Hey guys, here's my newest video in the Oh Joy answers series…talking about what I think is one of the biggest mistake new entrepreneurs make. Some people might disagree with me on this one, but it's something I've seen gone wrong way more than I've seen it gone right…
What do you think?
Great tip! I agree. I would also add that having two people that are too similar can be tough as well. (ie- two creative minded people, two business minded people) I would love a partner but I know that it has to be someone more strategic & business minded so I can focus on the creative aspects.
I so agree. I’ve seen so many great friendships turn sour because of business endeavors. And great idea about former business relationships since the work relationship is already in place. I love these tips, Joy, and especially that they are to the point since I don’t have a lot of time these days to sit down and watch an hour long video! 🙂 🙂 Have a great week!
Totally agree with this video!!
totally agree. a business partnership is like a marriage. it should not be entered into lightly. And legally? it may be MORE difficult to “undo” then a marriage. i’ve seen so many people burned.
I so agree. I may be a little biased since I didn’t even like group projects in school, but I think mixing friends with business is more often than not a bad idea.
I think it starts out like a fun craft project/slumber party feeling, and promises to never let business come between friends. But it’s really hard to foresee troubled waters when it’s a sunny day. Sooner or later you’re going to disagree on the core values/direction of your brand, and since you don’t have the formal business relationship in place, everyone takes things personally, no matter how much you rationally promise you won’t.
I can name at least 3 brands off the top of my head that I love that went from partnership to separate ways because one person was more into it than the other.
Hear, hear. Be brave and embark on your own, or find that person who has a strength you’d love to complement with your own. It’s scary, but worth it! #losangelessmallbusinessowner
I agree, it’s dangerous to mix friendship with money.
p.s I love these mini vids 🙂
Yes!! Agree 100%!
Yup, Dave Ramsey says the same thing!
I do agree with what you said. Luckily I didn’t experience that but even before starting my own business I wasn’t thinking of partnering with anyone. Especially as you mentioned people have different needs and tastes so perhaps there will be many obstacles that’ll be on the way in the future.
I have a question though.
What’s the one most important tip that you can give to entrepreneurs?
Thanks a lot for sharing the video!
Hey Joy, thanks for these mini videos, I really enjoy them!
I would love to get your view on this topic: How do you prepare yourself for the decision to hire help and kind of letting go some control? And when help comes aboard, what are some key things we need to keep in mind when managing a team?
Thanks Bee! I actually just recorded a new one on that very topic! Stay tuned… 😉
I love these videos! Thank you for the advice!
I say this as a long time fan – what is the deal with these videos? They don’t seem scripted or rehearsed, they are rambling, repetitive and don’t have a clear point – just a lot of platitudes. Really not up to the standard of the Oh Joy brand.
Great advice! It’s so much fun to do things with a friend but opening a business probably shouldn’t be one of them.
Sorry to hear you don’t like them. You are right in that they are not scripted or rehearsed. They are meant to be casual conversations giving my take on some common business questions I often get asked.Other readers have enjoyed the casual nature of them, but I understand if they are not your cup of tea.
A thousand that you’s, love these Oh Joys answers!
Hi Joy, I’m really enjoying this new series. My comment is more related to the previous topic on figuring on what things to do first. I’m in the middle of a drastic career change from science to visual merchandising, and I thought the advice you gave on figuring out what you want to do and also what you are good at was very helpful. I was always interested in arts and design but for the longest time I didn’t know I wanted to do or what I can do with being told that I have a pretty “good eye” for design. Once I really start to put in the effort and time exploring and doing the things I think I might like, it really helped me figure out what I want to do and what I can do, and eventually came to the point of my career change. So I’m really happy that you are doing this series and many many of your posts have been so heart-felt and helpful.
I agree 100% with what you say!