Doing Business With a Friend October 2022
Most individuals strive to avoid conducting business with close relatives and friends. Others will
even avoid contacting them as consumers or potential clients. And, honestly, with all of the possible
drawbacks, I can’t blame them. Some people can truly push the boundaries of friendship. Crossing
the narrow line between favours and taking advantage of someone on occasion. Is it “healthy” to
continue to work with partners/customers who are also friends/family?
You are aware of each other’s strengths
and limitations.
You can easily communicate.
The funds remain in the family.
Traditions can be kept.
Cons
Personal issues may disrupt business.
There’s no personal time off.
Fewer regulation might lead to excessive leniency.
Possibility of a shortage of new ideas.
You might not share the same vision for the business.
Many have wondered what/how they can conduct business with a relative, friend, or even spouse,especially when it comes to the business itself. It is sometimes considered a risk to work with a relative in a business. If you are just getting started or have already gone forward, here are some strategies to consider when doing business with a friend.
- Affective Fusion ; Friendship is good at the start.
- Strategic Fusion.
- Affective Separation.
- Strategic Separation.
Affective Fusion ; Friendship is good at the start
Affective fusion is when friendship and professional ties in entrepreneurial teams are interconnected throughout the business evaluation and there is a strong affective component binding them together. The benefits to the friendship or business are strongest during the pre-launch and launch
phases, becoming weaker and more threatening to the survival of both over time. As it suggests that the advantage of friendship will become more of danger following the debut period, as the firm
grows .
Strategic Fusion
Strategic fusion is when friendship and professional ties are intertwined in entrepreneurial teams, but the friendship, while essential to team/business formation, has a smaller influence on subsequent stages of development and decision-making processes. The prospects for business survival and growth are higher than in teams that engage in “affective fusion”.
Strategic Separation
Strategic separation is when friendship and professional relationships in entrepreneurial
teams are not intertwined. This separation is strategic, involving minimising friendship
throughout the business’s appraisal in order to safeguard and increase its development
chances. In strategic separation, the business’s continuity and existence may be compromised.
Affective Separation
Affective Separation is when friendship and professional ties in entrepreneurial teams
are not intertwined, and this separation is guided by a strong affective component
intended to protect the friendship. The advantage of friendship among team members
(e.g. trust) may benefit the business and its growth possibilities in comparison to teams
taking a ” strategic separation ” approach. Affective separation permits you to separate
your business from your friendship, even if you have challenges or obstacles with your
important thing is to get things done, take actions when people are slacking, or take
things as trivial as possible, so when you set ground roles and business is business,
you will find your business moving forward as planned. Doing business with relatives
may be hazardous at times, and you must constantly keep in mind that your friendship
must not be touched or changed, and all of this will occur if you use the ” Affective
Separation ” method, which requires you to separate your social life from your work life.
October’s Journal :
- The Spanish Embassy in Khartoum, with the Spanish Cooperation Agency, Goethe Institute and French Institute, collaborated for a creative play ” KANDAKE AMANIRENAS ” , hosted with SAVANNAH and led by Marco Magoa. Marco is an actor, director, playwright and producer with extensive international experience. The play is about the Nubian Queen of Kush Empire ( 1st century BC ), the play was a showcase held on 2nd & 3rd of November, in the Friendship Hall, Khartoum.
Suggestions of The Month
Friends In Business: The Blueprint For Doing Business With Family And Friends. By : Reneldo Randall, MBA & PJ Piggott.
The “How Tos” of starting, maintaining and even repairing a family/friend business relationship. Topics covered in this text include: How to select a friend or family member to do business with, how to cast a shared vision, how to communicate appropriately, how to Invest and split profits equitably as well as how to create and maintain the proper mindset
Building Corporate Soul: Powering Culture & Success with the Soul System. By : Ralf Specht
To succeed, the business of the future must have soul. Building Corporate Soul answers the most pressing questions for leaders today: How do I build and sustain a human-centric performance culture?
