Allow any of these 5 situations into your business and you will devastate your entrepreneurial career:
1. – Stop needing each other:
There is a significant chance that the power and responsibility structure of the partnership will start to shift and will look very different 3 to 12 months after inception.
At the beginning of any new venture, it is dynamic and compelling new venture phenomenon, consisting of fear, anxiety, stress and excitement arises and is a formidable personal barrier solver. No facades and no charades are the hallmark of a new company. Partners forget their own needs and put their best foot forward. Everyone is crazy about “love”.
“We need each other” is a convincing source of power for successful business partnerships. In most relationships, this “need” is the tie that holds everything together. Especially over time after In the 12th month in business, everything and everyone begins to change, evolve and create a displacement that unsettles and transforms the business and all stakeholders.
See #4 for more information on not needing yourself
Solution: Accept the fact that the above information is valid. Discuss this openly with your business partners. Be vigilant and sensitive to your business partners and what they say and do and how they say and do it. You don’t have to be “a sensitive, soulful person.” Think selfishly. Think of protection for your future. Think of protection for the future of your company. Open and civilized communication is the only preventive measure that increases the chance of a favorable outcome.
2. Allow your significant other to point out all the expensive gifts your significant other receives and they are not:
Caregivers and other family members can be the source of great pain and distress when it comes to the relationship between you and your business partner.
Greed, jealousy, over-criticism, general resentment, tactlessness, and shallowness are some of the flies that swim around in the ointment of a business partnership. Money and power sometimes bring out the worst in “significant others” and family.
Solution: The solution consists of two parts:
a-It is the shrewd businessman who is extremely mindful of the health and tone of his business partnership. It should be the number one concern, above all others in your life. I know I get a lot of boos and hisses but if you take care of your business and the business partnership it will always take care of you and the people you love and those you love. Everyone will be happy and content.
b- Going to a counselor or therapist or inviting them to meet privately with business partners once a month is always money well spent. I’ve seen the wreckage that family members have made in some very successful businesses.
You will have partnership disputes and discord. You can bet on it. Prepare now and have the preventive and supportive resources ready and/or in game from the start. It will be a shame when one day you stand in front of your padlocked office and wonder what happened.
3. – Having sexual relations with a family member of your business partner:
I “feel” the grin already. Talk about destruction. This is an insidious act of extreme treason. Not only will it tear apart your business, it will destroy valuable family and personal relationships. People are crushed and devastated for a lifetime.
The reputation of all partners is tarnished. You will be amazed and shocked at the same time how many suppliers, banks and customers will turn their backs on you. They know that in a dirty and tainted situation like this, destruction and failure can be near. Nobody wants to be a part of it, especially if it hurts them financially. Something that many people take for granted is that it takes years to build a reputation that is respected and trusted. It takes 24 hours or less to blast it.
Will you make your bed and lie in it or not?
Solution: If you’re over 18, take a guess. Under 18? Talk to someone over 18.
4. – Talk to yourself about why you make more money than your business partner:
“I work so much harder than them.” “He’s supposed to be our store’s sales manager, but…” “Our biggest customer can’t stand them.” “He can’t handle the pressure.” “I never realized how much she talks.” Do I have to keep going? Maybe you recognize one of them.
At the beginning of a new venture there’s “Reality” and there is “Wishful thinking and well-intentioned thinking.” The responsibilities and strengths that you bring to the new venture are not necessarily the responsibilities and strengths that will be at play as things begin and progress.
Being aware of each partner’s powerful strengths and their “weak spots” will allow weekly partner meetings to be productive and allow everyone to be open, honest and transparent. Staying flexible and being willing to adapt not only leads to a sustainable business, but more excitingly, it leads to personal growth for all partners.
Solution: The solution consists of 3 parts.
a-Arranging, enforcing and enforcing close and personal, respectful and empathetic communication meetings at least weekly. These meetings are reserved for partners only and take place behind closed doors. bring in food. Don’t go to a public place to speak.
b- There are always 3 realities: yours, theirs and the company’s. Work only with the reality of the company and adapt your life to the needs of the company. I repeat, make your business a priority above everyone else and the “others” will have phenomenal lives.
c- Accept as a fact that over time you may need to change your place and responsibilities within the company. Welcome it with open arms. If you have a problem with that, I say respectfully, see a therapist as soon as possible. Your reluctance is connected to and about ego, self-image, and self-confidence. It pays to have someone to help you unravel your emotions and thus save your entrepreneurial career.
5. – Launch the new company on a 50/50 ownership platform:
When you are forced to initiate a partnership of equals, then having or learning patience, empathy and anger management becomes even more important and important than ever. A 50/50 is fine until the “cracks” appear. If you don’t follow the advice in Step 4, it could be the beginning of the end for everyone.
Some interesting points:
a-When you break up a partnership, your fortune is never, I repeat, never what you think it will be. It’s always a lot less.
b-Banks, customers, suppliers and even employees become distracted when they see bad news on the horizon. Your net worth could completely evaporate in the time it takes you to say, “Wait, I’ve changed my mind.”
c-Make the articles of association as simple as possible (two pages are good) or you will find that the lawyers are making more money than you.
d-You could achieve 51/49% ownership with a 50/50% profit split. It pays to give up more on profit sharing to get 51% equity in the company. Regardless of what you decide, it is always advisable that salaries, expenses and benefits remain the same.
Solution: Look at the solution in step 4
“Now go with your eyes wide open”… Good luck out there.
A personal note:
I am accused of being negative and short-sighted. My answer: That’s crap. That’s the reality. This is life. it’s raw pure, up close and definitely personal.
You don’t like the article? I understand. The truth and reality can make people uncomfortable.
just do me a favor Print it out and put it in a sealed envelope in a drawer. Open it 12 months from the day you started your business. Unfortunately, if I was right, you learned a valuable lesson and if you decide I was wrong, please take a closer look and look for cracks in the partnership. You may be in the “subtle phase.”
Partnerships are great when they are solid and built on mutual respect. Unfortunately, this is not a perfect world. This article is about opportunities you need to know about and prepare for. Consider this article a “fire drill.” Adapt now because by the time the flames begin to roar it will be too late.
This article is about infusing your business relationship with empathy. It’s about knowing that you are not only responsible for your own well-being and performance, but also for the well-being of your business partners. I am not advocating you becoming a super parent. I stand up for you, and this article is all about your protection and your financial and spiritual well-being.
Once again. Good luck out there and never give up on your dreams.