What A Founder At YourNegotiations Wishes They Had Known Before Entering The Startup Industry
Gerta, founder of YourNegotiations.com, learned the crucial role of trust in a co-founder relationship, wishing someone had emphasized that "it's usually a childhood friend, a college roommate, a best friend from before," rather than a networking contact. The significant challenge of scaling a business also surprised Gerta, who now finds their team "scrambling" and operating "in the dark" to determine the best path forward, a situation that could have benefited from earlier planning and mentorship.
Entrepreneurship, Co-founder Relationships, Business Scaling, Risk Management, Mentorship
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Gerta Malaj
Founder
YourNegotiations.com
Wellesley College
MIT
Mathematics, Data Science, Statistics
Coaching, Speaking & Writing
Entrepreneurship and Business Owner
International Student, Honors Student, Scholarship Recipient, Immigrant
Video Highlights
1. Trust is crucial in co-founder relationships. A strong foundation of trust reduces bandwidth spent on monitoring each other's productivity and other aspects of the business, allowing for greater focus on growth.
2. Successful co-founders often have pre-existing relationships, such as childhood friends or college roommates, highlighting the importance of finding a partner you already know and trust. Don't underestimate the value of strong pre-existing relationships.
3. Scaling a business is more challenging than it initially appears. Proactive planning and seeking mentorship or resources regarding scaling strategies are highly recommended to avoid scrambling for solutions at critical junctures and to reduce risks associated with scaling decisions.
Transcript
What have you learned about this role that you wish someone would have told you before you entered the industry?
One thing that comes to mind is that when my husband and I were considering starting a business together years ago, we actually started this one about a year and a half ago, but we'd been thinking about it for the last, let's say, four or five years.
A lot of people cautioned us, saying, "Be careful, it might affect your marriage and things like that." What I wish someone had told me is how important trust is in a co-founder relationship. I've tinkered with other projects with other people before and seen the difference it makes.
In this relationship, we have 100% trust in each other, which is simple but impacts things like productivity. I don't feel like I need to keep an eye on his productivity because I know he wants what's best for the business and for me, and it's the same for him.
Of course, things like finances, privacy, and security are also important. In a co-founder relationship where you don't really know the other person, that adds a layer of needing to monitor each other, which takes up valuable bandwidth.
I've wanted to be a founder for the last maybe seven years. Over the years, I was very curious about who people partner with and how co-founders meet. I've asked hundreds of people, from startups that failed to those that succeeded, and I've noticed a theme.
It's usually a childhood friend, a college roommate, or a best friend from before. It's almost never someone you met at a networking event. That can be discouraging, as people attend networking events hoping to find a co-founder, and I did that too.
On the other hand, it could be encouraging: you probably already know the person who could be a great co-founder for you. Look into your childhood friends and people you really trust. I wish I had been told that.
The other thing I wish I had been told is how challenging it is to figure out how to scale. I feel like I'm operating in the dark, not knowing where to go from here. I wish I had started earlier trying to figure out what to do when I reach this stage.
Perhaps I could have found some mentors or read more books or content around scaling. Because right now, we're kind of scrambling. We wonder if we should write a book, hire more people, or open a TikTok account.
We could technically do all of that, but there's a high cost in finances and time, and it's risky for a business to take on that type of risk. I wish I had been told how much in the dark you're operating.