7 Secrets to a Healthy Co-Founding Partnership

7 Secrets to a Healthy Co-Founding Partnership

“The main problem with joint leadership is the lack of leadership,” one common phrase says. However, many successful entrepreneurs are ready to refute this imaginary postulate by their example. Opening a joint business is easier than doing it yourself. The main thing is not to rush and discuss everything at the level of origin of the startup concept.

Here are 7 rules that will help you find a common language with your co-founding partner, as well as avoid quarrels and disagreements.

1. Equivalent financial contributions

If one partner invests all his fortune into the transaction, and the other does not invest anything or just a small part of the total amount, then one does not have to expect longevity from such a partnership. To keep your business interests in balance and avoid quarrels in the future variancetv, you need to take equal financial risks.

2. Equal workloads

The principle of equality must be maintained in the distribution of workloads. At first, it will be evaluated not so much the efficiency of work as the equivalence of the efforts and time spent. If one partner works like freelance at a convenient time (and this time is very limited), and the other literally “plows” 80 hours a week, then such a symbiosis will bring nothing but bitterness, disappointment, resentment, and bitterness.

All this as a result will result in a conflict and a break in business relations, from which each of the parties and the joint business will suffer. Moreover, you will not be equally respected as leaders if one works at half strength and the other daily shows an example of hard and hard work.

3. Relationship transparency

To maintain good relations between business partners, transparency of action plays a big role. Keeping secrets invariably destroys cooperation, and it does not matter whether it is personal secrets or professional ones.

The principle of openness, transparency, and trust are what should be at the forefront. Your colleague should know everything: from business dreams to family troubles – only in this way he will be able to treat you as an equal, help, support or pull back at the right time, saving you from a rash or rash act.

4. Mutual respect and recognition

Successful business partners must practice separation of duties and areas of influence. And if some global issues are resolved together, then minor problems should be resolved by the responsible founder without additional control from another business owner. You must not only verbally respect the knowledge, skills, and experience of each other, but also demonstrate this at every convenient opportunity. Individual responsibility is one of the fundamental rules that must be established at the stage of establishing a business and adhere to it unconditionally.

5. Active collaboration

Despite the separation of duties, you still have to outline the range of problems that can be solved by joint efforts. This may be something directly related to doing business (renting an office or purchasing equipment) or more abstract, but no less important: ways of investing, possible expansion, mergers, and acquisitions, etc.

This will create a parallel management model that will not overlap with the main type of your activity, but at the same time will allow you to better know and understand each other, both on a human level and professional.

6. Timely harmonization of views on the development of the company

Some partners are in such a hurry to open a joint venture that they do not think at all that the vision of the future of the company after a certain period for both founders may not coincide at all. Meanwhile, this is an extremely important step on the path to creating an enterprise. Indeed, the general vision of the company in the long term contributes to the more rapid establishment and development of the enterprise.

Otherwise, it may happen that, having received your first profit and going to take the next step to business growth, it suddenly turns out that your ideas about the future do just not coincide, but are radically opposite. Needless to say, in this situation, this very next step, if done, is very soon.

7. Communication no offense

Partners should develop rules and methods of communication with each other that would exclude resentment. What it will be: a verbal agreement, a written agreement or a solemn promise in the face of its comrades – does not matter. During joint business management, disagreements and disagreements will inevitably arise.

Under no circumstances should negativity be allowed to accumulate. Grievances must be spoken out loud and heard by the opponent variancetv. A small private problem is much easier to solve than a large one in aggregate.

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