What Partners Not To Choose For Your Start-Up
photo credit: kunalmehta
When making the decision to take on a partner for your start-up, one needs to remember to choose wisely. This person should be considered as your right hand man, someone that you will be involved with for the long hall. I recently read an article on Entrepreneur.com that gives some examples of the people to stay away from when choosing your partner that i couldn’t agree with more.
Mr. College buddy is never a good choice for several reasons. Remember his behavior in college? Unless he’s made a drastic transformation i wouldn’t suggest choosing him. He also is the one who is most likely going to forward you his new expensive address so you can mail his 50% to him every month.
Mr. Spender can’t possibly survive without a six-figure salary, lavish office and an in-house cigar roller. Price is no object when it comes to entertaining a client or flying first class.
Mr. Vacation is another one pretty similar to Mr. College buddy, they are NEVER around especially when you need them the most. Mr. Personal issues, this is the guy who has a personal reason and or excuse for everything in the book. He has a built in way out of everything that you need him to do for the company.
Clementine Kilimo on July 1st, 2009 5:19 am
Hey I am looking for any serious person from who in computers so that we can partner to sell new and used computers and mobile phones.
contact me on:cjkilimo@yahoo.com
Becky on July 1st, 2009 11:44 pm
Great post. Choosing the right partner is extremely important you covered the topic well! I recently started my own business and was able to get a lot of great advice from Jack Bergstrand’s
latest book, “Reinvent Your Enterprise.” There are so many things to consider when running a business.
RedHotFranchises on July 2nd, 2009 5:07 am
Great article it is very important to find a good partner in any Business startup. Many people tend to make the same mistakes over and over again, keeping the income is the hardest part.
I specially like this quote:
Tip: You’re not in business to be a babysitter or a psychiatrist. Know everything there is to know about a prospective partner before you sign on the dotted line. Discuss everything from business to politics to family life to finances. If a potential partner seems to have a few screws loose, run as fast as you can in the other direction.
Leave a Reply