Working with colleagues can be an amazing venture, but it doesn’t come without difficulties. If you do it, constantly convey your goals plainly as the line between business and pleasure can become foggy.

Advantages;

In business, counting on anyone that you work with is crucial, ultimately that conviction continually takes time to build. With a friend, there is already a strong bond , both of you trust each other thus making it easier to work together.

Starting up an enterprise is not simple, the money you could lose alone is sufficient to make it a stint that you wouldn’t want to commit alone. Opening an enterprise with your friend offers you somebody that can share the weight and the problems with you in a personal and distinct manner. Brainstorming  with your companion becomes a lot simpler. It is essential to acquiring fresh ideas and operating a business and you won't be doing it alone either.

A good example of a successful company co-founded by friends is that of Google. Google was created by Larry page and Sergey Brin.The two met at Stanford’s PhD program in 1995, but they did not immediately become pals.

During a campus outing for doctoral scholars, Brin was Page’s guide and they argued the whole time. Despite their disagreement, the two found themselves working together  on a research project.  Their paper, “The Anatomy of a Large-Scale Hypertextual Web Search Engine,” came to be the motivation for Google.

Both men have identical technology experiences; they fell in love with computers when they were young and had university professors for parents. They bonded over their fascination for data mining and rose to have parallel ideas for their company.As of February 2020 Page is reportedly worth $65 billion dollars and Brin is worth $60.3 billion dollars. The two officially stepped down from day to day management in December 2019 but are still on the board. And the best part of it all is that they are still friends!

Disadvantages;

You run the danger of reaching a power clash when you open a business with your friend. If you pan out on odd pages and begin conveying different directions to your team it can cause trouble. A failed business can result in a friendship flop. Perhaps the dreadful con is the reality that if you flunk on this stint jointly, you could again lose your relationship at the same moment manipulating principles due to your friendship. You are also prone, as a companion to be lenient towards each other at critical moments. Both of you are mindful of this and might do this without actually noticing it.

An example of friendships that went sour because of business is that of Facebook founder Mark Zuckerberg and co-founder Eduardo Severin. Mark Zuckerberg co-founded Facebook with his former friend and co-founder Eduardo Saverin in 2003 and February 2004 Saverin was cut out within months of the social network being launched.

In 2003, Harvard students Mark and Eduardo toiled jointly to launch The Facebook, with Eduardo Saverin  investing $15,000 in swap for 30% of the firm.

Facebook was extremely popular at Harvard but when Zuckerberg, and another student, Dusty Muskovitz, went to Palo Alto six months later to cultivate the business, Eduardo Saverin moved to New York and labored on another start-up.Their friendship curdled and in 2004 Mark scrapped Eduardo out by generating a new firm to acquire the former company, then diffused  shares in the start up to everybody else but Eduardo.

This resulted in a lawsuit and Eduardo Saverin presently has 5% stake in Facebook.However, one of the conditions laid for him is to never talk about his drift with Mark publicly. Severin presently lives  in Singapore and he's worth 11.9 billion USD but the two are not as close as they were before.

With that said,if you are thinking about starting up a business with your friend, here are some cues to take into consideration.

Make sure you are compatible as business allies. The traits that make people great pals do not often resemble the aspects that make them wonderful business colleagues. Your friend’s inclination to be late, for instance, may be adorable when he or she turns up unperturbed at a drink-up(40 minutes after they were supposed to), but this manner can be completely discouraging when the same thing occurs with a crucial business gathering.

You should also make sure your roles and duties are completely defined from the beginning. You need to make sure you are both on the same page about what you want to accomplish by starting the business together.

Furthermore, you should have a business plan and an exit proposal in place, either with or without legal advisors. Depending on the nature of your business , you might need some type of legal paperwork with reference to your alliance in place .

Additionally, you should separate work from play.Your friendship might have brought the two of you together, but shared business information and strengths will make you successful, and ensure your friendship lasts.In short, do not mix your business lives with your personal lives.

Any successful partnership requires constant communication.If you do not understand something your partner did or you feel uneasy about the business you are managing, please speak up.

Based on this writing you should be equipped to determine whether or not it is a great idea to start up a business jointly with your friend.