Partner?

[BizMan]

When you first start up a business you might think you can do it by yourself, and once business starts rolling in you eventually decide to get a partner. But do you think that getting a partner before business starts rolling in will produce better results than getting one afterwards?

It seems to me that it depends on the partner you plan to work with. If they are creative, it might do you good to start with them from the beginning as they might enhance your idea, but at the same time you have the issue of them stealing your concept and going on their own. They can do this after business gets going, but it's a bit harder as they don't know the early stages of the business. But obviously you should find a partner that won't do such a thing and that won't steer the business in the wrong direction either.

[raketeer_mom]

Definitely I am not into business partners. I am currently starting my own business. I am trying hard to get it rolling today. Money is the most dangerous thing of all. Everything can be done by money. You know what I mean. I can't trust anybody when it comes to money. :D

[whitemusk]

Sure, when talking about money nobody can be trusted including relatives and friends. Everybody will become enemy when come to money. Have you heard a song about money? Song from Wyclef Jean, Akon, Lil Wayne & Niia - Sweetest Girl (Dollar Bill). I cut half of the lyric "Some live for the bill, Some kill for the bill, where my money at?". Everybody get crazy of money right? No wonder people may kill each other coz of money.
Back to the partner in business, have pro and cont. Not everything bad about business partner. Certain can be trusted, but remember not to give 100% trusted on them even how good they are to us. Am I right??

[Gsv13]

Definitely I am not into business partners. I am currently starting my own business. I am trying hard to get it rolling today. Money is the most dangerous thing of all. Everything can be done by money. You know what I mean. I can't trust anybody when it comes to money. :D
Well for a small business or startup it's you can cope up without a partner however once on growth track ...... avoiding partner may hurt you in long term becoz a time would come that you won't be able to handle everything individually.
That is why most reputable companies are always listed on Stock exchange aka
partners exchange ;)

[pushkar_alex]

Though money is dangerous thing, but many times we need someone to help us in some cases. So, making partner is good (sometimes) while doing some kind of online business. It will help us a lot.

[paul]

I think its always better when you are the boss, but with a partner you have to negotiate on certain things.

[AWorker]

Even if everything is related to trust and integrity,if you are smart and really need a partner(yes,sometimes you might need someone for his money,aknowledgements or for other capacities) you can setup up some rules to make things easier and clearer.The most important one shall be the transparency.Everything must be kept under a strict eveidence and the profit shared following some predefined rules.

[Fergal]

Working with a partner has advantages and disadvantages. When deciding on a partner it is helpful to strike a balance between computability and having different strengths.

For example if you are very good at selling you will probably find it easy to work with others who are also good at selling and difficult to work with an accountant who analyses everything is great deal. But the accountant may be exactly the type of partner you need, because they can bring necessary skills to the business, that you don't have.

When deciding on a business partner we often chose people that we like personally and that we have a lot in common with. Unfortunately this can result in us missing the opportunity to partner with someone who would bring skills to the business that we don't have.

[BizMan]

Everyone brought up interesting points, and I liked the point Fergal made about your partner providing the skills that you lack or are weak in.

Those weaknesses often slow down your business a bit, and once you find the appropriate person you might notice an increase in productivity. And while you can technically improve your skills in that area, it usually takes time and money. Another thing to consider is stress, if your by yourself, the stress is all on you. While if you have someone else with you, they can provide some assistance in some situations. I'd say getting a partner with limited power in the business is a good and safe move. They should focus on the areas where your weak in, for example if your business markets online, and your not too good in online marketing, but he/she is, let them handle that and so on.

[pushkar_alex]

As I told earlier, making partner is good (sometimes) , but we should select the partner carefully. If a partner is cheating you in the buiseness, then whats the use of it??

[raketeer_mom]

Well for a small business or startup it's you can cope up without a partner however once on growth track ...... avoiding partner may hurt you in long term becoz a time would come that you won't be able to handle everything individually.
That is why most reputable companies are always listed on Stock exchange aka
partners exchange ;)

Yes I agree with you. I think what you mean is a corporation already. You really need to have partners in running the business. Partners may help in decision making and running the company well. You are right that in a small business, partner is not necessary. :)

[allusion]

people say that getting business partner is same as getting your life partner. what are your aim? isn't for a long time partner or for the short one?
want is important is to ask yourself whether you are a good partner too? you are willing to share, to give and to take, for the matter or good or worse.
if you are not willing to do so, why go and find a partner that you didn't need so at the first place.

[ram]

I think having partner is risky, also you can not take all the decisions by your own, so hiring people is a great idea to share burden instead of going for partner.

[raketeer_mom]

I think having partner is risky, also you can not take all the decisions by your own, so hiring people is a great idea to share burden instead of going for partner.

This could also be acceptable. Sometimes hiring one and let them know the plans of the company can be a dangerous one too.

So you should choose somebody that you can really trust on. It is so hard to do it and it will really take time.

[Hurbel2k]

Maybe You want some slaves... uhm I mean...workers?
Partner sounds like You have to share all the earnings. However some workers will have a fixed income that is way below Yours.

Unless You are some kind of guru You definitely should outsource those task You have no clue about.

Maybe You are starting out right now.Then try to make Your own solutions until You have some money to build upon.

[zerzis]

Interesting topic. Especially to me because I am thinking of a business and may need a partner. I think it depends upon a lot of things and cant be cleared unless the type of business is clear. But I think there is a risk associated. You may boost your business due to the good points in him. So i suggest you should select your business partner with care, and you should have known him from a loong time. It's very good if you have personally met him/her and you are atleast in same country if not same state or city.

[Royer]

First of all you need to find some good partner that you can trust and some you don't know a lot.
If you think that you can do everything yourself than you should start your business by yourself but still I think that it will better to start a business with a partner that can help you on your way to success and you can learn a lot from him and so can he. After you get yourself rolling, than you can start without him.

[spirited]

I wouldn't suggest a partner myself personally. It can be a very thorny and complicated issue when dealing with who can do what and who gets the profit for the work that they contributed. In my case, I would try to do everything yourself first and only, and I mean only if, you really need another person to cut some of it to, then try and get one. Otherwise it will complicate your life greatly.

[sridatta]

Learning from the experiences of my father, i will not do with a SINGLE business partner.. Its not the person who spoils the relationship, but money... If i were to start a business, i will either start isolated, or with a trusted group of friends.. but not with a single guy... My choice seems to be weird, but i like the way i mean it..

[Fergal]

I've heard experienced business people say that if you must have partners you should ensure that there is an uneven number of partners. That way, you can always put controversial decisions to a vote and there will always be a majority.

It is vitally important that everyone backs the decision. If a vote doesn't go your way you need to get on with it and give your full support and backing to the the majority decision. Sulking, or not giving your full commitment to a certain course of action wont help anyone.

[Hurbel2k]

Read the Chapter about the "mastermind" in Napoleon Hill's book "Think and grow rich"
By the way... read the whole book, then You will understand the power of several people working together.

However make sure there is only one boss. One person who can decide if the group can't decide for whatever reason, so You won't get stuck.

[spirited]

Yes, Fergal has a point there, uneven number of partners if you decide to have them. Though remember that even if something crucial is put to a vote and the majority win, the people that voted against the measure may have some mixed feelings and bitterness toward it all, so you should still be cautious anyway.

[zerzis]

working together has its positive as well as negative points. Also sridatta let me tell you that it doesnt mean that if you are working iwth more than 2 people you have less risk, I can give you a lot of examples where in a group, a sub-gropu has cheated another sub-group. Then you cant do anything in such situations. I think the best way is to make business partnership with only those people whom you trust like anything.

[sridatta]

yes zersis, my sole idea is almost similar to what fergal said.. if i have a single partner, we may always have conflicting ideas.. so decisions cant be done unless one agree to other's openion.. if there are multiple-trustworthy partners, then we can decide something based on majority.. or if i am single, my decision would be final..

[exinRex]

Yes it's true having a business partner has advantages and disadvantages. When you really need a business partner be sure that the person you have has a value to your business and he knows how to handle it to improve your business in the future. But if you can handle it by yourself it's better because we can't easily trust the person as a partner in the world of business, there are some cheaters.

[sridatta]

There is a discussion in the Business small talk forums contrasting between Life Partner and Business Partner.. and the discussion is going fine... the thread starter raised a point here.. "idea of building a business partner and a life partner in a single person"... just checkout
http://www.businessadviceforum.com/showthread.php?t=78

[Notorious]

When you first start a business, you should probably attempt to manage it yourself. A business partner means more profit cut. If you can't handle the load by yourself because your company is slowly becoming a success then you start compiling a few business partners because at this point it doesn't matter, you're still getting alot of money. Anyways, thats my input on business partners.

[cicimici]

Hmmm business partners?! Personally I wouldn't do business that way... Nope! Never! Specially if that should be a relative or a friend :D

[zerzis]

I think its always better when you are the boss, but with a partner you have to negotiate on certain things.

Hey paul but why you forget that when people are together then all can put theior best and get the best possible outcome..when you work alone you are not that effective....dont you think so?