How You Can Prevent Co-Founder Issues Before They Start?
Co-founder issues are the most likely reason your startup will fail. Over 50% of the companies I work with have co-founder issues.
So , wouldn't it be nice if there was action startup founder advice that could identify and fix your startup founder issues before they have happen?
This video is the first in a two part series to help you solve your startup founder issues before they happen. I hope you enjoy it.
Read The Video Transcript Below:
Okay. So how do you prevent co-founder problems before they start? Hi, I'm Brett Fox and I've been building businesses from zero to over $100 million for many, many years. Now I've built many teams in my career and I've seen the same problems over and over again.
And when you're building a startup, the problems are even more pronounced. So I'm going to give you three tips today to solve these problems before they start. So let's go, let's go through these three tips.
Okay. So tip number one, spend time with any potential co-founder you have early on. This is just so smart to do because you know what, if you don't spend time with a co-founder, especially if you don't know them, and even if you do know them before you start your company, you really want to understand before you bring this person on what they're about, because it's a very high stress situation. More high stress than you can ever believe.
So you want to talk these things through early on. You want to understand what they're about, what they want to do, et cetera.
And that leads directly to point number two. Here's point number two. You want to talk about the issues in the company early on, and you want to resolve problems early on.
The more of these you do the better off you're going to be. So that the philosophy of how you're going to run the company is there. Who's going to be the CEO. If it's you, make sure to say, Hey, I'm CEO. That's okay.
How are you going to solve problems? How are you going to work together? What's this person's role going to be all these things before this person starts. You want to understand them really, really well, because if you don't, then the issues are going to come up later and you're going to have more problems.
So get on these issues early on, okay? This goes exactly to rule number three. It's what I call the nine month rule. My dad used to tell me this, you know, it takes nine months to have a baby. Well, it takes nine months to start a company, maybe too., Maybe the rule is three months. Whatever it is, you get the idea, but spend some more time before you pull the trigger of starting the company.
Even after you pulled the trigger, be wary for those first few months, because it's the honeymoon phase, and, in the honeymoon phase, anything goes, so you're much better off solving these issues early on. Talking them through early on before big things happen.
Now I'll give you some more tips in my next video of what to do, but for now, these are the three tips. Again, let's go through them. Okay. So here are these three tips. Again, spend time with your potential co-founder. Talk. any issues you have early on, and then number three, Oh, pay the nine month rule. For more information, you can always go to my website. www.Brett J fox.com for more stuff on founder issues and anything else out there. So I'm Brett at BrettJfox.com. Have a great, great day.