With Friends like these…
Posted by James King at 1:00 03/12/09
FIG is well placed to support young start-ups as we have all started companies ourselves. FIG itself is a young company – a mere 11 months old.
One of the discoveries the founders of FIG have all made is a simple, but important one;
Friends can be really helpful.
When we started FIG we spoke to lots of friends to let them know what were planning to do, to get feedback, advice and pool suggestions. Then our friends did what they do best. They offered help, in abundance. And wow, did they deliver!
• “If you don’t ask, you don’t receive”
They made introductions, helped organise legal compliance and even helped us expand on initial research.
With their help we set about solving a problem that many people faced and creating a product that serviced a need as well as a want.
For early stage companies it is important to know that you can trust the people you are working with and are helping you. But not just for the reason that immediately jumps to mind…
It is not just in case they may steal your idea, it is much more to do with their commitment to your idea. If they offer to help you, will they?
• “If you want a job doing, do it yourself.”
Mates, acquaintances and colleagues may mean well when they offer to organise a meeting with X,Y,Z or put together your management accounts, install your server etc. But they don’t have what you have on the line.
• “Don’t count your chickens before they hatch”
If they have a sick dog, their aunt’s birthday, work deadline or a hot date… are they going to work late to make sure that you get the spreadsheet with comments? Are they going to put off their reservation at the Ivy?
You might. Would they?
It pays dividends to be careful what tasks you ‘outsource’ to friends. And if you are going to lean on a buddy, make sure they know how much their help means to you and when you need them to help you by.
It is, in essence, a matter of managing expectations. If a friend says they can introduce you to the managing director of Big Company PLC, will they be able to do it next week? Next week? Next Year? Can you put your business on hold whilst you wait for the meeting?
• “Never look a gift horse in the mouth”
That being said… they may come up trumps. Friends often do. If we listed all the people that have pulled through for us, such as Nicky Jackson, Nathan Alliston, Scott Austen, Luke Bowmaker, Ben Aldred, Terry Shand…. the list would be endless.
Friends are a fantastic and endless source of support, inspiration and fun (which is what they are for in the first place!) when you start a business.
If you ask for help and don’t expect/ rely on it, you can only be pleasantly surprised/ amazed by what comes as a result.
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