Entrepreneur
Description
Vocal Characteristics
Language
EnglishVoice Age
Young Adult (18-35)Accents
North American (General) North American (US General American - GenAM) North American (US Mid-Atlantic)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
conflicts between a company's owners can become a hurdle standing in the way of success. In fact, a myth Author Michael E. Gerber says the number of businesses that fold due to bad partnerships is staggering. We've all heard a version of this story. People enter a business partnership with high hopes on Lee to have it end badly. The stakes are especially high if friends or family are involved. So what are some steps US entrepreneurs can take to defuse the drama and prevent becoming the story? Create a partner selection framework. Ideally, you'll want to choose a partner who compliments you. Start by mapping out your strengths and weaknesses, then list your values, traits, needs and preferences. In a perfect world, Ah, partner will complement your strengths than weaknesses while sharing your values. Want a simpler framework? Use the management versus leadership approach created by Harvard Business School professor John Kotter, Visionary CEO Married Kay Ash had strong leadership traits. Her team had strong day to day management skills. Perfect. If you skew strongly toward leadership or management, this simple framework can be the first step in your partner search. Set up a trial period. Consider tackling a smaller project together. First, this can help you learn more about each other's personalities, work ethic and core values. Write a formal agreement even if you're partnering with your best friend. You'll need a written agreement. Include things like business structure, compensation, how decisions will be made and what happens if one partner wants to leave the business. Clearly defined roles and responsibilities outlined. Expectations for how you'll operate your business. Define each partner's job title and duties. Knowing which partner handles what aspect of the business also helps avoid confusion for employees and customers. Established routines for communication formally planned to meet at least monthly to discuss business goals. And each person's role on an informal level. Established methods for quick communication Based on what works best for each partner, you don't have to go it alone. Many successful entrepreneurs use a coach or adviser to help establish and maintain a strong partnership. It's never too late to invest in and strengthen a partnership