APA Style Paper on Why Friends Shouldn’t Start Businesses Together

Option #1: Critical Thinking Paper on Issue or ProblemSelect an issue or problem that you wish to investigate critically. Formulate a question or thesis on the issue so that your research has a clear and cogent direction.Use Paul and Elder’s (2012) intellectual standards to find a topic or problem that is clear, relevant, significant, and precise.Now, write a paper that addresses the problem or issue via scholarly sources. Your paper should include the following:Title page: include your name, date, title of essay, and classIntroduction: provide a two-paragraph introduction that frames the issue or problem carefullyEngagement with issue or problem using scholarly sources and the intellectual standards proposed by Paul and Elder (2012): What is the issue? Why is it significant? Why is this issue relevant to you (and/or your community)? What have you learned about the depth and breadth of the issue or problem from scholarly sources? How do the scholarly sources aid you in fair-mindedness and logic?Conclusion: Reflect on your issue or problem and how the sources informed your thinking. What have you learned? How can you apply the intellectual standards and elements of reason to this issue or problem to come to creative solutions? What critical questions remain?ReferencesDetailsCite all claims and ideas using scholarly sources. While it is acceptable to write in the first person, be sure to cite your sources to support your inferences.Your paper should engage a minimum of six scholarly sources that are not required or recommended readings for this course. The CSU-Global Library is a good place to find these sources.Your paper should be eight to ten pages in length and formatted according to the CSU-Global Guide to Writing & APA.Papers should be double-spaced, 12-point font.*Please see attached Portfolio Milestones – One is specific to the reason for the paper, and the other is the outline of the paper itself that I would like to use.
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Running head: THE BUSINESS OF FRIENDSHIP: WHY YOU SHOULDN’T
The Business of Friendship: Why You Shouldn’t Start a Business with Friends
Kelly A. Goodnow
HUM101 – Critical Reasoning
Colorado State University – Global Campus
Dr. Daniel McFee
March 23, 2018
1
THE BUSINESS OF FRIENDSHIP: WHY YOU SHOULDN’T
2
The Business of Friendship: Why You Shouldn’t Start a Business with Friends
The idea of starting a business can be exciting, as well as quite daunting. The realization
of what it takes to start with an idea and create an entire business based upon that idea is enough
to scare even the toughest potential business owner away. Which is why, when starting a new
business, it seems logical to partner with a close friend. However, we may have a tendency to
underestimate the kind of toll that starting a business can take on a friendship (Entrepreneur
Staff, 2010). The topic of why you shouldn’t begin a business with friends interests me because
my parents found themselves to be in a particularly nasty situation when they went into business
with good friends of theirs. I always wondered if there were a way to do business successfully
with friends and have even thought about doing it myself. My parents found out first hand that a
good friend does not always equal a good business partner.
One of the critical questions I have on this topic is what are the ramifications of going
into business with a friend? What happens when we try to have a business relationship and still
try to maintain a friendship? In the case of my parents, it led to an attorney and a lot of time and
effort spent trying to ensure they didn’t lose everything. Another critical question would be what
makes this such a significant topic to discuss? Estimates vary, but generally more than 600,000
businesses are started each year in the United States (Entrepreneur Staff, 2010). That’s a huge
amount of businesses potentially began with friends or family that could lead to keeping many
attorneys very, very busy. While all businesses relationships don’t have to end with litigation,
it’s not uncommon for mediation or negotiations to be involved on how to settle differences, the
best ways to dissolve the company or to just walk away.
One way to focus on a topic like friendship and businesses is to, of course, focus on the
reasons why it is a bad idea. A broad, sweeping generalization offers no help to someone looking
THE BUSINESS OF FRIENDSHIP: WHY YOU SHOULDN’T
to see why it is a bad idea. What causes businesses started with friends to go south is of great
interest to me. “The keystone to successful business is cooperation. Friction retards progress” –
James Cash Penney (Brainy Quotes, n.d.). The friction that can arise between friends in a
business can cause the business to, metaphorically, go up in flames if it’s not handled correctly.
What causes friction in business dealings, if there’s no friction in the friendship? Why do we
think that because we get along as friends, we’ll get along as business partners? I feel these are
great questions that can be expanded upon to help others understand why friendships and
business don’t mix.
3
THE BUSINESS OF FRIENDSHIP: WHY YOU SHOULDN’T
4
References
Brainy Quotes. (n.d.). Business Quotes. Retrieved March 23, 2018, from
https://www.brainyquote.com/topics/business
Chierotti, L. (2018, April 14). Going into Business with a Friend: The Good, the Bad, and the
Ugly. Retrieved March 23, 2018, from https://www.inc.com/logan-chierotti/going-intobusiness-with-a-friend-the-good-the-bad-and-the-ugly.html
Entrepreneur Staff. (2010, September 01). Starting a Business: The Idea Phase. Retrieved March
23, 2018, from https://www.entrepreneur.com/article/217368
Humphries, L. (n.d.). 15 Reasons Why You Should Not Start Businesses with Friends. Retrieved
March 23, 2018, from https://www.lifehack.org/articles/work/15-reasons-why-youshould-not-start-businesses-with-friends-2.html
Tognazzo, A., & Mazzurana, P. A. (2017). Friends doing business. An Explorative Longitudinal
Case Study of Creativity and Innovation in an Italian Technology-Based StartUp. Journal of Entrepreneurship, Management and Innovation,13(2), 77-103.
doi:10.7341/20171324
Running head: THE BUSINESS OF FRIENDSHIP: WHY YOU SHOULDN’T
The Business of Friendship: Why You Shouldn’t Start a Business with Friends
Kelly A. Goodnow
HUM101 – Critical Reasoning
Colorado State University – Global Campus
Dr. Daniel McFee
May 1, 2018
1
THE BUSINESS OF FRIENDSHIP: WHY YOU SHOULDN’T
2
I. Introduction
A. Current Problem: Going into business with friends can be both financially and
emotionally devastating.
B. Population/Area of Focus: Businesses built on friendships
C. Key Terms: business success, continued friendship
Thesis Statement: Because of the higher likely hood of detrimental effects a social friendship
can have on a new business started together, the odds a company will come out successful
with the friendship remaining intact, are very small. When Harvard Business School
professor Noam Wasserman studied nearly 10,000 founders of technology and life sciences
startups, the least stable founding teams were friends. Each friendship in a founding team
increased the rate of founder turnover by 28.6%. Even teams of virtual strangers were more
likely to stick together (Grant & Steinberg, 2015).
II. Background
A. Starting a business: The tools and skills needed to start and grow business.
B. Why do businesses fail?
III. Major Point 1: Work Ethic vs Friendship Ethic
A. The differences between work and friendship in business: Just because you get along
socially, doesn’t mean you’ll get along in a work environment.
B. Commercial Friendships: Can businesses be friends with other businesses?
IV. Major Point 2: Mixing Business with Pleasure
A. Reasons for avoidance: There are most certainly many reasons why friendships don’t
work in businesses.
V. Major Point 3: Going to Court
A. Why lawsuits are on the rise in small businesses
VI. Major Point 4: Utilizing Paul & Elder Framework
A. How Strategic Thinking Paul & Elder’s intellectual standards can help build a
better business strategy: What issues and events should be the main focus and how
important are they? How well do you understand the situation, its broader context and
interconnections, and the consequences and implications of potential choices? Are you
taking a long-term perspective? How skillfully are you using both logical and creative
thinking?
VII. Conclusion
THE BUSINESS OF FRIENDSHIP: WHY YOU SHOULDN’T
3
A. Restatement of Thesis: Because of the higher likely hood of detrimental effects a social
friendship can have on a new business started together, the odds a company will come out
successful with the friendship remaining intact, are very small.
B. Next Steps: Being educated on business relationships and the do’s and don’ts of what
works and what doesn’t, businesses can successfully grow while keeping their friendships
intact.
References
Grant, A., Steinberg, S. P. (2015, December 8). Why Friends Shouldn’t Go into Business
Together. Retrieved April 15, 2018, from https://www.weforum.org/agenda/2015/12/whyfriends-shouldnt-go-into-business-together/
Koehn, D. (1998). Can and Should Businesses be Friends with One Another and with Their
Stakeholders. Journal of Business Ethics, 7(15), 1755-1763.
doi:https://doi.org/10.1023/A:1006048325391
Lussier, R. N. (1996). Reasons Why Small Businesses Fail: and How to Avoid Failure. The
Entrepreneurial Executive, 1(2), 10-17.
Porter, J. (2013, February 20). 10 Questions to Ask Before Family and Friends Become
Business Partners. Retrieved April 15, 2018, from
https://www.entrepreneur.com/article/225613
Mitchell, R. C., PhD. (2017, May 1). Strategic and Critical Thinking. Retrieved May 1, 2018,
from www.csun.edu/~hfmgt001/st-cr-thinking.doc
Suster, M. (2015, May 11). Why Lawsuits Are on the Rise at Startups and What to Do About It.
Retrieved April 15, 2018, from https://bothsidesofthetable.com/why-lawsuits-are-on-therise-at-startups-and-what-to-do-about-it-83f80676bfd4

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