Most of the startup people when decide to do business, often associate a friend or a family member with it, others may look for a co-worker, ex-colleague or someone recommended by a friend. Having a co-founder is crucial in many ways, i.e. to get the necessary funds, sharing responsibilities, combining ideas to make a product and various other reasons contribute to co-founding startups.
No one sees problem in friends and family being the co-founders and in fact such relationships are much appreciated, but as time goes by, unfortunate things might happen. The first-love harmony will diminish and this is a good field for animosities and trouble. This can happen even with a co-founder from a professional circle.
The discomfort will surely result as low productivity, lagging behind in milestone achievements and in worst case, it may end up as a split partnership. So, it is important to address the issues right when they arise and manage them on time accordingly.
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Let’s see how can the co-founders avoid fights by taking some simple steps!
1- Distribute the responsibilities and keep on check
In most of the cases, the issue arises when one of the co founder feels that the other one is not delivering. Ideally, responsibilities should be clearly delegated to each partner and there should be periodic meeting to follow up on each other’s progress. Doing so will automatically nip many problems right in the bud.
2- Open discussions
Even with the responsibilities clearly delegated to each partner, some issue may arise and the best way to get through and prevent fights with your business partner is to have a sincere talk all the time. Even if it might be easier to talk behind his back, refrain to do so. In case there is something that annoys you, go and have that chat.
3- Remember the good times
You may want to remember the reasons why you even started a business with this person. He might be qualified in a certain area or he had more financial resources. Try and see if these things are still there.
4- Analyse at your end
It may not be the other guy doing wrong, but you may not be seeing the full picture. List all the plus points and also the negative ones. Analyse the fact sheet and you will certainly have a better idea of how to fix conflicts without a fight!
5- Develop leadership skills
Having leadership skills is a great way not just to resolve the conflicts with your business partners, but also to lead your entire team into right direction.
Wrapping it up!
You will probably find that conflicts are not as horrible as they seem. Finally, you need to know that these animosities will pass if you both work on it.