Why Partnership is Important?
“The adage that two brains are better than one may explain why a lot of entrepreneurs and small business owners, including me, create partnerships.” - Patrik Hull.
Complementary skills of partner’s desirable
ii. Mutual respect must
iii. Well defined Roles and responsibilities
iv. Written legal agreement among partners
v. Open Communication without hidden agenda
vi. Cash Management Responsibility
According to Tom Tunguz, the median founding team in highly successful startups has two founders.
Partnership (or Fix the One You're– By David Gage(Author)
In The Partnership Charter, psychologist and business mediation expert David Gage offers a comprehensive guide to the art of establishing and maintaining a business partnership. The centerpiece of his approach is the Partnership Charter, a document that clearly outlines the goals, expectations, responsibilities, and relationships of the principals. The charter identifies potential sources of conflict and how they will be resolved, while addressing such sensitive issues as personal styles, values, money, and power. Illustrating every principle through engaging stories drawn from Gage's front-line experience consulting to business partners, as well as interviews with the founding partners of such successful businesses as Progressive Insurance Company and Manpower, Inc., The Partnership Charter dispels common myths and presents a practical framework for launching, building, and sustaining a thriving business partnership.
500Startups’ founder, Dave McClure, suggests a holy trinity of “ hacker, hustler and designer” makes for the perfect formula.
Solopreneurs or partnerships for startup is a call each individual has to take. There are pros and cons of each type of setup. The value system of partners has to match and there should be clear understanding on roles and responsibilities. Complementary skills and sharing of risks could be the main advantages.
Key to success is continuous communication, respect for disagreements and good vibes among partners.