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Embarking on the entrepreneurial path alone can often feel isolating. The weight of decision-making rests solely on your shoulders, and the absence of collaborators can hinder creative brainstorming. This realization has led many to consider the advantages of teaming up with a business partner, especially when starting a new venture. The common adage that two minds are better than one rings especially true in this context.
However, the search for the right partner poses its challenges.
Identifying someone who complements your skills, shares the same level of commitment to managing risks inherent to new enterprises, and possesses the integrity crucial for collaboration can be a daunting task. For many, the immediate instinct is to seek out someone familiar—often a trusted childhood friend.
I took this route myself. I partnered with my longtime friend Rihards, whom I have known since primary school. Our initial venture concluded with a six-figure sale, and today, we co-manage Supliful, a startup in the consumer packaged goods sector. Given the choice, I would not want to share this journey with anyone else. Yet, it hasn’t been without its hurdles.
After more than 15 years of collaboration with a childhood friend, I can share three significant benefits of this partnership, alongside one major drawback.
Three Benefits of Partnering With a Childhood Friend
Choosing a childhood friend as a business partner often brings deep familiarity that can be advantageous in navigating the complexities of entrepreneurship.
1. Established Expectations and Collaborative Synergy
Shared experiences lead to mutual understanding. You already know each other’s strengths, weaknesses, and motivations, which helps in setting realistic expectations. While engaging with an outsider might bring immediate expertise, their unknown factors can lead to unexpected challenges later on.
Although developing a seamless working relationship with a childhood friend takes time, the foundation of your shared history can mitigate some of the growing pains often associated with new business relationships. This familiarity fosters flexibility, allowing both partners to adapt roles and strategies during various phases of the entrepreneurial journey.
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2. Open and Honest Communication
Confronting obstacles is a daily reality for entrepreneurs, and navigating these challenges effectively is crucial. Open dialogue plays a pivotal role in this process.
Real communication is not guaranteed in any business environment, particularly within the fast-paced startup world where challenges are often reframed as opportunities. Acknowledging failures for what they are often requires a candidness that might be more easily achieved with a friend than with a stranger. This allows for more straightforward problem-solving, fostering quicker resolutions and a grounded approach to potential issues.
3. Collective Commitment
Loyalty is invaluable in any business endeavor. Knowing that you and your partner are committed to supporting each other fosters resilience during tough times. Trust built over years can ease the pressure of decision-making, providing a safe space to share concerns without fear of repercussions.
This innate trust shared with a childhood friend can take years to establish with a new partnership, making it a significant advantage in the early stages of business development.
The Major Drawback of Partnering With a Childhood Friend
While launching a business with a friend can enhance your bond, it inevitably alters the nature of your relationship. Business pressures and differing visions can strain even the closest friendships, leading to unexpected challenges.
Disagreements over business decisions can become personal, and personal issues can influence business dynamics. The euphoric highs of success can feel more profound when celebrated together, but the lows can also deepen frustrations, testing the strength of the friendship.
Ultimately, there’s a risk that the business partnership may overshadow the friendship. Both aspects of the relationship require careful cultivation, and while achieving balance can be tricky, no one is better positioned to maintain it than you and your childhood friend.
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www.entrepreneur.com