3 Essential Dynamics in Successful Co-Founder Relationships | Ep. 135 | Business Podcast
Summary
One of the top reasons businesses fail isn’t because they don’t have a great product, service, a big market, or even a product distribution problem.
It’s because of co-founders disputes. Said another way, the co-founders don’t get along and the company goes to hell in a handbasket.
Don’t let that happen to you and your co-founder(s). Understand and follow the three dynamics outlined in this episode for a successful relationship with your business partners that leads to a successful business.
Topics covered in this episode: start up, early stage company, later stage company, founding a company, business owners, business partners, relationships, business relationships
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Hello Friends. Welcome to the show. Today we’re talking about three essential dynamics in co founder relationships. Here we go. Welcome to build a business success secrets, the only podcast that provides straight talk for entrepreneurs whether you’re an entrepreneur starting with an idea or growing your business. This show is for you, we’ll teach you how to build a strong mindset, powerful body and profitable business so you can achieve success and here’s your host, Brandon See White.
These are three a central dynamics in co founder relationships that I have found over two decades of having co founders, searching for co founders and working with co founders and also talking with fellow business owners out there and all of the experiences that they have had number one clear ownership. This is one of the most uncomfortable discussions that you will likely have in the course of your relationship with a co founder, but it is essential.
And what sometimes happens is that people get so excited about the idea and the business opportunity and the market and all of these things and they forget to talk about ownership and who owns what and who does what and who will be responsible for what and what happens if someone leaves? What happens if someone guys, I know that sounds crazy, but it’s true. What happens? Where does that, where does the ownership go?
These are really important things for you to discuss and have a very clear understanding of who owns what and what happens. So I encourage you to have that discussion very early on. Number two, transparent communication. And I think the way that I have found that works best. It’s just a communicate regularly.
What happens sometimes is that when you’re not communicating regularly, the other person can start to make up a story in their head about why you haven’t talked, why you’re not talking about a subject, why they think you’re avoiding them or you start making up these stories about your co founder, they’re conspiring against me, they’re doing this, they’re doing that, they don’t understand.
And even if it’s confrontational or not confrontational, but high intensity, let’s say it’s important to communicate regularly with your co founder so that you don’t get off track, it’s just like being married, literally, you don’t communicate, you’re not going to have a good relationship if you don’t have a good relationship, in this case, you are not going to have a very profitable or successful business. Most likely number three be aligned on your vision. This can take a lot of working out and it’s consistent. It’s not as if you start your company and then you align a vision and then you leave it go for 10 years. You’re always realigning that vision and a good time to do that is in the shutdown in December that you have for your business where you spend a day to three, even a week sitting down and doing planning for the next year, and this gets everybody on the same track, make sure that you agree on the vision so that one person isn’t going in one direction, one person isn’t going another.
And then what happens is everybody gets off track and there’s a collision at some point and it usually doesn’t end up well. Again, three dynamics and co founder relationships number one have clear ownership and understanding of that ownership. Number two have transparent communication and communicate regularly. And then number three alignment of vision put these things in play, and you we’ll have a successful relationship with your co founder until the next episode. I’m rooting for your success.
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