Whether you are starting a start-up company, a band, or a sports team, choosing the right co-founders might be one of the most critical decisions in the life of your organization. I’ve never been married, but by now I’m pretty sure I know how it would feel. Here are 5 things one should consider before entering a partnership.
Communication
Correct me if I’m wrong, but any kind of partnership requires a lot of communication. I feel like it’s always better to over communicate than under communicate. Who is in charge of what? Did we hear back from X? Are you taking time off next week? Less assumptions and more communication can prevent a ton of misunderstandings.
Respect and Trust
If you are serious about your venture you are most likely willing to give all you’ve got for its success. And you’d be right to assume your partner do the same. The problem is that we all have different performance levels. While one person can crank 100 healthy working hours a week, another can do 80. It doesn’t mean the first person is giving more of himself, he is just capable of more. Respecting one another and trusting that everyone is giving their own 100% is absolutely crucial. It’s easy to make the mistake of comparing your own performance to your partner’s. You just have to trust that they do the most they possibly can.
Ability To Accept Feedback
It is difficult to work with partners who can’t accept constructive criticism. Some people get very defensive when confronted with criticism. Instead of using the feedback as a learning tool, they feel like they are under a personal attack. It is important to learn how and when to give constructive feedback, and be open to hear feedback from the people you work with.
Aligned Goals
A fair amount of marriages fall apart when couples are in disagreement about issues concerning the kids. This is a large undertaking, which will require full cooperation from both partners. Similarly, partners in a company would have to have their goals aligned, otherwise it can be a recipe for a disaster. Couples should talk about their future before putting a ring on each other’s finger. Business partners should do the same before signing a partnership agreement. How long are we willing to work together? Are we planing to conquer the world or just do a little stint? How much are we willing to sacrifice? These are only a few key issues that should be discussed.
Cultural Fit
Partnership means spending a lot of time together. Take for example a touring band. The members have to spend days, weeks, and even months crammed together in a van. It can be extremely challenging. Sting and Stewart Copeland of the Police had so much tension between them that they got into fist fights. It’s easier to tolerate one another when things go well. But when things get rough, and at some point they always do, the personal issues start manifesting themselves. It is important to work with people you like, people you have a common language with, people you’d be happy to grab a beer with at the end of a long day.
Conclusion
Just like you wouldn’t get married to someone you’ve just met, you shouldn’t get into a long term partnership with someone you don’t know well enough. I feel very lucky to have two awesome co-founders. We all have our issues, but at the end of the day we are all on the same page, working our asses off to change the face of the music industry with Earbits.
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Yotam Rosenbaum
EVP of Music
yotam@earbits.com
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I am loving that you are taking the time to share your learning like this. It gives me real insight into the journey you have undertaken to reach this point.