CAN TWO FRIENDS BE BUSINESS PATTERNS?

You must consider these tips before starting a business with your alter-ego…     

One of the most discussed question asked in our Bollywood movies is ‘Can a boy or and a girl be just friends?’. But in real life scenario there is another question which prevails to more relevant than the one quoted above and that is ‘Can two friends be business patterns?’ . Well, we have seen a lot of examples where two friends have set up a successful business venture. However, there are also a few examples where difference of opinions in business has proved out be the reason for souring of the relationship between two friends. So, if you are planning to commence a business with your alter-ego it becomes really important for you to consider the following tips before starting the operations. 

BE CLEAR OF THE MONEY MATTERS

Money is one of the root causes of breaking off of relationship so never let this revered evil destroy your relationship. Be clear of all the monetary aspects of your business like their respective share in capital, profit sharing ratio, share in equity etc..  Once you have decided these points stick to them and avoid altering them without proper paper work. 

KNOW YOUR POSITION

You might be good at financial, marketing and operational matters but you can’t do that all by yourselves. So, it is of utmost importance for you to know your position and role in the company. Be clear of the responsibilities that you and your friend(s) is/are supposed to be endowed with. Once, you have decided the line of responsibilities give your friend(s) sufficient space, time and freedom to plan their course of action and execute them. This will evade any chances of conflicts and ego clashes that result in decline of business as well as the relationship.

BE PROFESSIONAL WHILE RESOLVING CONFLICTS

No matter how hard you try to evade the conflicts when you are working together, the situations of conflicts and disagreements are bound to arise and these situations would be the acid test of your relationship (both personal and professional). Try to handle these situations in the most professional way possible. Firstly, let the conflicts be confined to office and don’t take it to the personal level. Listen to the point of view of your friend cum business partner, have a discussion with all the stakeholders, support your claims with facts and past data and finally take the decision which is expected to benefit your business the most.

HAVE YOUR PRIORITIES STRAIGHT.

You must recognize the fact that business is business and friendship should be kept out of it. Forget about all your professional conflicts once you are out of the company premises and start enjoying the relationship you share with your friend. Draw a line between your personal and professional life and respect it. Never look at a professional criticism from personal point of view. Your friendship is worth more than your business aspirations. Remember that your friend and friendship was there with you even when this business didn’t exist.

BE INNOVATION FRIENDLY

You and your friend(s) might be prodigies in your respective areas of work but running a business includes a lot of diversified operations and there are a lot of chances of having a blind spot. So, make sure that you develop an environment which is innovation friendly and hire professionals who can give innovative ideas to your business.

Finally to answer the question ‘CAN TWO FRIENDS BE BUSINESS PATTERNS?’; ‘Yes’ two friends can certainly be business patterns. Given, they have a clear view of their responsibilities and priorities.