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Trickben.com » Business » Why it's not worth starting a business with a study buddy

Why it's not worth starting a business with a study buddy

02 May 2023, 11:39, parser
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There is such a thing called "businessman friends syndrome". However, for every successful project there are hundreds of failed starts that arise and die quietly, without fireworks and unnecessary noise. Of course, you tend to think that your particular duo a la "Batman and Robin" will definitely succeed, but with a 99.998% probability this will not happen.

Such figures are cited in research by Michael Fertik, an entrepreneur who managed to work as chief executive officer in IT and law firms. At the same time, it should be understood that this statistic is true for the United States, where business lives and is built in a more friendly environment.

Problem #1

The first problem that arises when deciding to start such a business is the worldview. Often, people who study at the same specialized institution (university or institute faculty, business school, courses) look at things around them in approximately the same way and generally treat everything in a similar way. Often it is their worldview that leads them to the same educational institution.

It would seem that common views are exactly what is needed to conduct a common cause. But, unfortunately, there will be no criticism in such a company of like-minded people. The same critic who will ask difficult uncomfortable questions, look at a business idea from a different angle, test it for survivability in conditions close to harsh reality.

Without such a critic, the idea of like-minded people looking at their future in one vector will turn out to be one-sided and ill-conceived. A kind of fictional pink world with a pony, in which everything is fine, but only for the creators themselves. With a high probability, the business, or rather the products and services that it will offer, will encounter people who think completely differently. And there is also such an objective concept as a market, and only really popular pieces survive there, the reasonableness of the creation of which has been analyzed from all angles and positions.

Problem #2

One-profile specialists are strong in their field, but in this case, the lack of necessary knowledge and experience, for example, in the practical implementation of the idea, will lead to failure. Any project requires technologists — those who will build everything. And you also need someone who knows everything about the market that the business claims. Someone who can present the product in the best light and will communicate with the press and people.

Problem #3

You and a friend may have the same interests, but you don't know anything about their values. In the process of learning, it may seem that the people around you have the same views and principles. It was fun when you studied together, but until you ask each other direct, tough and specific questions, you are at great risk. Disagreements that did not manifest themselves earlier will surely surface at the most important moment for the company.

Did the co-founder decide to contact dishonest people? Are you ready to hide your income by trying to deceive the tax service? Each of us has clearly defined principles that we follow. Are you sure you know each other that well?

Problem #4

Business is always fraught with nerves and in itself is an ideal source of conflict. Do you think that you and your friend have an identical view of doing business, and he will go with you to the end? Not at all. Every person has a line beyond which he will not dare to cross. And everyone has their own acceptable share of risk. At one of the difficult moments, your friend will come home, see his family, meet his daughter's gaze, remember how unstable the business is now, and just forget about your common cause, going along the path of "normal" work. With our brains, we realize how high the requirements for us as managers are, but the need to make difficult decisions on a daily basis can break the will, and a start-up business is pretty feverish.

Problem #5

Last on the list, but not the most important point — in fact, you may know a person much worse than you think. Try to conduct a short survey among friends on this topic. Most people think they know their surroundings well. However, if you ask someone if others know him, the answer is definitely "no". And it's true. We always play some roles, and the learning process is such an artificial environment that people there are not who they really are. It is unlikely that you will immediately marry a man you met on vacation and spent all the time under palm trees. After all, you can't even imagine what it will be like in everyday life. A seemingly quite successful student is not a successful entrepreneur. It's just a student coping with his studies.

It is impossible to say that a classmate is a completely bad option for a joint business. That's just for the case, you will need a person who is able to withstand all the hardships and solve the problems facing a young entrepreneur. It doesn't matter if he was your friend during his studies or not — this factor should not be decisive.

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