So, my university are holding an entrepreneurship competition where the winner will receive £5000 investment for their proposed business venture.
I had been planning my idea for over a month or so until I received a rather unexpected message from a course mate and good friend of mine, asking for me to let him know if I ever had any ideas for business ventures, as he wants to expand his company. He said he wanted me on board as I always seemed to 'be on the ball'.
Although I knew of his company, I was not aware of what it fully provided. After research, I found out that they offer a wide range of services. One of the services he offers is similar to the services that would be offered by my proposed venture, which is really unfortunate and was done unintentionally. As soon as I found out both my venture and his company could potentially overlap and therefore offer similar services, I stopped all forward movement.
At the end of the day, I don't want my friend to feel as if I have disregarded his offer, copied part of his company, and put my own spin on it. He is more focused on marketing sports athletes, whereas I would be more focused on team analysis. The commonality being the use of videography to create 'highlight' videos of sporting fixtures. How similar do you guys reckon these ideas really are? It is a really awkward position for me to be in.
I could always take up his offer of joining him, but that company is his baby and I have ALWAYS wanted my own baby, so to speak. Provided that I offer my potentially money making ideas to his company, I wonder whether he would consider me as a partner or just an employee? Would I thus be given a proportion of profit or not?
This is a genuine dilemma, I need advice on what to do.
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Going into business with your University friend? watch
- Thread Starter
- 20-01-2017 18:15
- 23-01-2017 10:11
Talk to him about what he's proposing for you before you make a decision - if you were going to be partners that's a very different situation to giving up your dreams to be his employee
- 23-01-2017 10:14
Friendship and business can be a toxic combination. You sound more concerned about upsetting your friend than ruthlessly pursuing your business ideas - would that be a fair thing to say? If so, this approach is not going to result in commercial success - it's a ruthless game, particularly with startups, and there isn't an awful lot of room for emotional reactions to situations. Not being harsh, but trying to be realistic about it for you.