Businesses that are founded by partners are more likely to be successful. It is also beneficial to have someone to share the bulk of work and responsibilities with.
There are some inspiring stories of businesses like Google or Microsoft that were founded by college friends. Why not start a company with your college pal, one might ask? It is a great idea, but before that, one needs to be sure that their friend can be a great companion.
Benefits of Having a Suitable Partner
Let’s start with what a co-founder can bring to the table to define what makes one a good partner. The advantages are:
- Doubled manpower and ideas. You can do together more work and much faster.
- Diverse skills but the same vision. There is a significant difference between shared skills and shared vision, almost as between UK and US higher education systems. What is unis? It is a crucial component that makes one stand out from another. The same applies to business partnership. A good partner will complement and balance out your skills but have the same vision for the company.
- Having a person that can hold you accountable and check-in with you. It is easy to get overwhelmed or too enthusiastic sometimes about an opportunity. There has to be someone who will ground you to make a more cool-headed choice.
- Opportunity to see every idea in perspective.
A perfect partner is not someone who will always agree and be a yes-person to you. It is someone equally invested and excited.
Cons of Having Not Suitable Partner
Choosing the right person is crucial and difficult. If you love to party together or go to movies, it doesn’t mean that you’ll be great together in the work environment.
You need to take this very seriously as the success of the whole venture depends on it. It is a choice that will impact your future. For example, you’d be researching a UCSD Math course catalog at amaderschool.net to make sure you’ve chosen the best options for your education. It is also important to be critical and understand the consequences of choosing someone unsuitable for the job:
- Losing the company and friendship.
- Constant conflict because of different work ethics and vision.
- Having your reputation on the line.
- Sharing all the liability with the person you do not agree with on anything.
- Having to do everything on your own.
Now it is time to consider whether your friend is a suitable candidate to start a company with.
How to Tell If Your Friend Will Be a Good Partner?
There is no need to hold a formal interview and prepare a set of questions the same way you’d work on these scholarship interview questions https://bio-surveillance.com/how-to-answer-these-common-scholarship-interview-questions/, for instance. Just take these factors into consideration.
You Communicate Openly
It is important to be open about everything. Clear communication without any grudges and holding back is essential. Your friend needs to be able to tell you the hard truth when needed. Entrepreneurship is no place for keeping secrets.
You Have the Same Vision
Discuss the future of the company. Do you have the same idea on the growth strategy? For example, one wants to attract more venture capital and the other one wants to hold more control and grow. Think about it.
Make sure you are on the same page, establish the common work ethics and desires. It is perfect if you have worked together previously, for example, on a college project.
You are At the Same Stage in Life
Of course, you are both in college, but you need to be ready to invest an equal amount of time. If one of you has a lot of free time and the other one combines college with a part-time job and is engaged, it is going to be hard to manage. The inequality in efforts may lead to conflicts.
You Share the Same Passion for the Project
Both of you need to be emotionally invested at the same level too. If a friend goes into that just to support you but without any desire, it is not going to work. You are going to spend a lot of time together, like 24/7. And it is essential to have the same passion and expectations from the project.
Define the Roles Beforehand
One of the things to know about working with a friend is that personal and work relationships will get mixed. So it is crucial to set the roles and responsibilities right before the start. Write down a clear description of what each one does and what responsibility holds. Agree to keep personal emotions out of the business and be open-minded.
Finding a perfect business partner is complicated, but it can make or break a deal. Your friend can be an excellent support in this if they are on the same page with their passion, expectations, and efforts.
Look for someone who you can trust fully and someone who balances you out with their skills and judgment. It would be excellent if you have worked together and know all about your talents and specifics. After all, you are going to spend a lot of time working on the same project, so it needs to be comfortable.