Timestamps:
0:58 - Starting a company with your significant other
2:08 - How to evaluate the potential of a founding team
7:55 - Added pressure to your relationship
17:10 - Splitting roles
21:14 - Challenging situations
The episode in 60 seconds:
Starting a business with your significant other can be a rewarding experience. In this episode, Dorina shared her insights about how to make it work.
Rules and communication
- Starting your business is a 24/7 endeavor and it can become overbearing if you also spend your free time with your business partner. Set clear rules about when you plan to take breaks from work.
- Set more rules than you think are necessary because you’ll likely underestimate the temptation of wanting to talk about your business on your date night out.
- Be realistic about the chances to succeed with your business and don’t make your relationship dependent on business success.
How to know if your partner would make a great co-founder
- As with all co-founding relationships, complementary skill sets are crucial.
- Working together on smaller projects (like building an IKEA shelf) is probably a good indicator on whether you function well in a business context or not.
Advantages of starting a business with your partner
- Studies show that family businesses on average are more sustainable than other businesses although with lower growth rates.
- Being able to share the roller coaster ride of entrepreneurship with your partner can be very valuable and rewarding.
- In tough times, you won’t have to put on a brave face for your partner because they’ll know what’s going on.
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