If you are new to entrepreneurship, you might be asking yourself this question, “Should I start a business with a good friend of mine or a family member?” What makes a good partner, what makes a BAD partner?
You might have heard multiple opinions about this topic. Some people may say “No, starting a business with a friend is one of the worst ideas you can have. Great relationships end because of starting a company together.” While someone else might say (from experience) “Yes, you should start a company with a friend. You guys will know each other's strengths and weaknesses already so it has great potential to become a great success.”
Who is right? Is there a “right” at all?
In this podcast, Ryan and Kota go over this exact question! Ryan goes into why it is great to go into business with a friend, but also what to watch out for. Even though you might be great friends, super smart, great work ethics, but there are slippery slopes that you have to be aware of.
They also go over:
- Ryan’s experience of starting a company with a best friend and flipping a coin to see who would be President.
- The true downfalls of not setting up a proper business with ANY partner, friend or not.
- Understanding that ONE person has to have the power to say yes or no to certain things within their roles & responsibilities (50/50 doesn’t work!)
- The process of “BUYING OUT” a partner, and the importance of setting it up the parameters for that AT THE BEGINNING, so there’s no hard feelings at the end.
“Mapping It Out: The Roadmap of Entrepreneurship” podcast was created to highlight the entrepreneurship journey of what it means to run a legit company. Follow along as we talk about topics from “how to start a company” all the way to “the mistakes we have made”