Elements for the success of sole proprietorship and Friendship/Familiar Societies

 Elements for the success of sole proprietorship and Friendship/Familiar Societies

There are a lot of people that decide to work in an entrepreneurship but unfortunately not all of them can achieve success. I believe that the success of this kind of projects depend on many factors and one that is very important is the team that is built in order to manage the entrepreneurship. In this post I will talk about two kinds of teams that according to my point of view are not the best, but with some “extra” elements can work nicely.

The first kind of managerial team I will write about is the one that is build by family or friends. Remember that this kind of relationships work very different of a real business and that is why not always our best friends or family members end up being good partners for our business.

Of the previous paragraph I want to highlight the words “not always”, because I cannot generalize. In this way if you want to be partner with family members or friends you must be objective. This means that you must learn to separate your feelings and your new business and be able to know what you really need for your entrepreneurship. It is possible that among the people you know exist people with important qualities that can contribute to your new business. In this way invite known people to your business by what they can do for your business and not because a personal bond exist.

The other type of managerial team I am considering is not actually a team is the sole proprietorship of a business. Many entrepreneurs fear that if they work with others they can steal their business idea and copy it. Others fear that if they share the management with others, they will lose power and now the decisions wont be in their hands. That is why they manage all their new business and delegate few administrative activities.

In the same way that with the friendship/familiar societies, this is not the best idea. In first place this might be a lot of work for just one person and he might wear out. But more than this, even if you think you can do it, time might prove you wrong, and the cost of these mistakes might be high. The advice of other people maybe with more experience than you and a different vision might contribute to your idea and your business. In this way you can present a model in which you manage, but a board of directors exist with people that have qualities that benefit your business.

To conclude we can say that even though a lot of doubts exist about how successful can be the friendship/ family society or a sole proprietorship business it is possible to add some elements to make this models work.

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