I'm concerned about my friend's business, but he hasn't sought my wisdom. Do I tell him the truth?
Maynard Webb
Founder, Webb Investment Network; Author ‘Dear Founder’; Board member Visa and Salesforce.
I’m watching a friend invest a lot into his business, which I invested in. I perceive that it’s not going well but I’m not sure he sees it yet. Is it my responsibility to tell him? How do I bring it up?
-Friend and investor
Dear Friend,
It’s amazing how often we struggle to see what’s going on in front of us. I believe it’s a symptom of being so close that we don’t get perspective. But someone from the outside can come along and see it another way.
I believe you have a responsibility to share your concerns, but instead of talking at your friend and risking he may not be open to listening, focus on starting a dialogue. Using the Socratic method could be very helpful here.
Some thought-provoking questions you can ask:
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If this founder remains convicted, encourage him to double down and make it happen. Of course, the goal is to stay focused and make sure it lives up to his dreams. Since he has taken outside money, he also has an obligation to his investors and should be doing his best to get a return for them.
Finally, as both a friend and an investor, you are looking for a good outcome all around. I would ask how you can be of service. Ask him if there is anything he's struggling with and what you can do to help. See what you can offer, which will feel much better and be much more useful than just worrying.
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9 个月I feel the best way to help someone is to be critical in sharing your honest observations. For example: you see your friend investing a huge amount and being stressed that he/she hasn’t seen profits- let them know “I’ve seen you in stressed and looking for lenders, with the amount of money you’ve borrowed, will you be able to repay them? What are your alternatives?” I feel most friends I’ve seen recommend options, have never gone ahead with their own dreams of doing business. Most people who advice don’t have a great reputation or a success story that precedes them. I guess where I’m going with this is - be direct in asking questions to lead your friend to think for themselves, offer advice through someone who has credibility in business and always be supportive, not necessarily optimistic in their venture. You never know when the tides turn and they become an overnight success.
Leadership is more than just giving orders.
9 个月Great advice. Not sure how the friend will respond to the conversation but it needs to be addressed. If the business is in trouble the stress of keeping quiet could cause his friend health issues. Communication is the key to helping brain storm ideas help the business owner sort out any problems in the financial plan.