Some of the best companies come from partnerships. But as in all relationships, it is best to do your research before making decisions...
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Some of the best companies come from partnerships. But as in all relationships, it is best to do your research before making decisions. It's especially sad to hear the stories of founding teams that had truly amazing ideas but who fell apart on a personal level.
The proven best
practices for business include.
Do
your research
This is by far the
most important item on the list – the one thing from which everything else will
flow or won't. Great business partners almost always have had a prior history
of working with each other. The more closely they've worked together, the
better. If you think you've found a promising person to pair up with but you
don't have that kind of history – then get it. Use social networks; ask around
for references and do a thorough background check. Work on small projects
together, or at the very least, spend a lot of time together before you agree
to do anything.
Agree
on vision: Nothing derails a new venture like having
business partners working at cross-purposes. So, it's crucial that co-founders
agree on the vision--both their short-term understanding of the company's value
proposition, and their long-term understanding of how they think the venture
fits into the world.
Have
hard talks about money: It's tempting when you start a
new venture to skip some of the tough conversations. You're excited about the
idea, and frankly you don't know whether you're starting the equivalent of
Facebook or Friendster, so it can even seem counterproductive to get hung up on
money. Some founders dodge the whole thing by just saying they'll split their
equity, 50-50. Later on, they might change posts.
Decide
who the real leader is: In almost every successful
business partnership, there’s usually one visionary leader and one person who
is more of a whiz at execution. They are the Big Idea Person and the Get
Stuff Done Person. Both roles are absolutely crucial; a big idea without
execution is worth very little. However, there has to be some recognition that
when the partners disagree on something, that one founder has the tiebreaker. Understand
each others' commitment: It's a great advantage not to have other commitments
tugging at you when you launch a new venture.
Have
compatible, vital skills: This is related to the decision
about who the real leader is. A venture founded by two programmers isn't
doomed, of course, any more than a company launched by two industry experts.
However, if both business partners have the same skills, you're probably going
to need to seek outside help. That can cost a lot, in terms of time, money,
synergy, and lots of other assets that can be in short supply in a start-up.
Have
compatible styles: You probably don't want two partners
with the exact same leadership styles and personalities, but people who are
compatible with each other. For example, who is the dreamer who likes to start
late and work until 3 a.m.? Who is the motivated morning person who can handle
emergency customer calls before sunrise? Who is the person who is particular about
finances – and who is the one who has the natural charisma and sales ability? – Tinzwei/Online Sources
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