Friendship & Business: The Fine Balance Every Entrepreneur Must Master
One of the biggest mistakes entrepreneurs make is blurring the lines between business and friendship. Here’s a golden rule to live by:
➡ When it’s friendship, keep it strictly business. ➡ When it’s business, turn it into a great friendship.
Why Do Business Partnerships with Friends Often Fail?
Many people start businesses with friends based purely on trust and goodwill—only to end up financially and emotionally hurt. The biggest reason? No written agreement.
Everything is done on faith, but when challenges arise (and they always do), misunderstandings, conflicts, and resentment creep in. That’s why every business partnership must start with a well-drafted legal agreement.
What Should Your Partnership Agreement Cover?
✅ Growth Strategy – How will the business scale? ✅ Profit-Sharing – Who gets what, and when? ✅ Exit Clauses – If one partner wants out, what are the terms? ✅ In Case of Death – What does the deceased partner’s family receive? ✅ Conflict Resolution – Set a rule: All disputes must be resolved in the boardroom, the same day. No lingering resentment.
The Opposite Rule for B2B: Make Clients Your Best Friends
While business partnerships need formal boundaries, your approach to customers should be entirely different.
✅ Build deep, personal relationships. ✅ Break bread together—share meals, stories, and experiences. ✅ Play golf, take vacations, celebrate their wins. ✅ Genuinely invest in their success.
The result? Unshakable loyalty. Your clients will: ✔ Stick with you no matter what. ✔ Overlook small mistakes. ✔ Never compare your prices with competitors. ✔ Keep sending you repeat business for years to come.
Try This & Send Me a Thank You Note!
Master these two principles, and you’ll never have to worry about failed friendships or losing clients again. Implement them, and let me know how it works for you!
Suresh Mansharamani: Business Coach
Friendship & Business: The Fine Balance Every Entrepreneur Must Master
One of the biggest mistakes entrepreneurs make is blurring the lines between business and friendship. Here’s a golden rule to live by:
➡ When it’s friendship, keep it strictly business.
➡ When it’s business, turn it into a great friendship.
Why Do Business Partnerships with Friends Often Fail?
Many people start businesses with friends based purely on trust and goodwill—only to end up financially and emotionally hurt. The biggest reason? No written agreement.
Everything is done on faith, but when challenges arise (and they always do), misunderstandings, conflicts, and resentment creep in. That’s why every business partnership must start with a well-drafted legal agreement.
What Should Your Partnership Agreement Cover?
✅ Growth Strategy – How will the business scale?
✅ Profit-Sharing – Who gets what, and when?
✅ Exit Clauses – If one partner wants out, what are the terms?
✅ In Case of Death – What does the deceased partner’s family receive?
✅ Conflict Resolution – Set a rule: All disputes must be resolved in the boardroom, the same day. No lingering resentment.
The Opposite Rule for B2B: Make Clients Your Best Friends
While business partnerships need formal boundaries, your approach to customers should be entirely different.
✅ Build deep, personal relationships.
✅ Break bread together—share meals, stories, and experiences.
✅ Play golf, take vacations, celebrate their wins.
✅ Genuinely invest in their success.
The result? Unshakable loyalty. Your clients will:
✔ Stick with you no matter what.
✔ Overlook small mistakes.
✔ Never compare your prices with competitors.
✔ Keep sending you repeat business for years to come.
Try This & Send Me a Thank You Note!
Master these two principles, and you’ll never have to worry about failed friendships or losing clients again. Implement them, and let me know how it works for you!
#Entrepreneurship #BusinessGrowth #Leadership #Networking #B2BSales #CustomerLoyalty #Partnerships #BusinessStrategy #ScalingUp #FounderMindset #SuccessTips
1 month ago | [YT] | 70