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C. Gudz
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Start it alone or with a partner?
November 4, 2004 - 06:00 AM
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Dear Evan and Marilyn,
If you had to advise an aspiring entrepreneur, would you tell them to follow through on their big idea alone at the start, or to find a business partner?
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MK
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Either
November 5, 2004 - 03:12 AM
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Whether to start alone or not depends on many factors. If they enjoy teamwork and the synergy of working with others, then I recommend starting it with someone else, provided that the other person is someone they can trust, respect and get along with. On the other hand, if they enjoy having complete control of their work, and cannot find someone whom they can trust, respect and get along with, I recommend starting the initiative on their own.
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Hugh Switzer
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Re: Start it alone or with a partner?
November 5, 2004 - 09:27 AM
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One thing to note is this: If you go into business with a partner SIGN AN AGREEMENT even before you start discussing ideas. If things work out, this is the best thing you can have.
Things to include are:
Money: who gets what when. are profits to be re-invested?
Investments: If someone invests more than the other, person A may want more profits
Share: Is the business 50/50. 60/40 etc etc
Argument clause: What happens when there is a disagreement?
Liquidation: If the business fails, then what happens?
Those are some basics and ideally a contract would include a few more items, but those are some bases that are absolutely essential.
Remember: Even if the person is your best friend, you WILL argue over the direction of things, over cash, etc. Sign an agreement to ensure that these things don't happen. It'll save you in the future.
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Raymond Mamattah
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2 are better than 1
November 8, 2004 - 01:42 AM
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I will advice you seek the help of others. You could get a friend who is knowlegeable in managing finance and could advice on financial issues, another too on marketing, all these coming together will give a good begining.
Well, the one initiating the move should be in a very good position to influence the others.
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Raymond Mamattah
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2 are better than 1
November 8, 2004 - 01:43 AM
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I will advice you seek the help of others. You could get a friend who is knowlegeable in managing finance and could advice on financial issues, another too on marketing, all these coming together will give a good begining.
Well, the one initiating the move should be in a very good position to influence the others.
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Stephanie Moore
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Re: Start it alone or with a partner?
November 8, 2004 - 04:40 AM
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Great feedback on this question. Definitely depends on your own situation and you definitely need to sign a partnership agreement. The only additional piece of advice I can offer is to ensure that if you take on a partner that you share the same dream/vision for your business. Often people go into business to pursue their own dreams...and sometimes these aren't exactly the same as our partners.
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Evan Carmichael
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Re: Start it alone or with a partner?
November 9, 2004 - 02:39 AM
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Dear Cheryl,
Thank you for the question.
For any business to succeed you need to have a well rounded skill set within the company. You obviously need to have good knowledge of your product or service, the ability to sell it effectively, and the talent to manage a business. If you have all of these qualities then you may not need a partner to get your business off the ground. If you don’t then partnering with someone who has complementary skills as you could prove to beneficial. You either partner to get the skills or hire them if you have the money.
Partners can also bring you additional benefits. They often invest money into the company which can ease some of the financial burden. They can also bring a set of connections to people who could prove to be beneficial to growing your business. Finally, having someone to work with can keep the motivation high which is especially important when first starting up because there will always be moments when you doubt yourself and if you’re doing the right thing.
The downside of partnerships is that you lose a percentage of your business and do not have complete control over your destiny.
When exploring a partnership, make sure that you share the same values and you are able to work together. If your core values are different then you are unlikely to succeed. If they are the same and the partner brings complementary skills and connections you could have a perfect match!
Best of luck.
Evan.
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