{"id":265,"date":"2024-01-02T18:54:48","date_gmt":"2024-01-02T18:54:48","guid":{"rendered":"https:\/\/runyourtuitionbusiness.com\/?p=265"},"modified":"2024-01-02T18:54:48","modified_gmt":"2024-01-02T18:54:48","slug":"why-i-would-avoid-working-with-family-and-close-friends-as-business-partners","status":"publish","type":"post","link":"https:\/\/runyourtuitionbusiness.com\/index.php\/2024\/01\/02\/why-i-would-avoid-working-with-family-and-close-friends-as-business-partners\/","title":{"rendered":"Why I Would Avoid Working With Family And Close Friends As Business Partners"},"content":{"rendered":"

You must consider if you would be okay working with family and close friends. I would highly recommend you to read this sentence again. Let it sink in while you contemplate.\u00a0<\/span><\/p>\n

Starting and running a tuition business with family and friends can lead to complicated dynamics. After all, it won\u2019t be all about catching up with them over tea any longer, would it?\u00a0<\/span><\/p>\n

There is going to be a new relationship, as money is now involved. There will be expectations. There will be goals and targets to achieve. There will be customers to satisfy.\u00a0\u00a0\u00a0<\/span><\/p>\n

When you start any business, it\u2019s only going to be a handful of people that will be driving forward the business. So you should be very careful in deciding if these are the people you are comfortable spending time and working with, especially if they are your family members.\u00a0<\/span><\/p>\n

\u201cStarting a business with brother either ends business or ends brotherhood.\u201d<\/b><\/p><\/blockquote>\n

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<\/div>\n\n\t\n\t\t
Amit Kalantri, Indian author<\/div>\n\n\t\t<\/blockquote>\n<\/b><\/p>\n

Let\u2019s imagine you start a business with your brother. Why imagine? I actually did.\u00a0<\/span><\/p>\n

What do you think happened the next time we spoke? Do you think it\u2019ll be about life and sports? No, it was all about business. Business and our personal relationship were now mixed into one. If anything, business conversations had taken over. Gone were the days when we used to talk about football and cricket.\u00a0<\/span><\/p>\n

After a few years in business, me and my brother went our separate ways. It was mutual; and it was mainly due to us having different priorities and drives in life.\u00a0<\/span><\/p>\n

The business complicated our relationship as we both had different ideas for the business, and ways of running it; from dealing with customers to deciding on what to charge them.\u00a0<\/span><\/p>\n

Running a business is no joke and there are a lot of factors that you have to consider, especially when you\u2019re starting.\u00a0<\/span><\/p>\n

It is also vital to remember that money is something that brings out the real person in you. So be very careful if this is a road you want to go down, as it\u2019ll only complicate relationships with family and close friends.\u00a0<\/span><\/p>\n

I remember my parents once invested some savings with close family members. To this day, they haven\u2019t seen that money back. My parents are still on good terms with these family members, but that\u2019s all down to my parents accepting the reality that their money was gone. Had they confronted or asked for explanations, I\u2019m sure things would be very different right now.<\/span><\/p>\n

I\u2019ve also come across people who see that their parents and grandparents are coming of age. They\u2019ve already started talking about inheritance and their share of property. Business is no different, where money impacts relationships.\u00a0\u00a0<\/span><\/p>\n

\u201cBusiness is Business; Friends are Friends; Family is Family.\u201d<\/b><\/p><\/blockquote>\n

\n\t
<\/div>\n\n\t\n\t\t
Unknown<\/div>\n\n\t\t<\/blockquote>\n<\/b><\/p>\n

When starting my own tuition business, I made the mistake of looking at people through a friendship lens. I soon came to understand that friendship and running a business are two separate things. Both should be kept separate, otherwise, there is a very high chance it\u2019ll impact your relationship with your loved ones and friends. It\u2019s best to keep business, friends and family separate.\u00a0<\/span><\/p>\n

In business, it\u2019s completely normal to have disagreements, which can then lead to conflicts; and my brother and I were no different. We both had different experiences, different desires and risk appetite that drove our decisions.\u00a0<\/span><\/p>\n

Look at Steve Jobs and Wozniak, the Founders of Apple, as an example. They both started as good friends, but eventually, there was a breakdown in their relationship and we all know what happened afterwards. They decide to go their separate ways.\u00a0\u00a0<\/span><\/p>\n

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

It is key to carefully assess whether you want to be in business with a family member or a close friend, as it can impact the relationship.\u00a0<\/span><\/p>\n

Know that working with people you know will complicate matters. You\u2019ll be at each other\u2019s dinner parties, but yet you will be discussing work. It is going to blur the boundaries, and it then becomes crucial to understand where these boundaries need to be drawn.\u00a0\u00a0<\/span><\/p>\n



<\/p>\n","protected":false},"excerpt":{"rendered":"

You must consider if you would be okay working with family and close friends. I would highly recommend you to read this sentence again. Let it sink in while you contemplate.\u00a0 Starting and running a tuition business with family and friends can lead to complicated dynamics. After all, it won\u2019t be all about catching up with them over tea any longer, would it?\u00a0 There is going to be a new relationship, as money is now involved. There will be expectations. There will be goals and targets to achieve. There will be customers to satisfy.\u00a0\u00a0\u00a0 When you start any business, it\u2019s only going to be a handful of people that will be driving forward the business. So you should be very careful in deciding if these are the people you are comfortable spending time and working with, especially if they are..<\/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\/265"}],"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=265"}],"version-history":[{"count":4,"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/posts\/265\/revisions"}],"predecessor-version":[{"id":269,"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/posts\/265\/revisions\/269"}],"wp:attachment":[{"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/media?parent=265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/categories?post=265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/runyourtuitionbusiness.com\/index.php\/wp-json\/wp\/v2\/tags?post=265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}