You know what they say: "Never mix family with business or friends".
There are obviously two sides of the coin here.
On one side, if you look at the richest muslim families, they're all about mixing family business together. Especially if you look into the very wealthy muslim families, they are all involved. Aka traditional values, the dads and sons work at the business while the moms stay at home and take care of children. Which is very smart, and that explains the fact that muslim families in the UK are usually far more successful than british families in the UK.
Heck, even some of the biggest businesses ever were started by families. Correct me if I'm wrong, didn't Sam Walton start Walmart by taking a loan from his uncle or something like that?
But on the other hand, so much wrong can happen. The negatives outweigh the positives by a big margin. I've seen this happen with my own two eyes, when greed starts taking over; destroyed friendships/relationships, wanting more for working less, one wants to expand while the other wants to get a bigger paycheck and so on.
Because people are by nature greedy, and particularly once they get access to big money that they've never had before aka $500k a month in cash and so on.
Once I've heard a man say; "It's much better to open a business with someone you met with the same purpose in mind than open it with a relative or friend."
Since I was thinking of getting some of my family members involved in my online business, but that can go so wrong. I wouldn't trust them with the money and managing our employees though but I see how they struggle and I'd love to contribute in some way.
I'd like to hear your thoughts and experiences if you have some...
EDIT:
Obviously it's a different thing if you hire let's say your wife or gf when your business already has employees and she's just doing some stuff on the side vs starting a new company completely from scratch as a 50/50 partner.
There are obviously two sides of the coin here.
On one side, if you look at the richest muslim families, they're all about mixing family business together. Especially if you look into the very wealthy muslim families, they are all involved. Aka traditional values, the dads and sons work at the business while the moms stay at home and take care of children. Which is very smart, and that explains the fact that muslim families in the UK are usually far more successful than british families in the UK.
Heck, even some of the biggest businesses ever were started by families. Correct me if I'm wrong, didn't Sam Walton start Walmart by taking a loan from his uncle or something like that?
But on the other hand, so much wrong can happen. The negatives outweigh the positives by a big margin. I've seen this happen with my own two eyes, when greed starts taking over; destroyed friendships/relationships, wanting more for working less, one wants to expand while the other wants to get a bigger paycheck and so on.
Because people are by nature greedy, and particularly once they get access to big money that they've never had before aka $500k a month in cash and so on.
Once I've heard a man say; "It's much better to open a business with someone you met with the same purpose in mind than open it with a relative or friend."
Since I was thinking of getting some of my family members involved in my online business, but that can go so wrong. I wouldn't trust them with the money and managing our employees though but I see how they struggle and I'd love to contribute in some way.
I'd like to hear your thoughts and experiences if you have some...
EDIT:
Obviously it's a different thing if you hire let's say your wife or gf when your business already has employees and she's just doing some stuff on the side vs starting a new company completely from scratch as a 50/50 partner.
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