Money & Familiarity: The Success & Failure Of Building A Joint Business.

josediccus in #hive-167922 • 3 years ago

Building a Joint Business is often dependent on things like Familiarity and trust, at the same time, building a business relationship between a clientele and a business owner is often dependent on years of familiarity and trust but at the same time Familiarity can ruin a business relationship, especially because overfamiliarity can make it difficult to establish the discipline that's needed to grow a business. In this video, I talked about why successful businesses tend to suffer a decline when they hit their productive and profitable phase

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3 years ago in #hive-167922 by josediccus

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hopestylist 3 years ago

It is true that with time 'see finish' will come up and at such some people will really want to go into partnership with someone they don't know.

But I will say the reason why two people that know each other have issues later in their business is because of the greed one of the have or even both of them.

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josediccus 3 years ago

Hahaha it's always an issue with so many people I know in business. Especially when the business is doing well. The greed sets in and it becomes a problem. When it comes to handling a client, familiarity makes two people fight especially because of expectations that weren't met. Thanks for coming through.

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hopestylist 3 years ago

Yeah when expectations are not met it becomes a really big problem.

It was really nice learning from you today 🥰.

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lmcolor 3 years ago

muy bueno de pana te felicito

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starstrings01 3 years ago

Talking about the familiarity aspect, you are right about when meeting up with a friend to render service to you and chooses to take the priority of an outsider to yours. That thing is quite annoying and I have seen it break relationships and friendships.

It also goes the other way round, some may feel they can make use of your service at a less price or take advantage of you because they are familiar to you. This too can also come annoying

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joydukeson 3 years ago

Do not overrule the power of see Finnish... Personally it think, it is the mindset that comes to play here. There are business partners who work together and know when to draw the line too.

Familiarity may be a contributing factor to boost a business and vice versa. The mindset of the individuals is very important

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josediccus 3 years ago

Yeah, I actually reiterated your point in this video. Familiar can be a two-way thing. I have friends who are serious business people especially when I want to do business with them. But then when it comes to business, we treat business as business. I guess it's the mindset like you've said.

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mba2020 3 years ago

I agree when people get too familiar they often become hateful which really does not make any sense to me.

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josediccus 3 years ago

Well, that sense of familiarity can be good, sometimes it's tje business context that determines if it'll be bad. In Nigeria where I come from overfamiliarity makes people fail to maintain a disciplined business relationship

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jfang003 3 years ago

It's hard to really do too much but I also think familiarity also helps businesses as well. For example, some businesses might not want to change their suppliers because they don't know if they will be just as good in quality. So I think it tends to go both ways.

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josediccus 3 years ago

Familiarity does go a long way, I guess it's advantages can become it's bane as well, although we know that with trust, comes familiarity which can be beneficial in the long run.

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rezoanulvibes 3 years ago

You usually make partnerships with someone you know and trust. But I think when you take someone as a partner, you should have documents where it clearly mentions what percentage of the business he will own, how profit and loss will be distributed, responsibility, and all relevant information.

There can be conflicts with a business partner, but most of the time, we can easily resolve that by defining it clearly at the beginning.

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josediccus 3 years ago

Someone, familiarity doesn't build trust. Trust comes with the proof of a track record and that's why staring up a business with a partner based on only familiarity can be the bane of a business. But at the end, like you said, documentation helps to mitigate all that risk.

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linlove 3 years ago

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