On Partnerships…
Building partnerships is an exercise web entrepreneurs should master. When venturing with someone into a new business, be it an investor, a co-founder or an employee, make sure you are with the right person:
- Trust is important. If trust cannot be established for any reason whatsoever, ditch this relationship and move on.
- If you get frustrated too much too often because your partner cannot appreciate or understand something you’ve done or a decision you made, then it is not worth investing any more time in this partnership…
- …which leads me to this: always have an exit clause on your partnership agreement. Not having one leaves the door wide open for legal conflicts in case stuff doesn’t work out.
- Always consult a lawyer before starting a partnership. NEVER do this alone. This will save you countless dollars and trouble down the road.
A partnership is like a marriage and remember, only fools rush in.
