Many years ago, I heard the story of a man whose business partner did dirty. They were business partners for almost 5 years and the suddenly the business partner left with company's money. Even after several years, this man didn't recovered. He ended up sounding it as a warning to his kids never to go into business with anyone. The trust was destroyed and never recovered. This is just one of those sad stories.
On the other hand, there are many success stories of friends who went into business together and succeeded to together. If you have ever gone into business with a friend, what were your biggest concerns and how did work through it.
Going into business with a friend can be a fantastic experience, but it can also bring unique challenges and potential risks. The biggest concern is the possibility of damaging the friendship if things don't work out, especially when there are conflicting opinions or misunderstandings about the business.
To mitigate these risks, it's important to have open and honest communication from the start. This means defining roles and expectations clearly, developing a detailed business plan, and discussing how to handle disagreements in a respectful and constructive manner.
It's also essential to separate personal and business issues as much as possible. Having a clear separation between the two can minimize the emotional impact if there are disagreements or financial difficulties.
In my environment, almost everyone who is involved in business with friends has to part ways. There are several reasons that will make the partnership end, one of which is wrong management. For example, in one joint business venture with the same capital, it will certainly give birth to two leaders, as a result of having two positions of leadership, of course, different policies will be made. It's very common for everyone to need recognition when the business is progressing and of course one of them will feel uncomfortable due to being dominated by one of them and coupled with excessive suspicion that causes the destruction to occur. So I hope that we still have to build a business without having to share, it's better to stand on our own feet by opening business relationships as widely as possible.