Going into business with friends or family? Then take these 3 steps!

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It is often said that going into #business with friends, family or even marriage partners is best avoided; do you really want to fall out with a best friend, parent or husband/wife over a #startup which was doomed to fail in any event?

To avoid this predicament there are 3 steps I recommend you take at the outset of the #businessventure.

1. THE MOST IMPORTANT: Consider very carefully whether you want to go into business with a close acquaintance. Could they perhaps mentor you instead as opposed to being actually involved day-to-day? 

2. Put in place a written agreement between all founding parties to the business identifying rights and obligations, as well as the process to be followed in case of dispute.

3. Hold regular what I term ‘Founder Meetings’, to deal with any potential conflicts as they arise; far easier to put out a small fire than a raging inferno!

If you follow these 3 steps; then in my view you decrease the chances of business disagreements amongst friends from escalating into something far more serious and irreparable!

#entrepreneur #entrepreneurship #startups #businessowner#smallbiz #entrepreneurlife #youngentrepreneur #entrepreneurfirst#techcity #shoreditch #angelinvestor #mytelegraph#intellectualproperty #studentstartup #venturecapital#entreprenurialspark

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