You have chosen to start a new business. Having left “The Man” behind (your corporate job), you have decided now is the right time to launch your entrepreneurial venture. After many years of being accountable to a boss, to your staff, and your co-workers, you are ready to venture out on your own. You now have no one to report to, no one who’s input you must take into consideration and no one you must run an idea or decision past before moving forward. It all sounds great until . . .
You realize that no startup, or in fact, no company can really go it alone. There are of course your customers who you must satisfy or else you will quickly be back looking for a job. In most cases, there are employees and independent contractors who you will eventually have to hire to accommodate your growing business. And this is just the start of the list of people, companies, and organizations to whom you may not officially “report” to, but for whom you are accountable to every hour of every day.
But is this really a bad thing. I would say no.
Have you considered bringing on one or more business partners? While certainly not for everyone, surrounding yourself with good people who can contribute their experiences, skills, ideas, connections, etc. to your company in order to help you succeed is never a bad thing.
Like a marriage, partners often bring different and hopefully complementary talents and resources to the relationship. For example, one may bring technical expertise, while the other may bring financial resources. Another desirable partnership may be where a big picture/strategic visionary teams up with an individual who is more operationally oriented. There are plenty of great combinations, however the key is to avoid partnerships where the individuals’ talents greatly overlap each other.
While it is impossible to be sure you are a perfect professional match, be sure to get to know your potential partner well before committing to such a business relationship. Ask hard questions. Make sure the terms of the relationship are agreed to formally, preferably in a written agreement drafted by a competent attorney. Exit strategies and day-to-day responsibilities for each partner should be detailed in writing early on to avoid conflicts or confusion.
A focus on clear and consistent communication between partners is critical to the long-term success of the relationship. Honesty and openness with both good and bad news will allow the business to have the best chance of a healthy life.
Partnerships are not for everyone. But, for those entrepreneurs who are willing to cede some control and are willing to share the burden and benefits of being your own boss, the rewards can be outstanding.
Good Luck!
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