We didn't succeed because the parameters of our friendship—cracking jokes and taking nothing seriously—didn't encourage a sound economic model.
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The lines of business and friendship were blurred, and the tenor of our friendship overrode everything else. It was always personal; it was never business. In other words: We're still pals, because none of it ever actually mattered. But what if it had been considerably more?
How to Start a Business: 8 Steps | tyruvyvizo.cf
What if it was something I actually had to depend on rather than joke around about? Going into business with your friends can be, well, tricky business. Just ask Tessio in The Godfather , or Mark Zuckerberg : The former might be a rather extreme example most of your loved ones wouldn't murder you after acts of betrayal , and the latter a bit unlikely there's probably not much of chance you're going to redefine the internet and get sued by twins on the Harvard crew team.
But both of them point, really, toward the key consideration, if you're ever weighing such an option: Know yourself, and know your friends. You should be aware, first and foremost, of what you're getting yourself into—and how it could affect your relationships, because they'll probably never be the same.
That's if you get that far. Most important are the things that come up before even a dime is spent, issues of communication —setting "the ground rules," keeping arguments in check, and clearly defining roles, as Mashable pointed out in this helpful piece about starting a business with a friend "without ripping each others' throats out.
Entrepreneur cautions friends starting a biz together to "have the tough conversations early"; "new perspectives are crucial. In other words, to make the business work, you have to put it in front of the friendship. And it may not work as a result. You have to know going in that it's something you feel is worth potentially sacrificing. How many times have you heard the phrase, "Don't mix business with pleasure"? It's not all bad news though, of course. All Rights Reserved. May not be reproduced, reprinted or redistributed without written permission from Attard Communications, Inc.
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Starting a Business
Know yourself, your true motivational level, the amount of money you can risk, and what you're willing to do to be successful. Sure, we all want to make millions of dollars. But what are you willing to give up to reach that goal? How many hours a week will you work on an ongoing basis? How far out of your comfort zone are you willing to stretch?
1. You don't want to just gain a skill and then live a routine.
How far will your family stretch with you? To be successful, keep your business plans in line with your personal and family goals and resources. Choose the right business for you. It will always work. The key to success is finding needs that you can fill , that you want to fill, and that will produce enough income to build a profitable business. Be sure there really is a market for what you want to sell. One of the biggest mistakes startups make is to assume a lot of people will want to buy a particular product or service, because the business owner likes the ideas or knows one or two people who want the product or service.
To minimize your risk for loss, never assume there is a market.
Research the idea. Talk to real potential prospects who aren't family and friends to find out if what you want to sell is something they'd be interested in buying, and if so, what they'd pay for the product or service. Plan to succeed. If you're not seeking investors or putting a huge sum of money into your business, you may not need an elaborate business plan, but you still do need a plan - one that specifies your goal — your destination — and then lays out at least a skeletal roadmap for how you'll get to where you want to go. The plan will change as you progress and learn more about your customers and competition, but it will still help you stay focused and headed in the right directions.
Use our business planning worksheet to help develop that basic plan.
Is my idea for starting a business a viable one?
Don't procrastinate. I've heard some people advise would-be business owners to not move ahead with their business until they have investigated every last detail of the business they want to start, and are absolutely sure it's all going to work and be profitable. The problem with that approach is that it leads to procrastination. No one ever really has all the pieces in place — even after they've started their business. Yes, you need to research the market, have a rudimentary plan in place and do things like get a tax id if needed, register with local officials, if required, etc. But if you try to make everything perfect before you launch, you may never get around to starting the business at all.
Start on a small scale before going all out.