Are good "Business Partners" hard to come by?
We all know the qualities of a good business partner but are good business partners hard to come by? Tell me what you think!!
In my opinion it's the exact same-thing as making a commetment to get married. Many Marriages end badly, when it comes to money people will do just about anything for it. One partner might be playing by the rules and the other is behaving strangely unbendingly breaking all rules and not noticed by the other, like making bad deals, pocketing money etc. Rare to find is a good business partner, the best and the worse can be a family member. I would not have a business partner unless I was holding all the cards and the BOOKS.
Not really, but good is a relative term. Just know that your partner is more than likely seeking to do as little work as possible while trying to get the maximum amount of credit for the work. If he didn't feel this way, he probably would not want to have a partner in the first place. If the partner is the primary investor, he will see capital as his contribution and he will expect you to do most of the work. If your partner invested no money, he will have nothing vested, nothing at risk, and will see you (the investor) as the person steering the ship. He'll just want to spout off ideas.
Absolutely -- I've been actively seeking good business partners for a few years now, and so far no one has lasted. The key is to find someone that's extremely well-aligned with your business, and who is really excited about what you're doing. This also has to be someone whom you get along with and whose personality fits with your business culture.
It's damn hard to get good business partners, since people think differently and have different visions. They also have different commitment levels as everyone lives their lives differently. Totally agree that it's like a marriage, though in this case your best friend may not be the best candidate to be your business partner.
The simple answer is YES. My advice would be for YOU to do your homework BEFORE you get into business with anyone. Look them up on the internet, ask previous partners, listen to warnings from others and if they have a good business ethic then it won't be hard to find that information. If they are notorious for behaving badly, it will be even easier to notice. Review their success and failures and make an informed decision because ONE bad apple really can ruin the bunch. Don't get emotionally invested in anyone and know that plenty of people are great at talking about it....choose someone who will BE about it.
As a wise man once said, "Pick your business partners twice as carefully as you pick a spouse. Your spouse can only take half of what you have."
Here are 2 Hubs about business partnerships you might want to take a look at:
http://buyabiz.hubpages.com/hub/Ideas-f … rtnerships
http://buyabiz.hubpages.com/hub/Dispute … s-Partners
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