ENLISTED TO ENTREPRENEUR By Vicki Garcia
The Truth About Partnerships
So, you and your really good friend have a great idea for a business. You look at each other and say, “let’s do it together!” And, off you go...blissfully unaware that up to 70% of all business partnerships fail. It makes perfect sense to want to be in partnership with someone else. Starting up a business on your own can be lonely and intimidating. Having a partner can seem like you’re part of a team with synergy to work together. Plus, it would be great if your partner has funds to invest in the business. And, that’s how you can run straight into the mistakes that will send you down the white rabbit hole called how-did-this-go-wrong. I can tell you, from first-hand experience, that a partnership breakup is brutal. It’s nearly as bad, and in some cases worse, than a divorce. All your dreams and hard work go up in smoke, and that may not be the worst of it. It’s not unusual for a former partner goes on the warpath deploying nuclear, radioactive options. Ask around in any business networking group and you will hear scores of partner breakup horror stories.
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WWW.SanDiegoVeteransMagazine.com / JUNE 2020
A Business Partnership Is Like a Marriage Without the Good Stuff A business partnership is like a marriage, without the good parts that keep you married, like kids and sex. Think about it...50% of marriages break up, and those people love each other. Entrepreneurs get into partnerships for a variety of reasons – • Labor –If you have a business partner you can get a lot more work done without worrying about paying a highpriced employee. • Splitting Up Tasks – One of the best things about having a business partner is that you can divide tasks and not worry about other aspects of your business. And, each partner will be able to specialize on certain tasks, which will make each more efficient. • Money – One partner can fund the startup and keep it going. The other partner typically has no money but has expertise.
