Choosing a Business Partner
If you are starting a business or have an established business at some point you might consider taking on a business partner. Is this a good idea or not? It is important to consider a few factors before you make a decision one way or another.
Choosing to partner up can have good points but it can also have bad points as well. While you will hopefully increase your financial gains, have more people to do the work and make important decisions as well as having another qualified professional, you will also have a lesser degree of control and you will likely lose a certain percentage of the profits. Is the success or failure of your business contingent on taking on a partner or not? Are you willing to give up a certain amount of control of the business as well as a percentage of the profits or not? If not then perhaps taking on a partner or partners is not for you.
Family and Friends
Be aware that family and friends do not make good business partners. Emotional connections and money do not mix well and that is why you are better off finding a partner with whom you have no emotional ties. If you have a conflict at work it could cause problems at home and vice versa so the best thing to do is to keep your family and your work as separate entities in your life.
When you work alone it is just you therefore you are assured that the work that has to get done will get done. If you take on a partner he or she might slack off more than you and you might end up doing most of the work anyway. This possibility increases the more partners you take on. Of course on the flip side everyone has his or her own area of expertise and that could mean that what you lack your partner might excel at (or vice versa).
Keep in mind that just as you are not a perfect person you will not be a perfect partner either and neither will anyone you find to help you with your business. There are some things you need to find out before you take on any given person as a partner. These items include:
-How does the other person's personality as well as temperament mesh with yours?
-Everyone has a working style- is yours compatible with the other person's?
-What are your expectations for the partnership? What is the other person's?
-Is this person trustworthy in your estimation?
-How does the person respond and relate when a problem presents itself?
-Does the other person exhibit a high degree of maturity and how do they react to constructive criticism?
-How emotionally satisfied is your prospective partner with his or her own life? Don't be fooled into thinking that a person can always keep their personal life and their professional life separate- they cannot.
-Will your proposed partnership allow for plenty of smiles, laughs and fun or not? If not then maybe this is not the partner for you.
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