Money cannot buy happiness, but it can certainly buy you many other things that give you tranquility and attainment in business. Everyone around the corner wants to be Bill Gates and own a conglomerate kind of empire in Silicon Valley. But, having guts and power like Gates is not everybody’s cup of tea.
On the contrary, do you know who Paul Allen is? We can bet our life on this answer, and you must have no freaking idea who this man was. Let us burst your bubble and let you know Paul Allen was the joint owner of the Microsoft Corporation. Shocked? Yes, Windows is a joint venture, but we always happen to overshadow the last name and jab Bill Gates; why? Though there isn’t any answer to that.
Moral of the story
Every entrepreneurial dream is started by the amalgamation of more than one member, profoundly known as Cofounders. As the saying goes by:
“If You Want To Run Fast, Run Alone. If You Want To Run Far, Run Together.”
So, two is better than one, right? But what happens when co-founders and partners lock their horns in money-related problems? This blog will give an in-depth prefecture on “Why You Should Never Accept Cofounders with Money Problems.”
Transparency is one of the most vital ingredients in building a formation as rigid as the ground of a building. There should be no foul handling and hiding of information as this attribute is critical to recognizing and constructing a trust factor. Without conviction on each other, there is certainly no hope of the flourishment of a business.
There should be transparency in decision-making, revenues, and contracts—no hidden dealings with other parties and no minting money behind the back. If you see even a minute thing in your co-founder, it’s a RED FLAG!
A sensitive bond
You have to treat this co-founder bond like you treat a relationship. Although, don’t involve flowers and candies in it. The prime purpose should be no causal dating between the partners (casual dating as a metaphor). The affiliation should have serious boundaries and no backbiting or mistreating. The bond can be nurtured through the passage of time, but it’s a fragile one don’t forget about it. The tendency of this corporate relationship will always be a risky one. This bond stands on the tipping point of money, so never accept co-founders with money problems.
Seek outside input for the balance
If your partner is well qualified in the finance stream and happens to have intensive experience in this field, that’s good. But don’t let your co-founder handle the balance books and money dealings independently. Although it’s very palpable that you trust him, try to seek someone else for this job. This way, a balance between you two will be there without malfunctioning. Hiring in-house finance that works for you will be a good idea. Indeed it will create a pacifying situation between the two-party.
Even hiring a financial planner will also be an intelligent choice. Through this, you can not have a consciousness notion attached whenever a deal is cracked. For instance, if you run a cheap dissertation writing service in UK, hire an order tracker professional so that he can handle all that. And, also through your authority, you can have timely reports on what essay orders you get in a day.
Institute roles and routine
In startup culture, a founder must wear a hat of immense responsibility. You have a diverse set of allotted duties on your shoulder. For example, you need to be a team leader job, developer, and head of operations. As seen, if the venture is new, the founders will cut the cost, don’t hire people, and operate independently. But, this kind of behavior will surely backfire if one partner does all the hard work. While the other sits chilling and only designates the orders. This clash can create many rifts, so it is better to distribute duties equally and assign time management.
Without official paperwork, don’t initiate any money matter on your own. Always do the legality-related thing at the very start; this will not only make things easier. But will also tone down the possibility of future quarrels. An affidavit with both parties’ signatures, and some other state-related business work, should also be completed. Because when the workflow increases, so are the money’s flow range. You never know the intention behind that person, so it is better to get things straight at first.
Besides, never accept co-founders with money problems take inspiration from essaydone.co.uk, how good their work is. Every deal is done under their name through a proper channel, without any shoddy business.
One pro tip, don’t trust your company’s co-founder blindly. Add this clause that everything should be legal and on-paper (like the previously discussed point). In this manner, you can save yourself from theft and backstabbing, which is visible when there is blind trust. Always maintain a distance and practice involving evidence whenever a considerable chunk of money is involved. This habit is one of the most needed ones when you are tangled with a partner who is not emotionally dependent on you. Just remember,
“Your company is not a democracy”
There should be an authoritative figure involved right from the beginning. Even if you own majority shares, make that heard so that your decision is the final one.
You are not Debbie-Do-Anything; you need a helping hand when your dreams are vast and expandable. Thus, having a like-minded co-founder can act as wings. Together you can create many ventures at the right pace. There are several things that a lone warrior cannot accomplish if he doesn’t have the right wingman. Even Bill Gates needed a co-founder, so who are you to shrug this thought off?
So, read why you should never accept co-founders with money problems blog and ponder over the pointers we provided. This will not help shape your decision but will also be fruitful in avoiding future problems involving the co-founder.
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