i had always thought having a business was going to be fun. until i had one. perhaps the issue was not having a business, rather a partnership. a partnership - be it romantic or business - is never easy. it usually starts off fun and then one would be tested. it can be rewarding. but it is never easy.
indeed.... it has been quite a roller coaster... but i have learnt alot.
i have learnt that it is important to choose a partner who is aligned with you on the direction of the business. one who believes in the potential of the business as much as you do. and if the partner does not, the business can be structured to reflect that. however, nobody should go into a partnership thinking it is possible to gain equally without putting in the effort (or at least a share of the risks) and without sharing the same vision for the business.
i have learnt that it is important to choose a partner who shares your principles. some would like to treat their partners as how they would like to be treated. and as it is always subjective, some would want to ensure it is fair, as far as possible. and then there are some who would just like to ensure their own interests are protected at the expense of everybody else.
effort is difficult to quantify. which is why it is important to keep in mind, without the partners, we would not have come to this stage - whatever the stage is. i have learnt that a partner would have to strive to put in same amount of effort. and herein lies the difficulty. effort it very subjective. there are some values which are not very quantifiable, yet very critical for success. there are some skillsets that are unique to a partner. then, there are some relationships unique to a partner, which can be passed on to another partner. and some with concepts or knowledge once shared, is owned by all. but one thing is clear. the lack of effort is always clear.
this concept of effort - some which directly result in financial gains, and some which does not directly result in anything tangible - is always further complicated by the concept of choice and risk appetite. some of us have a higher risk appetite. some cannot see the reason to take the risk as at that point in time. again, the partnership can always be structured to reflect the situation, provided the partners share the overall vision for the business and is able to think in the shoes of another. if one does not believe in the business, lower shareholdings and step out of the way. if one does believe in the business, step up and help the business along.
lastly, most importantly, ego. most of us would say, we do not have an ego. and always, somebody else does. but that would be the most common denial. as most of us identify with a sense of self. some like to be known or seen as kind. generous. honorable. smart. nice. whatever it may be, it exists. all in our head. and when that sense of self is attacked, one loses the ability to think. as it would be primal instinct to protect. whatever is in our head. because that is us. our experience of life is in there. along with the person whom we believe have been experiencing life as us.
a partner may identify as kind and generous when actions speak otherwise. some may want to give others space to reach the level at which they are at. not realizing that there is a fine line between space given and their tipping point. i suppose the importance of the ability to communicate is key. partners must be able to self evaluate and acknowledge what the other partners are saying. that requires trust. even if we do not immediately see their point of view, the ability to discuss it, process it and understand it is important. so, understanding the partner's ego, partner's thought processes, communication, trust is important to ensure alignment.
so in choosing a partner - share the vision and values. understand the ego and thought processes. periodic calibration - communication and trust - is critical.
