EP #97 - Dorina Thiess: Founders In Love

Timestamps:

0:58 - Stating a company with your significant other

2:08 - How to evaluate the potential of a founding team

7:55 - Added pressure to your relationship

17:10 - Splitting roles

21:14 - Challenging situations

The episode in 60 seconds:

Starting a business with your significant other can be a rewarding experience. In this episode, Dorina shared her insights about how to make it work.

Rules and communication

-  Starting your business is a 24/7 endeavor and it can become overbearing if you also spend your free time with your business partner. Set clear rules about when you plan to take breaks from work.

-  Set more rules than you think are necessary because you’ll likely underestimate the temptation of wanting to talk about your business on your date night out.

-  Be realistic about the chances to succeed with your business and don’t make your relationship dependent on business success.

How to know if your partner would make a great co-founder

-  As with all co-founding relationships, complementary skill sets are crucial.

-  Working together on smaller projects (like building an IKEA shelf) is probably a good indicator on whether you function well in a business context or not.

Advantages of starting a business with your partner

-  Studies show that family businesses on average are more sustainable than other businesses although with lower growth rates.

-  Being able to share the roller coaster ride of entrepreneurship with your partner can be very valuable and rewarding.

-  In tough times, you won’t have to put on a brave face for your partner because they’ll know what’s going on.