Press Release Summary: About working with and choosing partners.
Press Release Body: From my early days of Internet business, the notion of having a partner always seemed to resonate with me. Working together with a friend not only made things more exciting, but also made me more confident in my business venture.
Some possible benefits of having a business partner:
1. More working capital 2. Two creative minds are always better then one 3. More manpower for management tasks 4. Broader knowledge of different elements 5. More motivation and confidence in common ideas
As much as having a business partner seemed to be a good idea, it actually resulted in hardship and even some failures. However I did learn invaluable lessons on what to look for in a business partner. The most important favorable attributes too look for in a business partner are:
1. Different strengths that compliment your weaknesses. For example if you are a creative person, find someone that is less creative and more of a doer.
2. Different skill sets. If you are knowledgeably in graphic design and usability, find someone who is a programmer. If you are strong in seo and social media marketing, find someone who is good in pay-per-click marketing. Division of labor based on expertise can greatly increase your productivity.
3. An ability to keep business and friendship separate without getting emotional. You don't want to get into a fight with a friend because of a business disagreement.
When choosing a business partner always make sure to discuss how much equity each person has in the company and exactly what their obligations are to maintain that equity. Also, just because someone is a good friend and is passionate about your idea, doesn't mean that they are suited to be a good business partner.
Make sure to rationalize exactly what they bring to the table and how they will help you run and grow your business. If things don't work out, it's always better to sever the partnership in the early stages. I can almost always tell if a partnership will workout just by observing the person during the initial development stage of the website.
2012
