Trust and respect is something you usually have to build up over time. We got to start with it and use it as our foundation. Before you tie the business knot About half of all start-ups today are jointly founded by friends, family members or spouses. But about half of new ventures fail within five years, and while there are no statistics specifically on friend-founded businesses, experts say these partnerships may face a tougher-than-usual learning curve because of unexpressed and conflicting expectations and work styles. What can you do to avoid a business blowout and a friendship bust-up? Get a good lawyer. He or she will prepare your company’s paperwork and prompt the kinds of conversations that will be crucial when times get tough. “Ours helped us talk through things like, what happens if someone wants to leave? How should we share equity?” says Stefania Pomponi, a founder of Clever Girls Collective. Get a coach. Good business partners don’t come ready-made; they have to be grown. The founders of Clever Girls and SixFigureStart all brought in experts to advise them on developing individual skills (for example, in sales or management). Clever Girls also brought in outside facilitators to help them get the most out of their brainstorming meetings. Read the entire article - Powerful
Posted on: Sun, 13 Oct 2013 20:12:46 +0000