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What are seven requirements for copreneurship to be successful?
The seven requirements for copreneurship to be successful includes reaching customers, differentiating your product, pricing, selling, and delivery - distribution. It also includes supporting customers and achieving customer satisfaction.
What rewards and challenges can copreneurs expect?
Rewards of Copreneurship * Working together toward a common goal you are united by a joint purpose and vision and your business partnership can expand and solidify your personal relationship. * You get to share more time, space, and experiences with the person who is closest to you.* Synergy occurs because you must cooperate to an unusually high degree and submerge your egos to solve problems quickly.* The business thrives on your synergized, cooperative, caring style of working together.* You can bring each other's mood up and be cheerleaders in hard times. You can balance each other.* You enjoy a deeper appreciation for each other's talents and skills.* You can live and work according to your shared values.* You can involve your children in your business.* You can leave a legacy of cooperative business building skills to your children.* You develop deeper bonds by involvement in the joint accomplishments.* You have flexibility to take care of personal and family matters, secure in the knowledge that a trusted partner is "minding" the business.* The business can grow faster because both of you are committed to the same business goals and will do whatever it takes to make the business successful.Challenges of Copreneurship * You may see aspects of your partner that you don't like (i.e. competitive nature, poor people skills). * You can lose your sense of independence* There is no place to hide or retreat when tensions arise* There is increased financial risk - "All your eggs are in one basket."* You may lose romance.* Your different work styles may cause conflicts.* The business may become all consuming with no personal or couple time.* There may be resentment if one partner is not pulling their weight or wants out.* Business mistakes can strain the personal relationship.* The neat boundary between work and home is gone.* Couple ownership can evoke childlike behavior in employees (they may see Mom and Pop).
