Don’t underestimate the power of partnership in entrepreneurship and other creative professions

A key lesson from the birth of computers is that innovation is usually a group effort involving collaboration between thinkers and engineers, and that creativity comes from many sources. “Only in storybooks do inventions like lightning or a light bulb come out of a single person’s head in a basement or yard or garage.” —Walter Isaacson, The Innovators: How a Band of Hackers, Geniuses, and Geeks Created the Digital Revolution

We are used to celebrating lonely geniuses. But many of the world’s greatest inventions, discoveries, and entrepreneurial successes are the result of effective collaboration between two or more people.

We often underestimate the value of strong partnerships and collaboration and underestimate the power of individual abilities to achieve success. In fact, all the glossy press stories, including FS, are about individual founders doing extraordinary work.

Unfortunately, all these stories leave out important details and present a rather misleading and unhelpful picture of reality. This creates a false sense of hope that you can and should be able to do it on your own. It is problematic because it can discourage people from seeking cooperation, thereby limiting their ability to succeed.

History is full of stories about the critical importance of collaboration to success in fields ranging from science to music and sports to literature and entrepreneurship.

The importance of participation in the startup world is well known. Programs like Y Combinator and Iterative make it clear that they do not favor solo startups and encourage solo founders to seek out co-founders before applying to YC. If you look at past entrepreneurial successes, this emphasis makes perfect sense.

Apple was started by three founders: Steve Jobs, Steve Wozniak and Ronald Wayne. Woz created the Apple I and his next computer, the Apple II, which became a bestseller.

Also Read :  CIA’s Venture Capital Wing In-Q-Tel Partners With Trust Lab Startup

The partnership between Warren Buffett and Charlie Munger is often used as an example of a successful partnership. Buffett and Munger have been partners since 1978. Many people attribute the incredible success of Berkshire Hathaway to their successful partnership.

Some of the biggest entrepreneurial successes of recent years are also the result of the collaboration of more than one founder.

The US online marketplace for short-term stays and Airbnb experiences has three founders: Brian Chesky, Joe Gebbia, and Nathan Belcharczyk.

Uber was started by two founders: Travis Kalanick and Garrett Kemp.

Atlassian, a case study of software success, was founded by two founders: Mike Cannon-Brookes and Scott Farquhar.

It is no different when it comes to Bangladesh. While some large companies in Bangladesh appear to have been founded by individual founders, they had the instrumental support of at least one person in their early years.

Take the Akij group for example. The founder of Akij Group, Sheikh Akij Uddin started the production of bidis in 1952. Before setting up his factory, he met a friend of his father’s, Bidhu Bhushan. Mr. Biddu already had a successful bidi (rolling cigarettes) business. With his help, Akij started his bidi (hand cigarette) production. We don’t know much about their collaboration. But it is clear that Bidhu Bhushan played an important role in Akij’s early years. He provided him with important advice and knowledge that was invaluable to an entrepreneur in his early years.

Another successful local company Square Group was founded by four friends.

United Group, another successful local conglomerate, was founded by five friends in 1978.

Also Read :  Disrupting The Entrepreneurial Ecosystem Status Quo

You can have endless fame for this story where great success is achieved through collaboration.

This pattern of collaborative success is more evident in science and knowledge work. Most of the world’s great scientific discoveries are the result of close partnerships. That story is for another day.

Let’s take a look at why having a partner makes such a difference.

II.

Having a partner is important. A more appropriate word is a colleague. It’s helpful to have someone you can bounce ideas off of, talk to, do projects with, bounce ideas off, etc. And it is very important for several reasons.

Two hands are better than one. When there are two of you, you can think better and you can have different points of view. For example, two people means that you can have two different ideas. Bring these two ideas together and create something new by merging these two ideas. And then something very interesting can come out of it. Which is unlikely if you do it all yourself. Because ideas are hybrid. New ideas are almost always the result of merging two old ideas.

Another aspect of this is learning. I have written about the critical importance of learning in entrepreneurship. When you work with a partner, you have a clear learning advantage.

You have a cumulative education of two. You can learn more and exchange ideas with each other on a daily basis. In the long run, it can create incredible benefits. Isaacson wrote in the aforementioned book: “Collaborations are not only between contemporaries, but also between generations.”

There is a clear psychological benefit to collaboration. Humans are like waves. We go through constant ups and downs. One moment inspired, another moment. It makes it difficult to adapt when you work alone. Some people are incredibly adaptable. But there are usually secrets behind their stability that most of us don’t know. One of the secrets, of course, is having a partner, a colleague. It allows you to share your frustrations and talk when you feel sad and hopeful. This opportunity to unload allows us to get out of our gut. He can motivate you when you are frustrated and lack motivation and motivation to take on the challenge.

Also Read :  Young entrepreneur makes ‘Made in Hubballi’ pistol

Then comes the profit sharing. You can divide responsibilities and do different things. For example, you are working on a project with two important aspects, such as product development and sales, or research and writing. It is difficult for one person to do both. Product development requires deep work. Sales requires you to go out and meet people. Both are difficult at the same time. Of course, you can try to do both. But doing so will make you less productive in both areas. You will work hard to think and make a good product. Your sales efforts will also suffer. When you have a partner, you can divide the work between you. One person can do development, another can do sales, and it’s more efficient to do things that way. Not only will you be more effective, but you’ll also develop domain expertise.

I can have many interesting reasons to work with a partner and create long-term cooperation. But you get the message.

Find someone you work well with. Establish a long-term partnership. Explore working together and see what unfolds.



Source

Leave a Reply

Your email address will not be published.