Who doesn’t want to start the business of their dreams? People are used to thinking that business is all about revenue. Yet, you are getting much more from this experience than you can imagine:
- You are the one who ensures ethics and follows the standards.
- You are the one who makes a change for people like you.
- You are your own boss. The one who challenges the limits and sets the deadlines.
What can be even better is starting a business with people you really get. If you have a common goal and vision, it’s easier to build a network and design everything you need for your enterprise to prosper. Yes, it won’t be easy for newcomers. But it would be smoother if you could rely on friends rather than strangers.
It’s also true that the earlier you figure out what to do, the better you can adapt your ideas. Yet, before jumping into planning and setting goals, it’s important to secure the responsibilities you have now. Be sure to keep your grades high with a physics helper on EssayPro, never miss a single deadline, and stay realistic about your current goals. Prioritizing what’s important is key, and other things will come to you with patience and time.
Pro: Stronger support system
It’s always hard to start something from scratch. Even when you decide on beginner-friendly opportunities like launching online services, you still need someone to rely on. When you start an enterprise, you get more pressure.
It is a common thing to go and seek solace in your closest friends. When you do business together, you understand each other even better. Your friends are perfect partners for distributing a workload, keeping up with challenges, and setting the standard for your business. Needless to say, you will prioritize each other’s well-being in order to achieve new heights and look for compromises that would benefit you both.
Con: Lack of boundaries
You may have heard that you shouldn’t mix business with friendships because something can get in the way of your relationships or enterprise benefits sooner or later. The key issue here may lay in boundaries. Quickly you can find yourself trapped in a space where there’s no in-between. This is something you want to avoid at all costs.
You need to indicate all dos and don’ts you expect each other to stick to. You need to be on the same page from the beginning to avoid any misunderstandings in the future. If you agree to dedicate a certain amount of time to a certain task, you don’t push each other. Respecting your partner’s and friend’s boundaries can make it work for years to come.
Pros: Your communication is straightforward
There are no strict rules on how long you need to know someone to lay a foundation for your startup. It’s always easier to share your ideas with someone you perceive as a friend. It’s easier to build a communication strategy that would benefit you both and strengthen your ideas.
It’s also easier to be straightforward with your friends about your concerns and fears. A vision you share can be the beginning of the next top tech startup that no one ever discovered. Yet, openness about problems and pitfalls can boost your project and reduce the risks of failure. It’s much easier to build a solid foundation with your friends who were there from day one.
Con: Leadership struggles
The most common problem is when two strong leaders start bumping their heads when discussing the further planning of the project. On the other hand, you may also experience conflict about a particular issue and how to deal with it, even if you have a follower role in your company dynamic. You have to be ready to experience this issue once in a while.
Yet, it’s something you can deal with in earnest and open communication. That’s when you have to pull a time-out card and speak about processes and why something is bothering you. After all, good leaders know when to find a middle ground for their business benefit’s sake.
Pro: You have more fun with your project
You have an opportunity to bring into existence a dream many people have, so why not have fun with it? Many people go into a full business mode as soon as they figure out their plan. The significant aspect is to stay realistic about potential outcomes but keep it on the bright side. After all, even if your business flops, you’ll have some stories to tell about it.
Building a project with your friends is always about enjoying the time you spend together on something that you’re passionate about. You rarely get to have the informal aspect with business partners, and it’s your chance to create something unique together.
Con: Legal disputes
Even though it can be a formality, you inevitably have to develop an agreement between you and your friends. It’s more than just defining your boundaries and respecting each other’s time. Even if you are one hundred percent sure you trust each other, all parties need their rights backed by legal agreement.
Just remember the Social Network, where everything starts as a dream come true and becomes a real nightmare for everyone involved. You and your friends need to be sure that if something goes downhill, no one will experience any detrimental consequences.
Pro: Mutual growth solidifies your friendship
Many people believe that they should only aim for success. No room for mistakes and pressure can create more distance between you and your friends. Instead, you both can grow together, sign up for online courses, and keep developing new ideas. You ensure your professionalism by learning from your experiences.
After everything you experienced together, you can really tell your friendship flourished. It’s rewarding to see your closest ones prosper and progress with them.
Cons: You can lose your friendship
It’s something no one wants to think about, but it is possible. People become strangers for reasons you don’t foresee. Therefore, a project together is a test in itself.
You shouldn’t focus on the negative aspects and experiences of others. Just be sure to always talk and not let silence ruin your relationship. The last thing you both want is to have hard feelings for years to come.
You don’t need to be afraid to launch a startup with your friends, even when you take into account all the potential cons. Yet, you need to accept that some aspects will always be beyond your control. It is also part of your growth.
At the end of the day, people who are meant to be there will stay with you and support you. Similarly, you also make a decision to stand by your friends and work together on your ideas and relationships.
The bottom line
Having an opportunity to start a business with your college friends can be exciting and terrifying at the same time. It’s a great chance to develop all necessary skills, build stronger relationships, and create a project that can become a game-changer.