What should entrepreneurs never do?
I gleaned this insight through observing my friend’s journey…
Three inseparable friends, who had shared their lives since childhood, attending the same school, occupying adjacent desks, and collaborating on all tasks, found themselves on parallel paths up until university.
I was with my best friends having a beer, laughing and enjoying our conversation. Somehow the beers were having a good effect and things were starting to look bright…
“I have an idea: let’s start a business!”
Their camaraderie, akin to their friendship, veered into uncharted territory. Fueled by excitement, mutual trust, and a shared vision, they embarked on a collaborative project.
Initially, minor misunderstandings surfaced, but they brushed them aside, relying on the label of “best friends” to overcome the hurdles. Post-financial investment, as they delved into their business, they invested even more time and energy into the project.
Crucial discussions were inevitable but never occurred. Lacking any formal agreement, it eventually became too late to address the looming issues.
Problems and misunderstandings escalated rapidly, and soon enough, the bonds of friendship faded away. Discord over business and financial matters replaced the once cherished camaraderie. Accusations flew, and the business, tainted by negative energy, crumbled.
The friendship ended.
In response to the query — what should an entrepreneur avoid at all costs?
Never enter a business solely for the sake of friendship. It’s dangerously simple to engage in ventures for misguided reasons.
As aptly put by John D. Rockefeller:
“A friendship founded on business is better than a business founded on friendship.”
Juggling business and friendships demands a level of maturity; it’s a complex endeavor that requires individuals capable of navigating its intricacies.
