“Most of us want to share important things in our lives with someone. If we’re passionate about business, this desire certainly can extend to our entrepreneurial ventures. As brothers who have been business partners for a long time, we can attest to that!
And in the case of startups, two heads really may succeed better than one. There can be many practical considerations for starting with – or taking on – a partner, including the complementary skills, additional capital and entirely separate network that someone else may bring into the business.
When you want to form a winning partnership, consider these 9 tips:
1. Don’t Just Look in the Mirror
Figure out your own strongest capabilities and then, ideally, consider only partners who would complement them. More important, you have to be sure you and your potential partner share basic business and ethical values. Look into background and character if necessary.
“Otherwise you can have enormous problems,” says Marsha Firestone, president of the Women Presidents Organization of entrepreneurs. “You need to know whether you can trust them and you’re on the same wavelength.”
And while we don’t suggest that you simply go with your gut, it is important that you like the person you’re partnering with. That basic human connection can help you weather the inevitable tribulations of a startup.
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