IS IT BETTER TO START A BUSINESS ALONE OR WITH SOMEONE ELSE?

DEAR DALI MAMA:

Do you think it’s better to start a business alone or with someone else?

–Beginning Entrepreneur (Brazil)

DEAR ENTREPRENEUR:

Whether you should do a business alone or with a partner has a lot to do with your personality and how you work best.

Also, if you pick a partner, picking the right match for you is paramount. It must be someone who is compatible with your working style, someone trustworthy, someone who has skills you don’t have who can complement your skill set, etc. If you start a business with someone, it must be the right person for it to work.

Keep in mind that, no matter how ideal your business partner is, running a business alone or together will force both of you to look at all kinds of issues within yourself as you’re creating this time. Learn these lessons willingly before you’re forced to look at them the hard way.

Also, no matter how great a match that business partner is for you, it is important for you both to sit down and clarify your expectations of each other, delineate responsibilities, and decide how you would divvy the assets and profits in every possible circumstance and outcome up front so there is no quibbling over the details later. All this should be in writing so there is no confusion over the two of you remembering things differently, etc. Plus writing everything out will force both of you to really plan everything out ahead of time and think about potential outcomes and scenarios.

Check into available resources such as www.entrepreneur.com or your Chamber of Commerce or other business organizations for more information.

 

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