21 Main Pros and Cons of Having Friends in a Startup

           

One of the brightest ideas about the economy of the 21st century is the idea of beginning startups. This means that the idea can be made even better through the inclusion of friends. Startups begin with have the consequences of savings and savings when done by friend together can be used to build a startup for the group of friends to strive and have a fulfilling life.

Startups are the people’s own way of beginning something that may lead to better financial resources and also better means of livelihood, with friends this is one of the best ways to begin a startup and maintain its existence as all the pressure is not only on you. 

BENEFITS OF HAVING FRIENDS IN A STARTUPDRAWBACKS OF HAVING FRIENDS IN A STARTUP
A Collective EffortDedication of Each Friend
Enjoy Working with FriendsFriendship Might be Compromised
Job Opportunities will MultiplyPersonal Problems
Pool in ResourcesHierarchy Problems
Become Successful Group of FriendsMarket Moderation
Respect will Increase for Each OtherMaintenance of Social Life
Popularity in Extended Social CircleDemands on Friendship Itself
Turn Social into Professional
Make Families Proud

ADVANTAGES OF HAVING FRIENDS IN A STARTUP:

  • A Collective Effort: 

The advantage of starting a startup with friends is the opportunity of living one’s own life without any compulsions and also the lack of pressure that will exist amongst the people.  The decisions taken will be collectivized and the burden will not fall only on you.

  • Enjoy Working with Friends: 

There is no pressure when you begin your own startup with friends because the burden of the work is not only shared, but also the problems that you may encounter will have more heads working on them. This makes the idea of having friends in the startup a great one.

  • Job Opportunities with Multiply: 

The startup that you and your friends will have will not only be easier to manage but also will generate multiple numbers of jobs due to the pooling in of contacts and names for the startup and jobs. This makes things easier for the beginning of work.

  • Pool in Resources: 

The greatest advantage is probably that the investment and the resources that have to be provided to you by the banks or through your own pocket will no longer just be your investment. You will have more money and have more time to ensure that you do not suffer a heavy debt.

  • Become Successful Group of Friends: 

A successful group of friends with a successful startup is one of the success stories that the people of the 21st century likes to hear. Not only will you receive a lot of compensation and prize for the successful initiative you will also become a successful group of friends.

  • Respect will Increase for Each Other

The respect and admiration amongst each other will keep increasing once the startup is run and it becomes successful. Hence the problems that may have existed will slowly fade away strengthening your friendship and love for each other. This is a good method to increase productivity.

  • Popularity in Extended Social Circle: 

Popularity in the extended friend circle for the group of friends who have begun a successful startup have the advantage of making themselves well known in the community of people who they call friends. This ensures that they are in better shape mentally and physically.

  • Turn Social into Professional: 

The chance to turn one’s social lives into one’s professional lives is the reason why friends may be the best business partners who have the possibility of making the startup run better and also ensure economic fruits for the startup.

  • Make Families Proud: 

The families of the people who serve the startups and the group of friends who have built and maintained a successful startup will always be proud of the friends. This is going to feel like a family effort and ensures great compensation and rewards for successful people.

DISADVANTAGES OF HAVING FRIENDS IN A STARTUP:

  • Dedication of Each Friend: 

The dedication required from each and every friend to not only begin a startup alone but to also carry on with through with the startup over rugged waters over the course of time is not something that everyone has. The group of friends have to be united in thought and action.

  • Friendship Might be Compromised: 

The pulls and strains of business is something that has broken the best of friendships and the best of friend circles. This is something that the people must look to with close interest before beginning a startup with friends. This means that the friendship is the strength and the weakness of the people.

  • Personal Problems:  

The problems of social life or hindrances in friendship may lead to the breaking of the business itself. Hence it might be the case that the people who have rough relationships with each other will also fall into trouble when becoming business partners and developers.

  • Hierarchy Problems: 

Within friends there exists the advantage of having good connection and interaction but also the problem of hierarchy and establishment. Hence it may be the case that the people who are starting a business together will have a problem in ensuring the hierarchy between friends.

  • Market Moderation: 

The markets have to be moderated in order to ensure that they do not have the chance of ruining your startup business. With friends the problems becomes various different interpretations of different forms of the market, hence there may be disagreement between the friends with no single authority.

  • Maintenance of Social Life: 

The social life that you and your friends used to previously maintain will now be challenged and questioned by the people who are now business partners. Hence the gap and demarcation between the professional and the personal may become a problem in the long run of the business.

  • Demands on Friendship Itself: 

The friendship between the current business partners who run the business or the startup may become tested in the advances of the business with several differences in between them. This is a problem in efficiency and friendship itself. The problems extend with the time and contradictions of business.

CONCLUSION:

The idea of starting a startup with friends is something that is a great method of ensuring your life and your friends’ life is settled for the future, but here too the terms of the problem may apply to specific friend circles and groups, but startups with friends is always more relieving than doing the business alone.

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