Let's talk about partnerships / co-founders

[Gale4rc]

I've noticed on this forum it's very much about the process and doing it completely yourself. Me personally i'm really keen on partnerships with the right people and the process.

Here is a good stat on co-founders: If you actually have a co-founder, your chances for success are much higher http://yhponline.com/2011/05/24/sta...than-a-single-founder-more-likely-to-succeed/

- Obviously it's not as black and white as that. Just having a co-founder for the hell of it doesn't increase your chances at all. BUT if you can find someone that can compliment your skills or has experience in places you don't then they are highly valuable.

What do you guys think?

 

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[AubreyJ]

I personally hate partnerships and I try my best to avoid them. I am the type of person who likes to do work on my schedule, I like to be able to set a plan and stick to that plan without having to worry about clashing with my partner. Having a partner for me, would just be asking to get into arguments, to butt heads...etc

But I think that "consultants" are very beneficial. My dad is without a doubt that to me, he knows my goals, he knows what I am capable of, and so whenever I make a big decision I normally will talk with him first. He is probably the closest thing to a business partner I'll ever have.

 

[alexanderkjones]

@Gale4rc Great Question! Partnerships are essential for success but they come in many flavors. Look it sucks being an entrepreneur alone and you'll always be rolling the boulder up hill if you don't have a team of people around you building momentum. I highly recommend partnerships of some form for this very reason:

Golden Rule: You'll always do more for someone else than you will for yourself. Build partnerships with people who have similar goals but complementary talents. You'll stick to your responsibilities for them and you'll actually be driving towards the goal you want.

It's basic human psychology. Soloprenuers rarely succeed as well as partnerships. Think of it this way, what would you rather have: 100% of a $500,000 business or 50% of a $1M business. It's undoubted the you'll do better with two than one as long as you find a great partner. I tell people, don't worry about worthless equity, get some legs underneath you first especially if this is your first big business.

Finding people with complementary strengths is a huge piece of the puzzle. You don't need another you, you need someone who's really good at everything you suck at so that it actually gets done. Take a DISC profile or StrenghtsFinder 2.0 and find out your strengths. Be really honest with yourself, and start to keep an eye out for people who you like that fit a complementary role. This will undoubtedly skyrocket your business.

Now, You don't necessarily need to share equity. Often times mentorship and support are sufficient. You can build a mastermind with your peers, call on a friend, even shoot the shit with strangers. It's sounds silly but it goes towards another golden rule:

Golden Rule #2: You will learn more in 15 minutes talking with a person who knows nothing about your business then you ever will going in circles in your own head.

This happens to me constantly. I hit a road block, bring it up to some smart person, and they always say "Well why don't you do it like this?" GOLD, that conversation saved me thousands of dollars just getting out of my own head!

Another great type of partnership is with other business that complement your service. Say you're going to start a marketing company, why not team up with a design company instead of managing your own team. Now you've got all the skills to back up your company and you can just focus on what you're good at - marketing. The designers need a good marketer because that's not their strength, it's a win win. Always look for the win win.

So I hope that's helpful. Get a partner in some shape or form but don't let it be so strict as equity. Having a partner in the trenches is always great but sometimes you just need a bit of support or some professional skills to take your business to the next level.

 

[Gale4rc]

Great stuff @alexanderkjones

 

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[DeletedUser10]

My business partner and friend of over 10 years are starting out on our first substantial business venture. That means I am spending the most money and time I have ever to start this business. Although we butt heads on certain things, it can be a healthy exchange of ideas and perspectives. Just make sure the lines of communication are open and no one "beats around the bush."

I personally like having a partner to help me and hold me accountable. Some people demand to work alone. You must figure out what type of person you are.

There is always ups and downs with EVERY relationship... Is the juice worth the squeeze?

You never know what someone is really like until you live together or work together. There is only one way to find out.

 

[wadza]

There's good arguments for & against. I've had good and bad experiences too. the key is having the right partner who can add to what you do. There can be a danger that a business partner cannot deliver what they promise - so I think if you are going to partner with someone, they should have a solid track record of execution. Do you due diligence.