Starting a business is a long challenging path that you shouldn’t walk alone. Starting on your own may seem as the best idea but somewhere on the way, you may find out that having a partner by your side can help you move forward much faster and more effectively.
Of course, it is possible to make it big by yourself, but launching a company with one (or more) co-founders on board increases the chances of success, especially when they complement each others’ skill sets.
Along with complementing each others’ skills come other signs that mark fruitful partnerships – the co-founders know each other a long time, they are friends or have effectively worked together before, they have previous experience in running a company, they have great intrapersonal skills and communicate effortlessly and openly with one another, and more.
Forming a partnership, in the beginning, is challenging, but what is more challenging is to keep the good relationship alive and thriving along the startup journey.
On the way, many situations will occur where you don’t completely agree with your co-founders and vice versa. Your bond must be very strong if you want to keep the partnership alive and fruitful. Here are three strategies to embrace that will foster your co-founder relationship in the long run:
Agree owith the mission and vision statements
Before you deep dive into the world of entrepreneurship, make sure that all co-founders are on the same page. Entrepreneurs are in for the right reasons, in the core of which stand their drive, passion and enthusiasm about the idea. Make sure that you agree on the mission of the company and share the same goals. The co-founders have to be fully committed to reaching the same goals, following the action plan and crafting strategies that will take them to the desired destination.
Clearly define your roles and stay focused on them
Co-founders who complement each others’ skills work great together. They know what they are good at, what their key responsibilities are and what their main focus is. Clearly define the roles that the co-founders will play, but leave a room for collaboration. A company runs smoothly when the right hand knows what the left is doing. Each co-founder should feel the master at their domain but they need to be open for giving timely updates, open for communication and collaboration.
Create your own rules
Running a business can be very individual experience. There are many rules to follow but a lot of room for innovation and creativity. The freedom to make your own rules can be beneficial for all sides. It is up to you how you will delegate tasks, how often you will meet to discuss your strategies, what your hiring approach will be, what the company culture will look like.
You have the freedom to define all of these aspects and create the rules according to your personalities, wants, values and understandings. Good co-founder relationships are a great way to ensure a smooth ride, so work towards strengthening your bond.