Teamwork Makes Dreamwork — Making Friends With Other Founders Is A Must
Starting a new business can be an exciting but challenging journey. When entrepreneurs embark on this path, they can easily feel like they are on their own even if they have a co-founder. However, the truth is that they do not have to go it alone. Collaborating with other startups is one of the best ways to improve the chances of success, and keep morale high and motivation levels from dropping to a standstill. It can be all too easy to throw in the towel and sometimes you need an external party to push you like a coach or help you pivot.
Forming a friendship with other founders can help you avoid landmines and accelerate your project. The reason why cyclists pack together is there is less resistance making it easier to go further and faster, it’s the same in business. Try and make relationships with other founders that are a few steps ahead of you and learn from them as much as you can. But it needs to be a 2-way relationship so make sure you give feedback to them on their project too.
If founders find the interactions to be mutually beneficial it makes sense to continue the conversations on a regular occurrence. Learn from each other’s wins or losses, capitalise on each other’s networks and resources. Unfortunately, the really successful startup founders are very limited in their time so don’t expect to be able to catch up with them every week, but they may still have time for you once or twice a year to drop some massive value bombs. Best to ally up with founders that are in a similar position as you or just a few steps ahead.
Don't rule out the older founders, there are plenty of successful businesses that have been around for decades, and most of them started businesses before the terms “startup” or “entrepreneur” were thrown around, back then it was just “starting a business”. These business owners, or former business owners, are a treasure trove of valuable information and shouldn’t be overlooked. Many former business owners become mentors and give back to the community by helping people start businesses, they often have flexible schedules and a bulging roller-dex of valuable network connections.
Attending networking events, startup conferences, and workshops can provide opportunities for entrepreneurs to meet and connect with other like-minded individuals. These events are a great platform for startups to showcase their products or services and to learn from experts in their fields. Participating in discussions, sharing experiences, and building relationships can help entrepreneurs expand their network and form partnerships with other startups.
Collaborating on projects is another effective way for startups to leverage each other’s strengths and resources. By working together, they can share knowledge and expertise, divide tasks and responsibilities, and achieve their goals more quickly. Collaborating on projects can also help startups build strong relationships, leading to future partnerships and collaborations.
Sharing resources such as office space, equipment, and employees can also be a smart way for startups to reduce costs and increase efficiency. Pooling resources with other startups can give them access to resources that may have been too expensive for their business to afford on its own. Moreover, sharing resources can also help startups build relationships and trust with other businesses, leading to long-term collaborations.
Most of the time the resources you share don’t need to be tangible, often just sharing documents or contact lists can be a massive time saver. Simply sharing a business plan and pitch deck feedback can be a great help. Diving deep into each other's business strategies can be a great way to get candid unbiased feedback.
Learning from each other’s wins and losses is also crucial in forming partnerships with other startups. Sharing experiences, successes, and failures can provide valuable insights into what works and what doesn’t work in their industry. This can help startups avoid making the same mistakes and capitalize on opportunities that others may have missed.
I have learned so much from listening to other founders, in fact, thanks to the valuable insights from other founders I have avoided some mistakes that I would have fallen into and they would have had massive ramifications further down the line. These mistakes that I have avoided wouldn’t have killed the business but they would have drastically set me back in the long run and made it an uphill battle. You don’t know what you don’t know.
Building strong relationships with other startups can lead to long-term partnerships and collaborations. By following the above tips, startups can form a community where they can help each other achieve their goals, share their experiences, and support each other in times of need. As a result, they can increase their chances of success and achieve their business objectives more efficiently.
So make sure you start collaborating with other startups and find a couple of core startups that you can align with. By attending networking events, collaborating on projects, sharing resources, and learning from each other’s experiences, startups can build strong relationships together and form long-term partnerships. In today’s competitive business landscape, forming partnerships with other startups can be an effective way for entrepreneurs to achieve their goals and drastically increase their chances of success.
