Overcoming differences is an ongoing process for business partners
Starting and growing a business together can be tricky. New business partners are often unaware of the personal and financial sacrifices they have to make. The best way to evaluate the strength of your partnership is by collaborating on small projects first. This will serve as a trial period before you start tackling big projects together.
Here are some of the challenges business partners encounter:
- Different management styles: Not everyone is used to being their own boss. One partner might be more of a task manager in the company while the other one might prioritize a more relaxed company culture.
- Different personal habits: People have different ways of dealing with stress. If your partner is used to a 9-5 routine and is unwilling to add extra hours, the partnership (and the business) will suffer.
- Financial challenges: It’s important to clarify how equity is divided and how each partner is valued in the business.
- Different boundaries: Drawing the line between personal and professional relationships allows partners to manage disagreements or tensions without getting too personal or taking things the wrong way.
- Different levels of commitment: Starting and growing a business requires unconditional commitment from both partner. Goals and expectations should be clarified upfront to ensure both partners are equally committed.
Can you guess what challenge #6 is?
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