths? What are the pros of going into business with this person?
Doing business with a trusted friend can be an amazing experience or possibly a complete disaster. There are many close friends who have been able to successfully run profitable companies. Mutual respect is key. Also, all friends must be able to bring a comparable amount of either talent or resources to the table. Unequal pairing can often leave one partner feeling abused or misused.
I do know many friends and family who no longer speak or have strained relationships because of business gone wrong. Consider that factor and the potential that your venture can have on your bond. Sometimes even if friends can work together; a purely friend based relationship may be for the best to maintain the actual friendship. I’ve had many friends I could work with and some who it would be the death of our bond. In my life I’ve actually tried to support a few friends’ business dreams and eventually most of their productivity and drive fizzled out rather to life demands or lack of consistency.
I’ve now opted to do business with people I’m friendly with, and more important have a huge respect for their existing hustle. I can not make some one a hustler but if they are already thriving than we can thrive and “hustle” together under a united business plan.
Chose wisely.
