Oftentimes, very few entrepreneurs in serious relationships or marriages give this question some thoughts. Is your partner the right fit for helping to build a business?
Every entrepreneur must answer this question at the pre-incorporation stage. The law in Nigeria, as in many other places, does not prohibit the formation of companies by partners in marriages.
Founding a business with a spouse does have its merits. In a love-filled relationship, trust is never in short supply, and this is an important ingredient when seeking partnership in business. In addition, due to the ties between partners, decision making is easier and swift. Another important merit is the seamless resolution of disputes due to the mutual understanding the co-founders have.
However, when the relationship runs into troubled water, it can have a damning effect on the business. A business thrives when the directing minds and will of the business maintain shared goals and interests . When there is strife, decision making is grossly affected. This can grind all operations to a halt.
In sum, it is advised that prospective entrepreneurs consider these merits and demerits before setting up businesses with their love interest.
An entrepreneur with some reservations or concerns can insist on retaining a trusted third party as a third balancing wheel and co-founder in the company, so as to act as the neutral driving force who helps to steady the ship and manage the excesses of the partners. In addition, lawyers should be courted for advise on how best to set up a business structure that best caters to all parties.
The thoughts expressed above offers some insight that could be of interest to young entrepreneurs tinkering with the idea of founding businesses with their love interests.
If you have got any thoughts to share, please use the comment section.