Secrets To Success Of Working With A Business Partner

Whenever you need an example of a successful startup, one of the first names that pop up is that of Microsoft. And while Bill Gates is still remembered as the face of the company, Paul Allen was an equally essential element in the equation.

If you look a little closely, you are sure to find numerous examples of successful startups that developed under the aegis of two allies. But will a co-founder be a good idea for your startup too? Well, it depends.

Many new entrepreneurs think they are better off on their own. But it may not be so. As your business coach or mentor is sure to tell you, a business partner may turn out to be a valuable asset for your venture.

The investors may also be happier when the company is run by two responsible individuals instead of one. A co-founder will bring in the strengths and skills you lack. But this will only be possible if you are capable of choosing the right individual.

Secrets To Success Of Working With A Business Partner

Select the wrong partner and it will only become a nightmare.

Again, if you have the right partner but don’t have any inkling about how to work with them, it will only lead to a disaster. You need to have a clear idea about how to build a team and work as one too to be successful.

Let’s take a look at a few points that can help you create the ideal team for your startup.

Inculcate a Positive Attitude

Both of you cannot be present at every moment and at every place. In such a circumstance, it is important that both have the best interests of the business in mind when they make any decision.

Absolute trust is essential between partners. And this is possible only when both have a positive attitude. Whenever there is a problem, this approach will ensure that the focus is on the solution. After all, a blame game won’t ever get you anywhere.

Share Visions and Values

Everyone starts a venture with an aim. It is necessary that the co-founders share the same goals. If the vision and mission don’t match, the modes and methods won’t match either.

It is also necessary that the ethics and values of the partners are similar too.

Suppose one values corporate environmental responsibility, and the other doesn’t care much about it. How will the policies and practices be determined? Any dissimilarity may wreck havoc on the relationship, and the new business too.

Communicate

Misunderstandings crop up due to lack of communication. Remember, both you and your partner are in the same position, and unless you talk about the day-to-day occurrences, things can get out of hand.

Set aside time to discuss problems, seek solutions, and work out where things need to be improved. If the office hours seem too short, insist on meeting your partner outside and talk about vital things. Communication makes transparency a possibility.

Divide Responsibilities

You cannot handle every little detail of the business on your own. Nor can your partner. Always remember, you entered into a partnership to avoid this obstacle in the first place. For example, if you are managing the online marketing part of the business, get your partner involved in offline part and also involve someone in making the workplace safer for your employees.

Before you begin, divide your duties into two parts. Take up whatever you are good at, and leave the other parts to your partner. And don’t encroach on their part of the job, unless your partner asks for advice or assistance.

Make it a dynamic decision, where responsibilities change with change in circumstances.

Celebrate Every Success

When you begin on your journey as entrepreneurs, you are sure to face the ups and downs. Make sure you move on after you face a difficult time. Also, make sure that you acknowledge every success, even if it’s a little one.

Stay focused on your end goal. It will help you handle every phase – the good, the bad and the ugly. Starting something new can be overwhelming, but with the right partner, it can be quite an exceptional experience too.