Make him sign a non-compete against the other "ventures" that are making you money, prior to him coming on board.
Working In Partnerships With Your Homeys
- Thread starter TechS
- Start date
If your partner is already entrepreneurial on his own (without any of your help), then it has a better chance of working out... if your partner hasnt ever started his own project before or has no experience in building/creating things... good luck...
If you would really be hurt on a personal level if your relationship with them has been destroyed, id recommend not doing it. Far too many of these relationships go south.
If you would really be hurt on a personal level if your relationship with them has been destroyed, id recommend not doing it. Far too many of these relationships go south.
It really depends on the kind of relationship you have with your family or friends. Though highly variable, we all know that most ventures like these end up down the drain. I agree when someone above said that if they have experience in entrepreneurship, then chances are you might turn out be successful. But anyway, just make sure that your friend and family member has the same amount of passion or drive as you do for this to be a success.
I went in partnership with a guy I've know for about 15 fifteen years. We are godparents to each other's kids.
Worked out great. Heck still working out great.
But we are older guys, both in our forties. If it didn't work out, we would have still stayed friends.
He asked me to work for him because he was tired of the tech guys fucking him over. It was a new business and I asked for a share because I knew the guy had the tools and connections to be successful.
Took about a year of solid work before any serious money was being made.
But yeah, in general, don't do business with friends unless you are willing to lose them. There were a lot of time where he and I were going "fuck you " no "fuck you" but it's different when you've know a guy for a looooonnng time.
Worked out great. Heck still working out great.
But we are older guys, both in our forties. If it didn't work out, we would have still stayed friends.
He asked me to work for him because he was tired of the tech guys fucking him over. It was a new business and I asked for a share because I knew the guy had the tools and connections to be successful.
Took about a year of solid work before any serious money was being made.
But yeah, in general, don't do business with friends unless you are willing to lose them. There were a lot of time where he and I were going "fuck you " no "fuck you" but it's different when you've know a guy for a looooonnng time.
His strengths: organization, design, and coding. I worry about people who have multiple skill set especially since coding/design are two completely different mind sets. Design is creativity and coding requires strong logic skill set. It just leads me to believe he is mediocre in both departments. Also, if you're a true entrepreneur and you are not organized and rely on someone else to be organize for you than you need to reevaluate yourself. All his qualities can either be learned or outsourced. I think working with a good friend can work out but I question if you even need him =) But hey only you can make that decision!