Comments on: Got a Business Opportunity? Choose your Partners Wisely

By: Business Twins

Business Twins — Thu, 12 Jul 2007 06:24:50 +0000

Having an identical is great. We’ve come up with some great ideas and we’re working on creating a business online. It’s great because I’m the type of person who likes to deal with the interactions and business aspect while my brother likes to deal with more of the research and other things! We fill each others holes

But yes, finding the right partner is indeed great advice. Having one wrong partner can ruin everything.

-Gregg

By: Ken

Ken — Sat, 02 Jun 2007 09:26:20 +0000

yeap, I’m a startup entrepreneur, I feel the same. Bring in friends, follower, and family(3F) without any entrepreneur spirit is one of MY BIG MISTAKE in early startup. Everything will go wrong in startup, you and your team just need to be ready for that.

Thanks for the tips as web application is the gold mine, just like peter drucker said, end of the day, what is important is innovation and marketing.

I”m using www.hoobin.com as my testing and learning platform for my next online launched, it’s fun to learn and compile all the make money online tricks. my first focus for the last couple month is SEO, then I will focus on community. it’s seem like affiliate and blogger is doing much better job then startup to attract traffic using no money down.

By: Roberto

Roberto — Sun, 27 May 2007 06:35:42 +0000

I have seen a similar problem to yours before and I agree with your recommendations on how to establish several escape mechanism both for you and your partners.

Thanks a lot for your comment Tony!

By: Tony

Tony — Fri, 18 May 2007 07:51:08 +0000

You are so right.

I would even recommend against HIRING friends. I had a friend that was like a brother to me. We were closer than I am to my brother. I hired him to manage a small business. It was in an industry and position that he was qualified for. He has let me down in so many ways. From apathy to theft. It is the last time I make that mistake.

As for startups and partners. Establish each persons responsibility and make sure you have multiple escape mechanisms in your partnership agreement. In case you want out or you need to drop someone. Either by vote or by not meeting their responsibility, you need a way to cut dead wood.

Good luck!