The 2 essential elements of a strong friendship, as shared by a duo who have been friends for 15 years and also run a business together.

In April, Savannah James, an entrepreneur and wife of NBA star Lebron James, collaborated with her 15-year friend to launch the "Everybody's Crazy" podcast.

James tells CNBC Make It that he felt like doing something fun with his friend.

April and James McDaniel, the founders of marketing agency Crown + Conquer, were confident that their friendship could endure as business partners.

The pair also established Let It Break, a community for women seeking self-discovery and personal growth through shared resources.

James and McDaniel shared their insights on what makes a good friendship and what to consider before entering a business partnership with a friend, as discussed in a recent interview with CNBC Make It.

Two essential elements of a strong friendship, as shared by entrepreneurs who run a business together.

1. Show up authentically

According to McDaniel, the key to a strong friendship is being authentic.

Being honest with your friends is key to developing a dynamic where you can express your feelings without fear of their reaction, McDaniel says.

2. Create a safe space with each other

James advises that after establishing honesty in your friendship, you should create a safe space by checking in on your friends and allowing them to express their emotions.

"James emphasizes the importance of genuinely asking someone how they are, not just asking about their day or giving a casual response. He believes that asking about their heart and mind is crucial in building a strong friendship."

James emphasizes the importance of being genuine and not hiding one's true self or passing judgment while caring for friends.

McDaniel describes it as a "safe space to fall" where he feels secure and confident in receiving sound advice.

Consider this before starting a business with a friend

Starting a business with a friend can put a strain on the relationship, but it can be successful if both parties understand each other's expectations and work together effectively.

Discuss with your friend whether you both can fulfill your assigned roles and follow through with the plan, or if it's better to adjust your responsibilities or abandon the joint project altogether.

"McDaniel advises discussing the value each person brings and comprehending that, stating, "If someone lacks numerical proficiency, they won't improve in that area.""

Remember that issues will arise when starting a venture as a unit, McDaniel notes. This is true for any business.

James advises entrepreneurs to give themselves grace and accept that they may not have all the answers right away, but they are capable of learning and taking things one day at a time.

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