The #1 reason startups fail?
Cofounder problems.
Business partner red flags you can NOT ignore:
Cofounder problems.
Business partner red flags you can NOT ignore:
Cofounder failures are 10x more common than divorce.
But people keep it quiet.
- Embarrassment
- Legal agreements
- Wanting to look professional
Sometimes it ends in mutual disappointment.
Other times in legal battles, anger, and betrayal.
It always sucks.
Avoid it.
But people keep it quiet.
- Embarrassment
- Legal agreements
- Wanting to look professional
Sometimes it ends in mutual disappointment.
Other times in legal battles, anger, and betrayal.
It always sucks.
Avoid it.
1. They lie.
Maybe you justify it because they don't lie to you...yet.
But if they deceive others, eventually they will lie to you too.
Business partnerships are like marriages.
You need to trust your partner.
Don't trust them completely?
RUN!
Maybe you justify it because they don't lie to you...yet.
But if they deceive others, eventually they will lie to you too.
Business partnerships are like marriages.
You need to trust your partner.
Don't trust them completely?
RUN!
2. You have different visions.
The purpose of a business is to realize a vision.
It only works if you share that vision.
If you both want something different, neither of you win.
The purpose of a business is to realize a vision.
It only works if you share that vision.
If you both want something different, neither of you win.
3. You each operate at different speeds
If you're hyper-ambitious and want to win at all costs.
But they are "chill" and want to move slowly...
It probably won't work.
Both of you will be frustrated and resentful.
If you're hyper-ambitious and want to win at all costs.
But they are "chill" and want to move slowly...
It probably won't work.
Both of you will be frustrated and resentful.
4. You struggle to communicate
Communication MUST be the #1 priority.
If they:
- Aren't self-aware
- Can't be honest
- Avoid conflict
- Rush to anger
You will have problems.
Cofounder counseling might help, but be wary.
Communication MUST be the #1 priority.
If they:
- Aren't self-aware
- Can't be honest
- Avoid conflict
- Rush to anger
You will have problems.
Cofounder counseling might help, but be wary.
5. Misaligned skills
If your skills overlap too much, collaboration can be challenging.
You need a cofounder who adds value to your skills.
Not someone who can do the same things.
Sometimes 1+1=3
Sometimes 1+1=0
Choose wisely.
If your skills overlap too much, collaboration can be challenging.
You need a cofounder who adds value to your skills.
Not someone who can do the same things.
Sometimes 1+1=3
Sometimes 1+1=0
Choose wisely.
6. Power struggles
Decide on ownership and how decisions are made.
If each of you is constantly angling for control,
Or one of you doesn't seem to care,
This won't work.
Have clear expectations on domains of power.
And be wary if one of you can't abide by the agreement.
Decide on ownership and how decisions are made.
If each of you is constantly angling for control,
Or one of you doesn't seem to care,
This won't work.
Have clear expectations on domains of power.
And be wary if one of you can't abide by the agreement.
7. You aren't close
Yes, a cofounder relationship IS about business.
But you need closeness and intimacy to stay in it for the long haul.
You need to actually like them.
Care about them.
Support them.
Be friends.
Even love them.
If you can't feel that way, don't commit.
Yes, a cofounder relationship IS about business.
But you need closeness and intimacy to stay in it for the long haul.
You need to actually like them.
Care about them.
Support them.
Be friends.
Even love them.
If you can't feel that way, don't commit.
8. Mutual respect.
Don't think their work doesn't matter as much.
Or that you could do it without them.
That energy is toxic, obvious to everyone else, and will destroy your company.
Find someone you deeply respect and appreciate.
Otherwise, go it alone.
Don't think their work doesn't matter as much.
Or that you could do it without them.
That energy is toxic, obvious to everyone else, and will destroy your company.
Find someone you deeply respect and appreciate.
Otherwise, go it alone.
9. Willing to change
You WILL have struggles.
You WILL argue.
The question is how will you both respond?
Are they willing to work to fix it?
To change their behavior?
To apologize?
If they can't take feedback and learn from it, walk away.
You WILL have struggles.
You WILL argue.
The question is how will you both respond?
Are they willing to work to fix it?
To change their behavior?
To apologize?
If they can't take feedback and learn from it, walk away.
TL/DR Cofounder Red Flags
1. They lie
2. You have different visions
3. You operate at different speeds
4. You struggle to communicate
5. Misaligned skills
6. Power struggles
7. You aren't close
8. Mutual respect
9. Willing to change
A partnership is a marriage. Choose wisely.
1. They lie
2. You have different visions
3. You operate at different speeds
4. You struggle to communicate
5. Misaligned skills
6. Power struggles
7. You aren't close
8. Mutual respect
9. Willing to change
A partnership is a marriage. Choose wisely.
I hope you learned something and can avoid this business disaster.
If you did:
1. Follow me @ABetterJones for more of these
2. RT the tweet below to share this thread with your audience
If you did:
1. Follow me @ABetterJones for more of these
2. RT the tweet below to share this thread with your audience
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Every week, I share new frameworks to build a high growth business and an anti-fragile mindset as an entrepreneur.
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Every week, I share new frameworks to build a high growth business and an anti-fragile mindset as an entrepreneur.
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