There has been a huge growth in the number of start-ups all over the globe in recent years. These start-ups have a different functioning as compared to large corporations that have been running for decades. Every business has a different goal which indicates that each of them have a different journey.
But, there are some common struggles that these businesses face in general such as employee sustainability, finding the right co-founder, dealing with a co-founder, keeping up with constantly evolving business, etc. Of them all, dealing with co-founder is a trouble experienced with most business owners.
The co-founder struggle is equivalent to dealing with your angry wife a wrong statement can make or break your relationship. Following are some aspects which you must adopt to avoid conflicts with co-founder:
Choosing right partner-
You and your friends have a striking similarity, it can be you share common likes, dislikes, hobbies or work. The point is that you look for a common ideology, vision or thinking.
Often, syncing personalities have lesser differences which help them to bond to gather and successfully accomplish tasks. This helps you to eliminate struggles and difference of opinions.
In initial few meetings you can determine whether you can work in sync or not. You can apply the same for business. When you are looking for co-founder, search for an individual with similar ideologies.
By saying that we do not mean that the individual has to always agree to all your suggestions but understand your perspective.
Try to eliminate power struggle-
There is no particular situation which triggers power struggle. It can arise in any and every environment like at your home with children, girlfriend or at workplace with employees or any one.
The most common power struggle that you would notice at workplace is between founder and co-founder. This can affect business and also appears ugly at workplace. Therefore, it is better to understand situations and take decisions amicably.
For instance, a business needs to maintain constant flow of finance. Instead of one taking the entire financial burden you can ensure that both of you maintain cash flow finance. This way, you share the responsibility and one person does not have to go through the entire stress.
It becomes important to avoid negativity by keeping power struggle at bay because this can be dangerous for you and your business.
Business can turn complicated as it evolves but you can avoid this complication by keeping it simple. One way to keep it simple is to segregate responsibilities of business amongst you and the co-founder.
You and the co-founder are two individuals and both of you have different perspective and working pattern. Segregating responsibilities gives you liberty to work the way you want and reduces confusion.
This also gives each of you take your own decisions, avoid ego clash and arguments. However, you can discuss crucial decisions for better outcome. It is important to assign departments as per each of your knowledge and skills so that you can take correct decisions and seek approval every now and then.
Reduces Ego Clash-
Ego has the power to ruin a smoothly and flourishing business. This is why, you must not hire someone with this trait. If you notice any traces of ego during interview then it is wise not to hold on to that candidate.
A start-up essentially cannot bear consequences of egoist behaviour or maniacs. Instead, an enjoyable and relaxing environment is healthy for workplace. This will help you to define business goals and attain them with the best efforts.
Plus, you are likely to walk on a progressive lane and look for growth avenues suitable for your business.
You have designed a thorough yet effective business plan. But, sometimes, market situations keep on changing which makes it difficult to stick to the original plan. In such situations, you must alter your plan according to the current market situation.
This flexibility allows your business to accept the new market scenario and develop based on it. However, if you stick to the original plan there are possibilities that you may not be able to fight the odds in the market.
It is equally important to have an even and slow pace so that you do not take decisions in haste. Analysing and evaluating a potential opportunity helps you to determine in which dimension you are directing your business and its future prospects.
A combination of all these aspects helps you to minimise misunderstandings and conflict in business.