The Harrowing Dilemma called Personal Friendship vs. Professional Partnership

Do you remember being in school and talking about a new business idea every day? It was mostly with the best of your friends, right? While this is a typical trait of a future entrepreneur, if not dealt with dynamism and practicality, it might turn the tables and become one of the toughest experiences of your life. Entering into a professional partnership with a friend is a decision which was, is and will always be speculative, but what if your instinct tells you that working with your friend is the best way to pursue your dream business? There shouldn't be anything stopping you then. But there are a few reality checks which you need to do before you take the plunge. 

• Values

The person is one of your closest friends and you might have known them for a long time, but working together is an altogether different ball game. Since every individual follows a different set of values when it comes to both professional and personal life, it's important to discuss and set a common value system before the onset of the journey.

• Importance of commitment

There is a very thin line between being competent and being consistently committed. Now, for a business to grow and succeed, the owners have to be a combination of both as well as look to hire a team which has the same mix of attributes. While evaluating the pros and cons of being partners with a friend, the levels and pattern of commitment need to be checked. 

• Power of decision making

One great perk of having a friend as a partner is that during the times of big decisions, the causes and effects can be analysed from different perspectives and help you come to the best solution to move your business forward. The only prerequisite for this to work to your advantage is, that both the people must have equal power and understanding of making decisions. 

• Mutual trust

In order to begin and sustain a healthy partnership with a friend, the most important thing to have and build in the relationship is trust. Trust in your partnership, trust in the common goals, trust in the intentions, trust in the vision and believing in each other is imperative in order to work together towards the success of the business. 

• You're not alone

Now, it depends on how you see this one. Having a partner who specialises in something you don't, is instrumental for the growth of your business, but with this benefit, you also have to be aware of the realisation that you can no more take any decision alone. You have someone to discuss everything with, to share your worries with, to take help from and empathise with because you are both sailing in the same boat. 

As long as you are compatible at work, have the maturity to not let emotions affect the business and learn to transform disagreement into something productive, converting your friendship into partnership might be the best decision you have ever made.

If you have any other apprehension regarding entering into a business partnership with your friend, write to me and I will be more than glad to have a conversation which can be helpful. 

Signing off till the next one

Rajiv