Should you go into business with a friend
4 November 2022
Because you two get along well, you could be tempted to launch a business together, but it isn’t always the best course of action. Although it can be a lot of fun, working with friends can often be challenging. If you do so, always be explicit about your expectations since the boundaries between business and personal life can sometimes get hazy.
If you’re unclear if it’s the right move for you, take advice from these entrepreneurs who were able to run profitable enterprises with their friends:
This group of friends founded Pokéworks in 2015 after numerous vacations to Hawaii packed with plenty of poké. By combining their diverse backgrounds and great managerial abilities, they were able to grow their idea of providing tasty, high-quality cuisine to the general public. Pokéworks made the poké burrito famous by sharing a video that went viral and garnered more than 49 million views in January 2016. Pokéworks, a millennial-driven brand that offers poke bowls and burritos with Hawaiian inspiration, satisfies the growing demand for sustainable and healthy lifestyles. With more than 120 locations already operating or in the planning stages across the United States and Canada, Pokéworks has emerged as one of the largest and fastest-growing poké brands in the country.
A commercial partnership is comparable to a union. The capacity to compromise, trust, communication, honesty, and respect are a few of the important qualities you should search for in a marriage. The same qualities are important to us while seeking out business partners.
Friends and relatives can occasionally make good business partners. You’ve already spent a lot of time together, so you can judge whether or not they’ll be effective business partners based on your unique perspective on the relationship. However, not all friendships may develop into commercial alliances, so it’s important to pick your collaborators wisely. Making ensuring that everyone has comparable expectations and ideals is crucial when a business is just getting off the ground.
To make sure that everyone is on the same page and committed to the company’s vision, open communication and radical honesty are essential. To arrive at the best solution, we respect one another’s viewpoints and consider each other’s perspectives. We also value each other’s distinctive character and upbringing.