TIPS TO CONSIDER BEFORE PARTNERING WITH A FRIEND

TIPS TO CONSIDER BEFORE PARTNERING WITH A FRIEND

Sometimes, friends make good partners but when choosing a friend to partner with, it is very important to be selective because it determines…

Due to the economic challenges currently in Nigeria, most Nigerian youth now want to be a boss of themselves, they don’t want to be controlled and they want to own most, if not every single penny they make. So a young, creative and talented Nigerian got a brilliant idea that could serve as a solution to a major problem.

Now, he so excited he doesn’t want to do it alone because sincerely, you may own the idea but you will need support; physically, mentally, financially and in some other ways. He tells his best friend(s) and they love it and are willing to help and start the company as partners. He believes he knows them well enough and feels like he got it all covered.

There are various types of friends and friendship. Sometimes it is better to start a company with your enemy rather than your friend. Friendship turn sour, it collapses and the business almost always follows. But then again, like I said, “Sometimes.” Sometimes, friends make good partners but when choosing a friend to partner with, it is very important to be selective because it determines how far your company will go.

SEE ALSO: 5 LESSONS EVERY ENTREPRENEUR CAN APPLY TO BUILD A BETTER BUSINESS
 Here are some tips to consider before making your friend a business partner;
1. Their Skills And Expertise

The first question is; do their skill and expertise compliment yours? Because if they don’t, what’s their use? We all have various types of friends, the party friend, the movie friend, the work friend, the childhood friend and more and I hope you agree with me when I say they are all equally important. But why call a party friend for work related issue? That’s the point, Choose the friend that makes you better, the friend that can provide you with what you need.

The right co-partner will have skills and expertise beyond the scope of what you know, which is what will make you a formidable team.

2. Their experience

It is a fact that 85% start-ups fail within their first 18 months. This happens due to a whole lot of major and minor reasons but one of the major reasons why this happen is due to lack of proper management. If two inexperienced personnel should decide to partner, I’d say failure is almost inevitable. If an inexperienced personnel should partner with an experienced personnel, I’d say they have a fighting chance. And finally, if two experienced personnel should partner, I wouldn’t say failure is inevitable but then again, they have a better fighting chance than the two mentioned above. Experience goes a long way and serves a great purpose in building a formidable team.

3. Work Habit

If you have never worked with a friend, I can better you don’t know his work habit. He may have gisted you about how his day at work went but have you really experienced it, what inspires him and what kills his morale? You should try to find out about his work habit by starting up a somewhat serious project and watch his flow and reactions to see if he fits what you would settle for.

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Try not to take any serious decision ye during this process and just observe. Also listen to what he has to say and compare it to his actions. It is best not to think of the friendship here, instead, think of the  future of the business.

4. Complementary Personalities

We have friends we can’t stand and some who seem like our twin brother.  Some friends are stubborn, some will agree even when you make the most stupid decision. These are things you also need to consider before going into business with a friend. Is he the smart one or the clever one or the dumb one (We all have those friend). Partners disagree on a whole lot of things but reaching an agreement with a stubborn or hot-headed person would be hard so you need the opposite of that while making sure they are not too cool headed to follow and stupid decision you make.

Is your personality excessive? Choose someone who can get rid of your excesses, someone who is more practical. As an introvert, partner up with an extrovert; this balances everything out.

5. Difference in Contact and Social Network

This is important for the growth of the business. We share the same crowd with most of our friends which might not be good for the business growth. You need someone that would double your contact list, someone that can provide you with a different set of clients compared to that which you already have.

SEE ALSO: TOP 8 POINTERS TO HELP YOU BEGIN YOUR BUSINESS WHILE IN THE UNIVERSITY

There is a major difference between friendship founded on business and business founded on friendship. Every friend plays a different role in your life and your business.  I hope this is helpful to us. If you have any question, feel free to drop it in the comment box and we will get back to you as soon as we can.

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