Hey there! Sign in to join this conversationNew here? Join for free

Going into business with your University friend? Watch

    • Thread Starter
    Offline

    0
    ReputationRep:
    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.
    Offline

    17
    ReputationRep:
    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
    Offline

    20
    ReputationRep:
    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.
 
 
 
Reply
Submit reply
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

Updated: January 23, 2017
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Did TEF Bronze Award affect your UCAS choices?
    Useful resources
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.