I would rather avoid it. In as much as I would love to do a business with a sibling, there won't be that mutual respect you would get from a business partner. And that's not good for business.
Running a business with a Sibling
- Thread starter cherry123
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You know that closeness between siblings make it difficult for you to be able to exude that respect that is needed for business.
The answer to this mainly depends on the kind of siblings you have. If you you are sure your siblings are matured enough to do business with and there would be no issue, i do not see any reason why you shouldn't go for it. Though in most cases running a business with siblings and family members usually cause trouble most times.
I think that depends on your relationship with your sibling. If you have a good relationship and trust each other, there is no problem co-owning a business. That said, there should be a mutual understanding of the common goal, each other's responsibilities, profit sharing. When disagreement occurs, discuss the matter frankly.
You said it right. I would rather have a stranger to be in business with. Having a business with a family can create a big issue. It happens in the real world that family members turned against each other because of the family business.
It takes siblings who really understand the core of business to be able to do business together and there would be no issues. That's because siblings relationships is majorly powered by sentiments.
There is nothing bad with running a business with your siblings at all for the only thing you need to do is know the kind of person your sibling in particular is and how they think then you know if you are to entrust the business into their care or not. Though we will never take the fact that there are some that tried it and it failed but many are running businesses with their sibling and it is the best thing as the business keeps growing and no matter what they share profits and cry together when there's a loss.
It is very correct that there is need for mutual understanding and agreement before such business could be actualized.
It is not business wise to run a business with siblings. At the start, it may proved worthwhile but as time goes on, problem would surface. Proper monitoring and discipline would be lacked. Family influences would also affect decision making.
I don't see anything wrong with running a business with your brother as long as you people have the same business mindset and goals.
