3 types of friends you should never start business with
You can recognize here your friends or even yourself
There you are, sitting in your living room, thinking about starting your business with a nice plan in your hands and bright strategies in your mind. In a while you find out that there are too many details and development directions that need your attention, so you think: "Hey, why don't I get myself a partner in business? I need someone who would stay with me and my project in times of happiness and misery, share losses and profit, and provide me with friendly support!"
And of course, when you decide to get yourself a co-founder, you think of your friends first. One of them has to be a perfect fit for that role! Well, perhaps there is a person among your friends who could actually be your business partner. However, you'd better beware. It's always risky to start your business with a friend, especially if he/she is one of these guys:
#1: Mr. Aiming-for-a-Dozen
This friend is overenthusiastic - and it doesn't matter, what kind of idea you offer. Online courses in hoodoo? He's in for it. Selling homemade sweets via social media? He promises to both cook and promote. Foundation of digital marketing agency? You can count on him - or so he says.
In fact, if you try to find out what his current activities are, you will be surprised, for this type of friend is most likely involved in a dozen of various projects already and not all of his colleagues are really fond of his way of coping with things. It's okay when a person has many interests at once, but if you are serious about your own project and if you are going to put all your resources and strength into it - your co-founder has to be able to do the same.
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This friend might be a really nice guy. He is helpful, supportive, intelligent, yet with a single insignificant flaw - he is really slow at accomplishing things. Well, newsflash - this flaw is not insignificant when it comes to the launch of a business.
You should never ever let a slowpoke be your partner. You might hire him later if he is really good at what he is doing - but in the role of the co-founder slowpoke might cause a disaster that will lead your business to imminent demise.
You think you can trust this friend. He will never make a decision before double-checking, no - triple-checking it with you. A very useful trait when it comes to running a business together, right? Wrong.
Co-founders should make decisions together, but you can't be the only one responsible for whichever course of action you two choose. Besides, triple-checking is often a smart fraud; instead of actually doing something, your friend keeps asking you questions as if he did work on the task that had been assigned to him.
And, of course, you should avoid starting your business with your best friend - as long as you don't want to call him "former best friend" in the nearest future. It's way too risky, and even launching a new startup is easier than getting your lost friend back.
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