Why you shouldn't start a business with a study buddy

There is such a thing called business friend syndrome. However, for every successful project, there are hundreds of failed starts that arise and die quietly, without fireworks and unnecessary noise. Of course, you tend to think that specifically your duet a la Batman and Robin will definitely succeed, but with a probability of 99, 998% this will not happen.

Such figures are given in research - an entrepreneur who managed to work as a chief executive officer in IT and law firms. At the same time, it should be understood that these statistics are valid for the United States, where business lives and is built in a more friendly environment.

Problem # 1

The first problem that arises when deciding to start such a business is the worldview. Often, people studying in the same specialized institution (faculty of a university or institute, business school, courses) have approximately the same look at things around them and generally relate to everything in a similar way. Often it is their worldview that brings them to the same educational institution. It would seem that common views are exactly what is needed to conduct a common cause. But, unfortunately, in such a company of like-minded people there will be no criticism. The same critic who asks difficult uncomfortable questions, looks at a business idea from a different angle, tests it for survivability in conditions close to the harsh reality.

Without such a critic, the idea of like-minded people looking at their future in one vector will turn out to be one-sided and ill-considered. A kind of fictional pink world with ponies and rainbows, in which everything is fine, but only for the creators themselves. It is highly likely that a business, or rather the products and services that it will offer, will encounter people who think completely differently. And then there is such an objective concept as the market, and only really popular things survive there, the rationale of creating which was analyzed from all angles and positions.

Problem # 2

Single-profile specialists are strong in their field, but in this case the lack of the necessary knowledge and experience, for example, in the practical implementation of the idea, will lead to failure. Any project requires technologists - those who will build everything. And you also need someone who knows everything about the market for which the business claims. Someone who can present the product in the best possible light and will communicate with the press and people.

Problem number 3

You and your friend may have the same interests, but you don't know anything about their values. During the learning process, it may seem that the people around you have the same views and principles. It was fun when you studied together, but unless you ask each other direct, hard and specific questions, you are at great risk. Disagreements that have not been revealed before will surely surface at the most important moment for the company.

Did the co-founder decide to connect with dishonest people? Are you ready to hide your income, trying to cheat the tax authorities? Each of us has clearly defined principles that we follow. Are you sure you know your friend that well?

Problem # 4

Business is always fraught with nerves and in itself is an ideal source of conflict. Do you think that you and your friend have an identical outlook on doing business, and he will go with you to the end? Not at all. Each person has a line beyond which he will not dare to cross. And everyone has their own permissible share of risk. At one of the difficult moments, your friend will come home, see the family, meet the eyes of his daughter, remember how unstable the business is now, and simply forget about your common business, following the path of “normal” work. With our brains, we realize how high the requirements for us as leaders are, but the need to make difficult decisions on a daily basis can break our will, and a starting business is pretty feverish.

Problem # 5

Last but not least, you may actually know the person much worse than you think. Try to conduct a short survey among acquaintances about this topic. Most people think they know their surroundings well. However, if you ask someone if those around him know him, the answer will be unequivocally "no". And it is true. We always play some roles, and the educational process is such an artificial environment that people there are not at all who they really are. It is unlikely that you will immediately marry a person whom you met on vacation and spent all the time under the palm trees. After all, you can't even imagine what it will be like in everyday life. A seemingly successful student is not a successful entrepreneur. He's just a student doing his studies.

It cannot be said that a classmate is a 100% bad option for a joint business. But for business, you need a person who can withstand all the hardships and solve the problems facing a young entrepreneur. It doesn't matter if he was your friend during your studies or not - this factor should not be the determining factor.