We’ve managed to keep our business — in addition to also our friendship — going by following these several practices.
6 min read
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There’s a lot to consider when you launch a brand-new business — especially since over half of brand-new businesses fail within the first several years. The cost of failure gets even higher when you launch a brand-new business which has a best friend.
Nearly 10 years ago, I launched a weight loss program, Noom, with my best friend, Artem Petakov. Somehow — even though most startups with co-founders fail — our friendship in addition to also business got stronger through the years. We both credit several startup hacks we learned along the way for helping our health app reach the top of Google Play in addition to also iTunes.
1. Divvy up the tasks.
Most aspiring entrepreneurs believe co-founders bring synergy to a company, allowing their individual parts to become greater. While This specific will be true to an extent, we’ve approached our business with an alternative approach: divide in addition to also conquer.
A partner with equal, overlapping responsibilities frequently results in conflict. because of This specific reason, which’s important to be strategic about how you divide your responsibilities in addition to also carve out clear roles. I’m business-oriented in addition to also love networking, so which made sense for me to have a client-facing role inside the company. Conversely, Petakov will be amazing at software engineering, product development in addition to also running the behind-the-scenes.
Ultimately, Petakov in addition to also I divide our workload at Noom in addition to also conquer our own fields. We’ve found which doing what we like — in addition to also doing what we’re best at — will be the most productive way of working in addition to also succeeding.
2. Hire a middleman.
In business, you frequently want to eliminate the middleman to cut costs. however, when which comes to co-founders, you need a middleman to resolve conflict.
No matter how close you are as co-founders, you’ll always have disagreements regarding company management, brand marketing in addition to also so forth. which’s only natural. in addition to also while you can’t avoid these business hiccups, which’s how you take them on which counts.
This specific will be why which’s essential to have a middleman to mitigate conflicts between you in addition to also your co-founder; a third person which has a leadership role who can intervene with an impartial perspective. As 100 percent impartial, This specific person should show no prejudice for or against something.
Additionally, which’s important to have board members in addition to also a group of supportive, knowledgeable advisors who can contribute to a healthier partnership. Never underestimate the importance of help when which comes to building a business empire.
3. Make sure you’re aligned on core values in addition to also goals, even if your styles are drastically different.
Co-founders must be aligned on goals in addition to also values via the start or they will fail. For example, if one co-founder’s goal will be to flip the company in addition to also make money fast, while the different’s goal will be to create a long-lasting legacy, they won’t succeed. which’s not which one goal will be not bad in addition to also the different goal will be bad — which’s just which they’re not aligned.
When I first met my partner over a decade ago, we couldn’t have been more different. He was a tech genius via Ukraine, while I dropped out of college in Korea. Yet, we clicked on the idea which exercise in addition to also fitness are not easily accessible to the masses. We wanted to create a better way to manage our health — in addition to also create a legacy while doing so. This specific singular idea which we shared became — in addition to also remains — the foundation of our company, Noom. however, most importantly, we were aligned on our goals for Noom. We didn’t want to create in addition to also flip a company. We both wanted to build an enduring business which better used technology to help people stay healthy. This specific shared goal continues to keep us close today, helping us overcome any minor or major difficulties we come across in our business partnership.
4. Create business commandments which can’t be broken.
A business partnership always requires a set of ground rules. My partner in addition to also I don’t like creating rules because they stifle creativity in addition to also lower morale. However, we do have three business rules we must follow — in addition to also trust will be the key component of all of them.
- I must trust you.
- You can’t have bad intentions.
- You can’t place your goals above mine.
To us, the most important thing to have in a successful partnership will be trust, because without which, you have nothing.
5. Lock yourselves in a room for 0 minutes once a week.
which’s hard for co-founders to make time for conversation. Startups are fast-paced, always working on brand-new initiatives. Business partners rarely have time to bond over coffee in addition to also conversation, in addition to also which only gets worse as your company grows. which’s even harder for Petakov in addition to also I since we are both constantly traveling around the planet. In fact, most of the time we’re not even on the same continent. This specific week, I’m in Japan in addition to also Petakov will be in brand-new York.
Still, communication will be the key component to our successful co-foundership. In order to touch base regularly, we have meetings where we talk for 0 minutes every week, with no interruptions. During these one-on-one chats, we discuss our projects, exchange ideas in addition to also make sure we’re on the same page about … well, everything.
We consider our weekly talking sessions one of our most important meetings. in addition to also if we’re not inside the same place, we chat on Zoom. What’s more, we even talk during weekends to work on our friendship.
I’m via Korea where This specific saying doesn’t exist, however inside the U.S., there’s a common phrase: “Never mix business with personal matters.” Maybe which’s true inside the U.S., however there are most certainly exceptions as Petakov in addition to also I have learned over the last decade.