9 Key Questions Founders Should Discuss When Starting aPartnership

When embarking on a new business venture with a partner, it's crucial for founders to ask each other hard questions from the outset to lay the groundwork for success. While a study found that an employee departure in a startup's second year has minimal impact, this article emphasizes the importance of founders discussing nine key questions at the beginning of theirpartnershipto avoid potential pitfalls down the road.

Why this matters: Effective communication and planning at the outset of a partnership can make or break the success of a startup, and having these critical conversations can significantly impact the company's ability to scale and thrive. By prioritizing these discussions, founders can mitigate potential risks and set themselves up for long-term success.

Although the specific nine questions are not detailed in the provided article excerpt, they likely relate to essential topics such as defining roles and responsibilities, establishing decision-making processes, planning for conflict resolution, aligning on financial expectations and long-term goals, discussing potential exit strategies, understanding communication styles and work ethic, and ensuring ashared visionand values.

By openly and honestly discussing these key questions early on, founders can build a strong foundation for their partnership. This proactive approach allows them to get ahead of potential issues, minimize conflicts, and increase their chances of successfully growing their new company together.

The article, authored by Molly Baker and published by Dow Jones & Company, Inc. on May 3, 2024, underscores the significance of having these critical conversations at the start of a founder partnership. While the full set of nine questions is not provided, the insights shared serve as a valuable reminder for entrepreneurs to invest time in openly discussing fundamental aspects of theirbusiness relationshipto enable a thriving and enduring collaboration.

Key Takeaways

• Founders should ask each other hard questions at the outset to ensure success.
• Effective communication and planning are crucial for startup success.
• Discussing key questions early on can mitigate risks and set up long-term success.
• Openly discussing roles, goals, and expectations builds a strong partnership foundation.
• Proactive conversations increase chances of successfully growing a new company.