Startups utilize business partnerships like suppliers and strategic alliances. It is also common to have a co-partner or founding partner. Having a co-partner can lessen the pressure on one person’s shoulders and finding the right partner could combine strengths that one founder does not have. This individual could be a family member, friend, or partner with previous entrepreneurship experience. It may seem impossible to find the right person, but it is important to find someone that is on the same wavelength. Getting started can be like riding a tandem bicycle.
When learning to ride there is a lot of wabbling and inconsistency in the beginning. Working together, a good partnership can create a startup that is aerodynamical, just like a tandem bike. Working together and with practice, a partnership can be in rhythm and can reduce time-consuming and unnecessary stress when going it alone.
Here are three things to consider when getting started:
- Use a contract – legalizing the relationship. The legal part can be unpleasant, but it is something that needs to be done. The less you know about the legal decisions, the more issues you can expect to arise.
It’s vital to state all the legal regulations and have a clear agreement
- Roles and responsibilities – Defining roles and responsibilities at the start are critical. What are the aim of the startup and its goals? The relationship with the co-founder can decide the success or failure of the enterprise.
- Communication – Constant and honest communication is crucial because people need to know what is on our minds. It also saves you from jeopardizing the future of the business.
Not every entrepreneur needs a co-founder to gain popularity and ultimately become a successful company, but many have, such as Microsoft, HP, and Apple. One of the best ways to find a potential partner is to join LinkedIn or Facebook groups. Other options include attending entrepreneurship events and trade fairs, networking and associates from previous projects, or even in co-working spaces, accelerators and incubators. Don’t be scared to join and explore startup platforms such as: