Business or romantic?

This episode began as research about any special concerns to take into consideration when starting a business with a romantic partner. But given the similarities of any human relationship to a business one, it grew to also encompass what we can apply to romantic relationships that we learn from business ones.

According to the United States Bureau of Labor Statistics and a Stanford University study about relationship longevity, both business and romantic relationships have a high breakup rate.

Statistically:

• 20% of small businesses fail within one year.

• 50% fail within five years.

• One third survive after ten years.

In romantic relationships that were studied by Stanford University:

• In relationships that were less than two months old, 60% did not last into the following year.

• Married couples who had been wed for five years had an 8% breakup rate per year.

• Relationships that had lasted over 20 years had a less than 1% breakup rate.

We have collaborated to come up with three areas to improve upon in order to have more solid, positive, and lasting relationships in both business and romance.

Autonomy

1. The balance between autonomy and making decisions together.

   • You don’t need to think exactly the same, but if you can admire and respect each other and share enthusiasm for the partnership, then it will be a strength rather than a weakness.

2. Did you need the relationship at all?

3. Rushing in too quickly and overcommitting to things.

4. Do we have shared values so we can be more autonomous?

   • Discover and determine your own values, as well as how those relate to each other, specifically when you make decisions together or for each other.

Balance

1. Work/life balance or relationship/individual balance.

   • How many hours do you expect you and your partner to spend on the business? On the relationship?

   • The balance here is not only for these two areas for yourself, but also how balanced you and your partner are to each other.

2. Equal levels of commitment and effort.

   • This is where one partner alleges to put in more time and energy than the other(s), which may be the case. This is often due to the perceived value of the partnership and the time and resources available. It requires a good exploration of the value of the partnership, the return on investment, commitment, and resource requirements at the start. 

   • In relationships this often shows up as invisible household labor or emotional labor, or mental planning and management labor. Management labor is respected and expected in business relationships but often undervalued in romantic ones.

Communication

1. Clarity of communication, and willingness to communicate about challenging topics.

   • Clear agreements in place.

   • Discussion about what happens if those agreements are not upheld.

   • Ongoing communication that can change over time.

2. Open communication.

   • Transparency.

   • Willingness to talk.

3. Exit clause.

   • What happens if the relationship ends and to the intellectual property, profits, debts, clients, etc. in the event of it ending.

4. Resolve issues quickly.

   • RADAR in both romantic and business relationships.

Remember it’s okay to break up!