Business Partnership Advice Orangeville ON

As entrepreneurs we hold a lot dear. Our pride, our product, our brand. Most important, I think we would all agree, is equity. That is our prized possession.

Second to that is probably control—the buck-stops-here-decision-making ability that only comes from being the sole owner of a business and having a vision for what that business should be. And it’s entirely exhilarating to know that, for better or for worse, your decisions will make or break your business.

Business Blind Spots

So what happens when we come to the startling realization that there is one facet of the business—be it marketing, technology, sales—in which we have a blind spot? Heaven forbid we micro-managers cannot do everything!

This is the moment at which we must make a crucial decision:

• Do we cede a bit of control and/or equity in order to move our business forward?
  
• Do we trust another human being to execute on our vision as we would?
  
• Do we believe that this is the moment at which our little idea can become a bigger idea ONLY with the expertise / capital / resources of another entity?
  
• Are we willing to take a smaller piece of a bigger pie?

The Value of Partnering

Here’s our advice (and in full disclosure, my business partner and I are 50/50 business partners, have been since Day One, and couldn’t have built our business without one another, so we feel we have something to say on this matter). A trusted business partner is a beautiful thing.

Author: Lauren Porat

Copyright 2009 StartupNation, LLC

Click here to read more from StartupNation