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Dear Hive friends and Hive Learners Members,
In today's world, there are two main ways we can earn money for our living: one is to get a job and draw a salary either weekly or monthly, and the other is to start a business. The second part is quite risky but also has a good source of money, and if it succeeds, it can be life-changing. It is also true that not all businesses get established well and earn as expected. The success of a business depends on many things like customers, demand, nature of work, location, etc. Here, the customer comes first, in my opinion, as they are the king of the market. The surroundings around us and good relationships are equally important, and relationships play a big role. Sometimes, you get a good deal just because you have good relations in the market.
The main motto of a business is to make a profit and earn money. Many times, a business is not a solo show, and we need the help or maybe a partner to share the load and expand the business. The right partner is a blessing for a business, and if the partner is someone you know or from your family, it can bring good or bad results. It also depends on the attitude of both people, their behavior, and their nature, of course. If all the partners think towards business growth and keep their personal relations aside, this can be favorable for the business. In my opinion, mixing business with loved ones or family and friends is not dangerous. I am a salaried person and do not have much business experience, but I have seen some successful businesses run by partners, whether they are family relatives or husband and wife.
The first example is from my own family. My father had a business in partnership with my uncles. They were together for more than 15 years, and I have never seen them fighting or arguing on any major matter during those 15 years. The best part is understanding and thinking, which held them together for such a long time. My father was in the hotel business, and the location was far away from our living place, basically in another state, and our family was at our native place for some reason. The same case was with the other partners as well. As I mentioned, understanding plays a critical role here; let me give you an example. All three partners knew the pain of living away from the family, but with their understanding, they came up with a very nice solution of visiting their respective families. Since there were three partners and the hotel was open 24 hours, they decided that two people would be available at the hotel while one would visit the family, and the duration would be one month. After completing one month, the other three partners would visit their families in turn. To be honest, this was their routine for 15 years, and they adjusted accordingly in case of emergency. On the financial side, I have not seen any conflicts.
The second example is from my previous company. The owners of the company were a husband and wife. The husband was taking care of the technical side, and the wife was handling sales and marketing. They ran the company very smoothly, and the company has shown good growth. Both of them were from the same college. The company was started by the husband's father as a CAD (drawing and drafting software) training center, and both of them extended it as a software reseller for upgraded versions of CAD software, keeping in mind the industry trend. Both of them had a perfect tuning, and both were good in their field.
In my opinion the business in close relation or with loved one is possible if we defined the limits and understand each other. The emotions sometime over ride and may made somwone weeker and that may leads to losses but if we make things clear in initial stage only and draw line then may be initially we face some difficulties but in long terms it will be easy. The two example I given may be the exceptional cases but still they keep me believe that their is no hard and fast rule that we always keep our business separated.
What are your views let me know in comment section. Have you witnessed similar incident?
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