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.
Don’t forget to give us a follow on our Twitter, Instagram, Facebook and Linkedin accounts, so you can always stay up to date with our latest initiatives. That way, there’s no excuse for missing out on live shows, weekly give-aways or founders dinners!