Co-owning a Business and Listening To the Small Guy .:. Story Time with ph1102
When you are creating content, you are trying to contribute to the platform where you are doing it and deliver value to your readers/viewers... It can be in a form of sharing ideas, sharing some emotions, feelings, or some entertaining content... With this Story Time with ph1102 I'm sharing with you some of my personal experiences and views about certain things or events... I hope that you will get some value from my mistakes that I have done, or maybe some good moves... :)
Today's story is about the business company that I was co-owned 10-12 years ago with two other co-owners... If you had experience with co-owning a business, you probably know what are the pros and cons of having a business created in that way... It's a great thing to have different ideas, different approaches for development and it's great to have someone with whom you can realize those ideas... It's always better when more people "brainstorming" some problems or plans for the future...
It was a similar situation in my past... All 3 of us were "forced" to collaborate to survive... We were a big competition each to other, but when a bigger threat was upon us, we had to get together and try to thrive in a joint venture... We sat at the same table and create a company that can compete with the best ones...
But, as always, it's not always sunshine and roses... 3 people have different opinions, attitudes, and characteristics... So, it's not an easy job to combine and synchronize people... It's important to divide tasks between people and try to stick with the plan, but even then, problems can occur...
Watch the video and see how it was in my personal experience...
Thank you for your valuable time,
~ph~
Music in video:
Growing Up by Scott Buckley https://soundcloud.com/scottbuckley
Creative Commons — Attribution 3.0 Unported — CC BY 3.0
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▶️ 3Speak
https://twitter.com/ph1103/status/1320131618196103169
If I ever start a business with someone, even if it is with a loved one or family member, there should always be 2 things: trust and balance. Balance of skill and balance of mindset. So nobody is redundant and all discussions are productive.
I love the plot of the 3 owners coming together to fight the big bad franchise. Could be a movie.
ahahaahah... Well, maybe we should change the end of the movie... lol...
Anyway, I had a period of time where I was a co-owner with my mother... And it was surprisingly a good business as she was doing her part of the job, and I did mine... So, in a nutshell we were like 2 different niches, unders the one umbrella... And it workes well...
Have a great Sunday!
Have a great Sunday as well!
Yeah, in true Hollywood form, we will change everything to appeal to everyone. Just like those Disney movies and some of the horrific true stories they're based on.
That's a nice duo to have, with another family member. And if done right you can strengthen the bonds. But also risky, as families have also been broken by these things. All depends on the people involved and there state of mind I guess.
There is a huge difference when someone does something like extra. For example, an extra source of income, because you have things that can generate money and you can do better without any support of the business that you run. Someone whose business is everything, he will put 100 percent effort and attention.
Earning from Hive blockchain can be someone's big portion of income. The way that person puts his effort and time, that's completely different from someone who does a job, and being here on Hive is a hobby. It is difficult to move forward when partners do not have a similar mindset.
I'd love to know what happened next. What's the end of the story, @ph1102?
The end wasn't that nice... I think that I have already mentioned it before... We have started with 1 shop, and then opened another 2 in different cities, and it was developing nicely... But... Maybe 2-3 months later, the financial crisis of 2008 came, and we had to close 2 shops with a lot of losses...
At that time, I was already planning my future life out of the country... Today, company still exists, but it has a different owner, because all of us have continued their life in different ventures...
Currently, I'm building my crypto portfolio and trying to make living out from it... So, my focus is 100% on crypto, and mostly on Hive and projects around it...
Yes, I heard about the economic crisis and because of that, your business did not do well back then. I didn't know this story was related to that one.
Anyway, let's leave the past in the past. Right now we have huge opportunities in the crypto world. Let's move forward. :)
There are a lot of good points in this video (as usual)....
Being in business with someone is a very complex thing. When you agree to work with someone (whether it's a friend, family member or someone you highly respect), you have to have a similar vision. I do believe having your own individual strengths that you can bring to the table can really help strengthen it & each person can provide insight the other(s) might not have thought of. When you work together, and not in conflict, it can be a great thing....
But as in your story, the one person who was not as invested in the vision, it can really put a monkey wrench into things & the business won't run smoothly because there will be problems later on down the line. So it is good to know ahead of time (if possible) these things....
There can be times, of course, that this may not be known ahead of time & that is when decisions have to be made as to whether that relationship can continue on. It depends on communication, etc...so yeah, that is a whole other ball game lol...:)
And yes you are so right about new people...just because someone is new, it doesn't mean they don't know anything! LOL. I have engaged with new people here on the blockchain & they've had awesome perspectives that I even gained value from. So, we all have something to add in HIVE and elsewhere. It's a matter of being open to each other's ideas & perspectives....
GREAT video Zoltan & holy pixie dust, that dog barking scared the begeezus out of me hahah. Thanks for your always valuable content. Have an awesome Sunday! :) 🧡
The problem with doing business with someone (co-owning) is also on the base level already... Especially if it is like it was in the case that I have described... There is a big difference if you and your companion, starting your business for the FIRST time... You are both starting from scratch and grow together...
The problem is when you have already "business-oriented" people (or entrepreneurs) that have their own "style" of doing business, and of course that special "entrepreneur" attitude... lol... That isn't always a positive thing...
Combine these "complete" personalities to work together (on the same level of responsibility, as "all equal") is a real challenge... It is much easier when there is 1 CEO (boss), and others are "under" it... Having 3 CEOs is a struggle... lol... It's not impossible, and it has its perks, but it requires a lot of work and compromise...
Thanks for the comment! And luckily, the dog was on the other side of the fence... :)
Brilliant vlog Zoltan @ph1102 very interesting story bro i have been in this situation it is not easy at all when everyone has different opinions on how to move forward especially if you all disagree.
Tensions can get high especially under pressure LOL
Thanks for sharing my friend hope you are doing well.
I suppose that you think more about "personal tensions" and that can be a big problem...
It's different when it's business-related... Not that emotionally hard, just money-hard... lol... But, definitely, it's much easier to deal with business partners, than with "life partners"... :)
I don't really know i guess it depends on the people involved while people like to think they can seperate personal emotions from business related relationships from my experience this is rarely the case.
Whether its a business relationship or personal one the human element is there that is not easily switched off.