Pros and Cons of Partnerships

Starting a small business with a partner can be scary. Much like a marriage, you’ll be forever joined at the hip and responsible for each other’s actions. Here’s how to tell if you’ve found the perfect small business match:

  • Complementary skills. Taking on a business partner should make your venture stronger because your skills complement each other. For example, if you’re strong in marketing and sales but hate crunching numbers, your ideal partner may be someone who’s good at accounting and finance.
  • Personality fit. Skills fit alone isn’t enough…you’ve got to both get along personally. You’ll be spending a lot of time with your business partner, so make sure you feel comfortable with each other and communicate well.
  • Same work ethic. Are you the type of entrepreneur who believes in working 60 hours each week? Be sure your potential business partner shares your drive. Otherwise, you’ll start to watch the clock and resent them for working less than you do.
  • Respect. Just like your spouse or life partner, you’ve got to hold respect for your business partner. Your reputation will be intricately tied to this person, so be sure you team up with someone who makes you proud.

One response to “Pros and Cons of Partnerships

  1. mythsn_legends

    Gosh, it does sound like a marriage…hahahaGood analogy!I know of a forum which focuses on small business and startups. Would be good to get your input there! Thanks! []

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