Doing Business With Friends
There are opposing opinions when it comes to doing business with friends. A common argument is that business should never be done with friends as professionalism goes out the window. Depending on the friend this may very well be the case but not in all instances. Some of the best business relationships are formed through genuine friendships. It’s harder to go the extra mile with business partners in the absence of such friendships. Complimentary skill sets, passion for the endeavour and commitment are all required. If this is not the case don’t do business together unless you value the friendship.
Kamil and I became business partners not solely based on our friendship but based on the fact we had complimentary skill sets and work well together. The friendship alone is not enough to sustain a venture. Since we both bring something to the table the friendship enhances our productivity.
Zappos is an excellent company and Tony Hsieh differentiated the business solely on caring and customer satisfaction. The one thing he mentioned (via the TWiST podcast) which I found interesting is that he allocates company time to allow co-workers to hang out and build these relationships with each other. His thinking this is that in a tough situation friends are more willing to go out of their way to help each other out at work. In turn this positively contributes to the business in terms of employee retention, customer satisfaction and ultimately the bottom line.
Some lessons learned early on from the Cameesa side. Don’t bring friends into the business who are not compliments to your team. The skills required in a start-up differ from those in a corporate environment. Entrepreneurial types that can make an immediate impact are required. There’s no need for professional management or those who cannot make an impact immediately. Some people’s skill sets are better suited to larger environments. Ex. A financial analyst, accountant, executive, etc is not required if you are not getting funding. This also depends how far along you are in your development as a company. When you are starting off it will cause you more pain than anything else. You need people who are passionate and intimate with the problem you are trying to solve. In addition, you should have people earn their way into the company so they have some skin in the game. This benefits all parties involved. The individual and the company are in a far better position to evaluate each other and figure out whether it is worthwhile to keep the relationship moving forward.
To conclude. Good relationships and passion can you take you a long way. Choose wisely.
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