It is not always easy to innovate on your own. Many successful startups thrive on co-founder or partnership models. However, this relationship can produce potential difficulties down the line. What are some ways in which venture co-founders can help to maintain a healthy working relationship?
Potential Tension in Startups
According to Medium, Paul Graham, at Y Combinator has eye-opening insight. Graham found 20% of their co-founder startups broke apart. Building a business means molding together ideas and then maintaining focus throughout your corporate journey. Not everyone will see eye to eye.
Potential strains and tensions may occur, for example, if there is an imbalance in the effort. Some co-founders may find that their business partners are not pulling their weight. Others may find their partners start to show a lack of interest. These moments could kill the co-founder relationship.
What's more, value systems may change. Initial values shared by founders at the start of a venture may evolve. In the worst cases, they may grow to oppose each other.
How can company founders fight back against these potential rifts and divisions?
Remedies for Co-Founder Distress
According to the Founders Network, maintaining a healthy co-founder relationship may be simpler than we imagine. It may merely be a case of being patient and deliberate.
Patience is a virtue in small business success. Not all firms will have that killer 'billion-dollar moment' right away. Some companies may toil looking for the right investors or angels for years.
Therefore, both co-founders need to agree to be patient. Company co-founders who take the long road rather than hurry up results are likely to be a better option for investors.
What's more, co-founders may find deliberate action breeds happier, longer-lasting results—being conscious means applying intention into everything you do. If one co-founder is not 100% behind the cause, rifts and cracks will emerge.
Setting Time Aside
Above all, as with any relationship, communication is vital. Business relationships can work much like personal partnerships and marriages. Open communication, space, and regular reflection are healthy practices.
Co-founders who hide practices and feelings from others may find they are drifting away. Communicating concerns and thoughts as early as possible could help to limit the damage. In some cases, it may help to prevent breakdowns at all.
Co-founders may also wish to take 'quality' time with one another. This means setting aside time and space to carefully roadmap the journey ahead. It may also mean taking time to interact genuinely, without the business confines.
Sometimes, it may be healthy to leave 'office talk' behind. Partnerships cannot exist on constant corporate-speak alone. Different people will find other balances.
Co-Founders That Stick Together, Survive
Investors looking for steady co-founder ventures may wish to use databases such as Fundz to find the best resources. However, the steadiest partnership startups maybe those with years of experience and demonstrable growth. For VCs, angels, and otherwise, these companies may be easier to find than they assume. It just may take a little homework!
Sources
https://blog.close.com/the-secret-to-successful-and-lasting-co-founder-relationships/
https://psy.fsu.edu/faculty/ericssonk/ericsson.dp.php
https://www.thebalancesmb.com/why-business-partnerships-fail-4107045
http://paulgraham.com/startupmistakes.html?viewfullsite=1
Topic: Startups
