{"id":550947,"date":"2023-02-12T13:06:31","date_gmt":"2023-02-12T10:06:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/launching-a-startup-with-friends-follow-these-4-basic-tips\/"},"modified":"2023-02-12T13:06:31","modified_gmt":"2023-02-12T10:06:31","slug":"launching-a-startup-with-friends-follow-these-4-basic-tips","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/launching-a-startup-with-friends-follow-these-4-basic-tips\/","title":{"rendered":"#Launching a startup with friends? Follow these 4 basic tips"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a348c51470d7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a348c51470d7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/launching-a-startup-with-friends-follow-these-4-basic-tips\/#%E2%80%9CLaunching_a_startup_with_friends_Follow_these_4_basic_tips%E2%80%9D\" >&#8220;Launching a startup with friends? Follow these 4 basic tips&#8221;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/launching-a-startup-with-friends-follow-these-4-basic-tips\/#Get_your_tickets_for_TNW_Valencia_in_March\" >Get your tickets for TNW Val\u00e8ncia in March!<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/launching-a-startup-with-friends-follow-these-4-basic-tips\/#The_pitfalls\" >The pitfalls<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/launching-a-startup-with-friends-follow-these-4-basic-tips\/#Protecting_yourself_and_your_business\" >Protecting yourself and your business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/launching-a-startup-with-friends-follow-these-4-basic-tips\/#1_Transparency_%E2%80%93_what_are_everyones_plans\" >1. Transparency \u2013 what are everyone\u2019s plans?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/launching-a-startup-with-friends-follow-these-4-basic-tips\/#2_Security_%E2%80%93_seek_legal_advice_early\" >2. Security \u2013 seek legal advice early<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/launching-a-startup-with-friends-follow-these-4-basic-tips\/#3_Prioritise_%E2%80%93_stick_to_your_strengths\" >3. Prioritise \u2013 stick to your strengths<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/launching-a-startup-with-friends-follow-these-4-basic-tips\/#4_Be_kind_%E2%80%93_appreciate_and_consider_life_changes\" >4. Be kind \u2013 appreciate and consider life changes<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CLaunching_a_startup_with_friends_Follow_these_4_basic_tips%E2%80%9D\"><\/span>&#8220;Launching a startup with friends? Follow these 4 basic tips&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div id=\"article-main-content\">\n                            The new Netflix murder mystery film <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=gj5ibYSz8C0\">Glass Onion<\/a> is a cautionary tale \u2013 but not about influencers, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.esquire.com\/uk\/culture\/a42304964\/glass-onion-elon-musk\/\">tech bros,<\/a>\u00a0or <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/adg.org\/perspective\/222-a-metaphor-for-a-mystery-glass-onion\/\">ironic architecture<\/a>, as some have suggested. Glass Onion (along with HBO\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=p2v7IQVSimk\">Succession<\/a>) is actually a warning about the potential perils of going into business with your friends or family.<\/p>\n<p>Such businesses are a huge contributor to any economy. Globally, between 70 and 80% of firms are co-owned or co-managed by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/familybusinessunited.com\/2020\/10\/27\/globally-most-businesses-are-family-owned\/\">family<\/a> or <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.independent.co.uk\/news\/business\/start-ups-friends-relatives-employed-study-businesses-a8255856.html\">friends<\/a>. Close relations can be a great source of support and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/link.springer.com\/article\/10.1007\/s11365-020-00734-2\">positive influence<\/a> on a new idea or business.<\/p>\n<p>My <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/ET-03-2019-0052\/full\/html\">research<\/a>, focusing on new business development within universities, shows that friends can be successful business partners. For students especially, entrepreneurial colleges and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/link.springer.com\/book\/10.1007\/978-3-030-35191-5\">universities<\/a> offer a range of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/wonkhe.com\/blogs\/how-can-universities-provide-enterprising-solutions-for-small-business\/\">support<\/a> for friends to realize business dreams.<\/p>\n<div class=\"inarticle-wrapper channel-cta\">\n<div class=\"ica-text\">\n<h4><span class=\"ez-toc-section\" id=\"Get_your_tickets_for_TNW_Valencia_in_March\"><\/span>Get your tickets for TNW Val\u00e8ncia in March!<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The heart of tech is coming to the heart of the Mediterranean<\/p>\n<\/div>\n<\/div>\n<p>There are a few challenges when you start a business with someone that can be made easier when working with people you\u2019re close to. Founders should trust one another, and understand each other\u2019s likes, dislikes, and ambitions. If you and your partner have similar values and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roaches to life, you\u2019ll likely be able to predict how they\u2019ll react in times of crisis or uncertainty. With this in mind, turning an existing relationship into a business relationship can be easily done.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_pitfalls\"><\/span>The pitfalls<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Of course, things don\u2019t always work out. What can start as occasional bickering or disagreement about the direction of a new venture can lead to resentment, a decline in the business (and relationship) and even legal trouble.<\/p>\n<p>A business involving family or friends can seriously disrupt work-life balance \u2014 which is <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/JFBM-12-2020-0113\/full\/html\">critical to business success<\/a>. Lack of boundaries and additional time spent discussing work can interfere with your personal relationship, leading to fatigue and resentment. It\u2019s not realistic or healthy to talk about work all the time.<\/p>\n<p>A family business spanning decades with the same people at the top may eventually stagnate, becoming overly reliant on what are now exhausted markets. This complacency, as with any type of business, can creep in and affect customer relationships, knowledge of competitors, and ability to innovate.<\/p>\n<p>Without proper care, these issues can become commonplace. As happens in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Ut4pgRu5gHU\">Succession<\/a>, personality battles and power grabs can distract from productivity and threaten to derail the venture.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Protecting_yourself_and_your_business\"><\/span>Protecting yourself and your business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Before getting started, it\u2019s important to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/startups.co.uk\/strategy\/7-important-factors-to-consider-before-starting-a-business\/\">plan ahead<\/a>. This should include creating a strategy for business partners to amicably exit the firm when necessary. It also must involve a consideration of the legal implications of a disagreement, and a plan to protect ideas, business contributions, and other intellectual property.<\/p>\n<p>Research shows that in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S1877858516300948?via%3Dihub\">longstanding family businesses<\/a> the existence of known successors can influence how seriously the founders take intellectual asset protection. Even with friends and loved ones, you should still document and register ideas, designs, prototypes, products, processes, and slogans.<\/p>\n<p>Before you sign your ideas away (or write them on a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Dkcv10rLAhM\">napkin<\/a>), here are five things to consider:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"1_Transparency_%E2%80%93_what_are_everyones_plans\"><\/span><strong>1. Transparency \u2013 what are everyone\u2019s plans?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When embarking on a new business venture, it\u2019s important to be upfront about intentions and goals \u2013 in the short and long term. What brought you all to this potential startup? What do you wish to achieve? These are questions you should ask.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"2_Security_%E2%80%93_seek_legal_advice_early\"><\/span><strong>2. Security \u2013 seek legal advice early<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Along with officially registering the company, the owners should contact an intellectual property lawyer to receive expert guidance on fairly protecting initial and ongoing contributions with appropriate trademarks, patents, and copyrights where required.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"3_Prioritise_%E2%80%93_stick_to_your_strengths\"><\/span><strong>3. Prioritise \u2013 stick to your strengths<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This is what adds distinct value to businesses: remembering what skills you bring to the table. Even with friends, this isn\u2019t an opportunity to simply hang out and have fun. Yes, you must enjoy your work, but time, money and livelihoods are at stake. A team comprised of many people with a variety of skills and experiences brings creativity, multiple perspectives, and resilience amid inevitable change.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"4_Be_kind_%E2%80%93_appreciate_and_consider_life_changes\"><\/span><strong>4. Be kind \u2013 appreciate and consider life changes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Like the volatility of business, our lives can change instantly. Co-owners should be mindful of changes to working patterns, lifestyles, and important events to maintain health and happiness. This can be particularly relevant when friends co-owning a business are at similar life stages, such as starting a family or getting married. Showing compassion and preparing for these factors, when they arise, can reduce tension and conflict in the day-to-day running of a business.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img decoding=\"async\" loading=\"lazy\" style=\"border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;\" alt=\"The Conversation\" width=\"1\" height=\"1\" class=\"js-lazy\" src=\"https:\/\/counter.theconversation.com\/content\/197956\/count.gif?distributor=republish-lightbox-basic\"\/><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https:\/\/theconversation.com\/republishing-guidelines --><\/p>\n<p><noscript><img decoding=\"async\" loading=\"lazy\" style=\"border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;\" src=\"https:\/\/counter.theconversation.com\/content\/197956\/count.gif?distributor=republish-lightbox-basic\" alt=\"The Conversation\" width=\"1\" height=\"1\" class=\"\" srcset=\"\"\/><\/noscript><\/p>\n<p><em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theconversation.com\/profiles\/robert-crammond-1407883\">Robert Crammond<\/a>, Senior Lecturer in Enterprise, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theconversation.com\/institutions\/university-of-the-west-of-scotland-1385\">University of the West of Scotland<\/a><\/em><\/p>\n<p><em>This article is republished from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theconversation.com\">The Conversation<\/a> under a Creative Commons license. Read the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theconversation.com\/glass-onion-shows-the-pitfalls-of-going-into-business-with-friends-heres-how-you-can-succeed-197956\">original article<\/a>.<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/technology\/\" target=\"_blank\" rel=\"noopener\">Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/launching-a-startup-with-friends-follow-these-4-basic-tips\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Launching a startup with friends? Follow these 4 basic tips&#8221; The new Netflix murder mystery film Glass Onion is a cautionary tale \u2013 but not about influencers, tech bros,\u00a0or ironic architecture, as some have suggested. Glass Onion (along with HBO\u2019s Succession) is actually a warning about the potential perils of going into business with your&#8230;<\/p>\n","protected":false},"author":1,"featured_media":550948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/img-cdn.tnwcdn.com\/image\/tnw?filter_last=1&fit=1280,640&url=https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2023\/02\/Add-a-heading.jpg&signature=5254857a8a1599e0f523dac07d56907b","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-550947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/550947","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=550947"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/550947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/550948"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=550947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=550947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=550947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}