Forbes recently published an article by YEC which includes our CEO, Jordan Edelson. Check out the portion of the article below:
Picking the right cofounder to start a business with is one of the most important decisions an entrepreneur can make. The future success of your startup often depends on maintaining a healthy and harmonious relationship with your business partner.
As disagreements between business partners inevitably appear, the key is finding the best way to overcome the conflict and channel it positively to fuel your company’s growth. Below, 15 members of Young Entrepreneur Council offer their advice on how cofounders can successfully maintain a healthy relationship despite all the ups and downs a startup typically goes through.
1. Be Brutally Honest
Being honest with yourself and your cofounder is really the only way to navigate the challenges. In many cases, the truth hurts, but not discussing both your and your cofounder’s shortcomings and strengths can lead to an avoidance of issues that may become more severe as the company grows. As the business encounters bigger problems or achieves more success, personality clashes will only magnify. – Shawn Schulze, HomeArea.com
2. Set Clearly Defined Roles
The startup phase is an exhilarating time but also a stressful one. While it’s nice to share personal chemistry with a cofounder, it’s essential for each of you to have clearly defined roles and complementary skill sets. Many business relationships based on personal friendship don’t survive the roller coaster ride of startup life. Having a partner that brings unique skills to the table is imperative. – Thomas Smale, FE International
3. Remember You’re In It Together
The earliest stage of a startup can be the most volatile. Add a cofounder into the mix, and the situation can get even more unpredictable. But the best way to maintain a healthy relationship with your cofounder is to understand that you’re both in the venture together and that you’re equally responsible for the business. You also must know the exact role you play and how much weight you need to pull to be a success. – Kristin Kimberly Marquet, Creative Development Agency LLC
4. Minimize The Ego
Understanding that business decisions are not personal and not making them personal helps. Emotions can also get thrown into the mix, which can complicate the decision-making process. Both cofounders need to remain level-headed and work together with egos minimized as much as possible. – Jordan Edelson, Appetizer Mobile LLC
5. Don’t Micromanage Each Other
Cofounding a business is a juggling act. You are constantly dealing with problems, issues that never seem to go away and new responsibilities. Staying focused on your specific duties is enough. Stop worrying about what your cofounder is doing. Instead, make a point to meet briefly once a day to share each other’s progress and challenges, as well as goals and duties for the rest of the week. – Blair Thomas,eMerchantBroker
6. Align Expectations
You need to have this type of heart-to-heart talk with your cofounders very early on in your work relationship. People will fight and disagree — that is the nature of every relationship, especially between partners. Make sure you treat it like any good marriage and keep the communication open and productive. – Nicole Munoz, Start Ranking Now
7. Communicate Openly And Regularly
The larger your business gets, the more moving pieces there are. It can be very hard to make sure the cofounders all have the same vision and are aligned with the objectives of the business. Open, regular and honest communication is key. You have to build trust with your cofounders and proactively talk about problems, concerns and personal feelings. It’s no different than a relationship. – Kasey Kaplan,Urban FT
To read the entire article, visit the following link: https://www.forbes.com/sites/theyec/2018/09/27/how-to-maintain-a-healthy-relationship-with-your-cofounder-15-ways-to-overcome-conflict/#72bb07d94117
If you’d like to learn more about mobile applications, development and technology, feel free to contact our Appetizer Mobile team today!