The writer is London-based co-founder of footwear brand Sante + Wade
Yes we can! A phrase redolent with hope, that speaks of a willingness to face whatever challenges lay ahead. This optimism and a can-do attitude is the mindset of many an entrepreneur. It may have been reduced to embers during the pandemic, but it needs only a puff of oxygen to become a blaze.
The UK is scarcely out of lockdown and already business confidence is rising. A survey from the British Chambers of Commerce and Funding Circle, an SME loan platform, found 63 per cent of companies are confident about their growth prospects over the next 12 months, despite continued fears about future lockdowns.
Optimism is a potent motivator, especially at the start of an entrepreneurial journey. I too was unfettered by doubt when starting my business. I knew there were obstacles but, in my zeal, nothing was insurmountable.
I don’t think I overestimated my capabilities but I surely minimised the scale of awaiting challenges. I refused to be discouraged by statistics foretelling the demise of most small businesses within their first five years.
As for competitors, I had done my SWOT analysis but played down the impact they could have on my business and preferred to focus on what I could achieve.
But this “optimistic bias”, as Nobel economist Daniel Kahneman, describes in his book, Thinking, Fast and Slow, is both a blessing and a risk.
After a time my own optimism wavered. I still had confidence in the concept but wondered how much I could achieve on my own. It was not simply the volume of work but whether I could depend solely on my knowledge and expertise.
The question of whether to fly solo or be part of a team is one faced by many entrepreneurs at some point in their journey.
Sophie Barnard, a textile designer and founder of clothing brand Longstaff Longstaff, has been a business owner since 2017. Recently she began considering the idea of finding a co-founder.
“I was pretty good at having a go at doing everything at first but I need specific skills. And it’s exhausting and lonely when you come to another dead end on your own.”
Loneliness is an oft cited downside of running a one-person operation. Of the benefits a business partnership can yield, this is the most obvious, meeting that human yearning for connection. Shared responsibilities and decision making also lead to different perspectives, which in turn refine ideas and boost creativity.
More importantly it can free founders from days packed with the mundane, giving them the space to pursue long-term growth strategies. It is a win-win but if it was that straightforward everyone would do it.
“There’s a lot at stake going down that route rather than employing someone,” Barnard says. “Right now, I’d love the investment, skills and input of a partner but people are very keen to point out the difficulties of partnership — vision, personality, finances — and those would be my concerns too.”
The business world is littered with the stories of high-profile partnerships that have turned sour: think Eduardo Saverin and Mark Zuckerberg or the Ambani brothers at the Reliance empire. Whether the parties originated as friends, family members or colleagues, a partnership that does not work can torch the entire business.
While finding a co-founder has never been easier — there are countless websites and networking opportunities devoted entirely to this cause — the advice is always the same: choose wisely and for the right reasons, using the same criteria as for selecting a life partner.
The relationship itself can be a complicated dance around personalities and egos. However, mastering the interaction with your business partner is essential if you are to move together seamlessly.
In the end I chose a co-founder with the skills and experience I lacked and who helped temper my over-optimism. We have not always been in step but each day we get better at moving and acting in unison.
It means working on our own unique choreography which when done right feels effortless and justifies a renewed optimism about the future.
"load" - Google News
August 04, 2021 at 10:01AM
https://ift.tt/3CdJLH6
A co-founder can ease the load but choose wisely - Financial Times
"load" - Google News
https://ift.tt/2SURvcJ
https://ift.tt/3bWWEYd
Bagikan Berita Ini
0 Response to "A co-founder can ease the load but choose wisely - Financial Times"
Post a Comment