Thread: Partnerships

I am not interested. Just learned the hard way, and spent four months, hundreds of hours and thankfully only a few thousand bucks chasing one that seemed to good to be true. I think you will only be successful if you depend on your self, or if you actually start the business with a close friend/partner, etc.

Like anything, it takes practice.

I have had some down right terrible partnership. and some Totally awesome ones as well. alot of my Joint ventures and partnerships have made me alot of money.

its a process in learning how to do them right. thats all.
congrats on your first lesson!

dont stop now!

Originally Posted by zendolphin

Like anything, it takes practice.

its a process in learning how to do them right. thats all.

I learned to not do free work, set clear boundaries and expectations at the beginning, and not be intimidated and/or in awe of someones celebrity status

now that's an awesome lesson!

clear roles and responsibilities, and be your own man!
recognize the value you bring to the table, and understand the strategic value a celebrity status may bring, but don't buy into the hype.

good start

I am recently going through a "divorce" of a partnership. Roles were not clearly defined from the beginning, and there was a lack of trust on my end. My advice is get your roles and responsibilities in writing before starting the partnership, don't just jump in because it seems like the right thing to do. This could be a relationship lasting years and you have to deal with this person on a regular basis. You also have to trust this person, if there is no trust is the partnership, it will not work. Trust is the most important building block in my opinion. I may have to walk away from a company iv'e built over 4 years just because I did not take care of these things from the start, but I see it as a great lesson and I know what it takes now.

Getting a statement of work, or at least some framework agreed on early on would be ideal. I kept working but we never agreed on payment after I sent at least three proposals. He said I was 'aggressive' and 'unhealthy' when I asked for payment, which made me even more confused because that was false, I think he just said that to throw me off and divert from the fact he would/could not pay.

Yep I am a firm believer that partnerships sucks because we typcially get in them for the wrong reasons.

I have had two horrible experiences and I learned a lot from it.

I put it this way. Both partners have to be equally important to the business. If I own 50 percent of the business then I better bring 50 percent worth to the table, whether it be money, skills or experience.

Well it depends! In real business it self is a total risk either it is started with someone in partnership or you are alone.