{"id":257,"date":"2024-01-01T14:19:34","date_gmt":"2024-01-01T14:19:34","guid":{"rendered":"https:\/\/runyourtuitionbusiness.com\/?p=257"},"modified":"2024-01-01T14:19:34","modified_gmt":"2024-01-01T14:19:34","slug":"money-causes-conflicts-understand-peoples-take-on-it-before-starting-business-with-them","status":"publish","type":"post","link":"https:\/\/runyourtuitionbusiness.com\/index.php\/2024\/01\/01\/money-causes-conflicts-understand-peoples-take-on-it-before-starting-business-with-them\/","title":{"rendered":"Money Causes Conflicts: Understand People\u2019s Take On It Before Starting Business With Them"},"content":{"rendered":"

Money is something that\u2019ll change people\u2019s personalities. It is important to understand that business for most people is about making money, and people\u2019s true nature and personalities come out in anything when money is involved.\u00a0<\/span><\/p>\n

Before money is involved, nothing is at stake and life is all good. But the minute money comes into the occasion, personal dynamics change very quickly.\u00a0<\/span><\/p>\n

\u201cHis [Steve Jobs] personality changed the day that he was a founder of a company with big money this was his key to being an important person and his personality changed.\u201d <\/b><\/b><\/p><\/blockquote>\n

\n\t
<\/div>\n\n\t\n\t\t
Steve Wozniak, Co-founder of Apple, in an interview with Guy Kawasaki<\/div>\n\n\t\t<\/blockquote>\n<\/b><\/p>\n

So what to look out for?\u00a0<\/b><\/h3>\n

It\u2019s important to see what people\u2019s track record is when it comes to money. Maybe they\u2019ve ventured out into other businesses, if so, try and get some insight into their existing behaviours with other business partners. <\/span><\/p>\n

Look at their lifestyles and personal circumstances, and see the kind of lifestyle they are living at the moment. For instance, if they need money very quickly to support their families, then chances are they would want dividends very quickly and compromise reinvesting into the business.\u00a0<\/span><\/p>\n

People\u2019s personalities do change, and this is coming from personal experiences. When I ventured out alone (after parting ways with my brother), I partnered up with a dear friend of mine (from a local sports club). He could see that the tuition business was a lucrative venture, and showed interest to invest. He invested, but some situations eventually led to tension in our relationship. This is a person who is a very dear friend of mine (and still is), and I\u2019ve known him for years. Yet when money is involved in any relationship, it will test people and their personalities.\u00a0<\/span><\/p>\n

Conclusion<\/b><\/h3>\n

Look to avoid working with close family and friends as money can damage relationships.\u00a0<\/span><\/p>\n

Understand how people view money and what their relationship with money is like. i.e. do they like spending, are they holders of wealth, are they desperately in need of money to support their family etc?\u00a0<\/span><\/p>\n

These are some real questions that you should ask yourself before starting a tuition business with other people. Their take on money is something that\u2019ll impact your business.\u00a0<\/span><\/p>\n

So it is better to understand if there is alignment at the very beginning and anticipate any future money-related problems that may arise.<\/span><\/p>\n

Have open discussions about these issues, and see how everyone reacts. Those reactions will tell you a lot about what you are getting yourself into. Analyse those reactions, think deeply about everyone, and then decide if you are still happy to proceed.\u00a0<\/span><\/p>\n

You won\u2019t get everything, but at least it\u2019s a good start to filter out the right person. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Money is something that\u2019ll change people\u2019s personalities. It is important to understand that business for most people is about making money, and people\u2019s true nature and personalities come out in anything when money is involved.\u00a0 Before money is involved, nothing is at stake and life is all good. But the minute money comes into the occasion, personal dynamics change very quickly.\u00a0 \u201cHis [Steve Jobs] personality changed the day that he was a founder of a company with big money this was his key to being an important person and his personality changed.\u201d So what to look out for?\u00a0 It\u2019s important to see what people\u2019s track record is when it comes to money. Maybe they\u2019ve ventured out into other businesses, if so, try and get some insight into their existing behaviours with other business partners. Look at their lifestyles and personal..<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/posts\/257"}],"collection":[{"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/comments?post=257"}],"version-history":[{"count":4,"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/posts\/257\/revisions"}],"predecessor-version":[{"id":261,"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/posts\/257\/revisions\/261"}],"wp:attachment":[{"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/media?parent=257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/categories?post=257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/tags?post=257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}