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5 Great Reasons To Avoid Business Partners
Thinking of finding a business partner? Maybe you and a good friend have an idea for a new business? Or maybe you had a business partner in the past, but the company went south.
Today, I’ll be sharing my take on partnerships. You’ll have a chance to hear not only my personal experience, but the stark statistics on these dynamic duos and trios.
https://startupcamp.com/wp-content/uploads/2015/08/Ep_21.mp3
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I have started 7 businesses producing $25 million in revenue. Six of them have been partnerships. And of those six, all of them ended in ways that were not what I expected.
There was pain, loss, confusion, unmet expectations, frustrations, hurt, and even legal issues. It makes me think of Dave Ramsey’s quote on the topic:
“The only ship that won’t sail is a partnership.”
Statistically speaking, partnerships don’t work in the long run. Forbes says that over 80% of partnerships fail within 3 years. That’s even worse than our country’s divorce rate!
But as you listen to today’s lesson, you’ll realize it’s time to stop fooling ourselves that partnerships make running a business easier. That’s a lie. Partnerships can once in a while make a business stronger. But never easier. A partnership is work. And to be honest, if you get into a partnership, you’ll likely spend 25-40% of your time managing the partnership instead of building the business.
At the core of my argument, listeners will likely realize: Successful partnerships require a level of maturity, patience, and time most entrepreneur-minded folks don’t have.
Show Notes: The 5 Common Excuses People Use To Justify Partnerships
1. Self Ignorance
You think you are partner material. You think you work well with others. But you don’t. Deep inside, you’re a lone wolf leader. Or more commonly known as an A-type. And A-types need to be allowed to be a-types. Because if they don’t, two things will happen: First, they hurt people with their intense spirit. Second, their speed and intuition will be hindered ultimately slowing the overall success of the business.
2. Professional Impatience
We often take on partners to speed up the launch process. We think, “They can help. They can split the cost. They can make the right introductions. We can get twice as much done.” That’s great in the beginning. But I bet more often than not, if you just slowed down, saved more money, worked harder, and flexed your patience muscle you could do everything all on your own. Instead, hire some help. Ask for favors. Bring in an intern. All worthy
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By Chris GraebeThinking of finding a business partner? Maybe you and a good friend have an idea for a new business? Or maybe you had a business partner in the past, but the company went south.
Today, I’ll be sharing my take on partnerships. You’ll have a chance to hear not only my personal experience, but the stark statistics on these dynamic duos and trios.
https://startupcamp.com/wp-content/uploads/2015/08/Ep_21.mp3
Subscribe
I have started 7 businesses producing $25 million in revenue. Six of them have been partnerships. And of those six, all of them ended in ways that were not what I expected.
There was pain, loss, confusion, unmet expectations, frustrations, hurt, and even legal issues. It makes me think of Dave Ramsey’s quote on the topic:
“The only ship that won’t sail is a partnership.”
Statistically speaking, partnerships don’t work in the long run. Forbes says that over 80% of partnerships fail within 3 years. That’s even worse than our country’s divorce rate!
But as you listen to today’s lesson, you’ll realize it’s time to stop fooling ourselves that partnerships make running a business easier. That’s a lie. Partnerships can once in a while make a business stronger. But never easier. A partnership is work. And to be honest, if you get into a partnership, you’ll likely spend 25-40% of your time managing the partnership instead of building the business.
At the core of my argument, listeners will likely realize: Successful partnerships require a level of maturity, patience, and time most entrepreneur-minded folks don’t have.
Show Notes: The 5 Common Excuses People Use To Justify Partnerships
1. Self Ignorance
You think you are partner material. You think you work well with others. But you don’t. Deep inside, you’re a lone wolf leader. Or more commonly known as an A-type. And A-types need to be allowed to be a-types. Because if they don’t, two things will happen: First, they hurt people with their intense spirit. Second, their speed and intuition will be hindered ultimately slowing the overall success of the business.
2. Professional Impatience
We often take on partners to speed up the launch process. We think, “They can help. They can split the cost. They can make the right introductions. We can get twice as much done.” That’s great in the beginning. But I bet more often than not, if you just slowed down, saved more money, worked harder, and flexed your patience muscle you could do everything all on your own. Instead, hire some help. Ask for favors. Bring in an intern. All worthy