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  1. Goldstandard89

    Goldstandard89 Entrepreneur

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    When you are considering a partnership or partnerships, what do you look for? Do you have any requirements that are must haves? Have you had failed partnerships? Are there any red flags that you know to stay away from? Have you ever asked someone to sign a no-compete before you would work with them and reveal you awesome idea?

    My closest partnership is working with authors to create their children's books and it's very hard to get them to sign anything. I take it as a red flag if they won't commit to the business exchange if they won't agree to share royalties or credit or a no-compete. I had one when I first started who took my black and white sketches to another artist who was willing to do the same work for only $500 and no royalties. It was a legal mess. Now I don't sketch until they've signed an agreement. So I was wonder about your experiences? Have you been burned or has it been mostly successful?
     

  2. rz3300

    rz3300 Entrepreneur

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    Well this is certainly an important question, and also one that really encompasses a lot of different considerations that need to be made. Unfortunately, I do have some negative experiences that I have had to learn from, which I am sure is pretty common, but still unfortunate. The first that jumps to mind is that mixing family and business is tough, and that was the first issue that I really had to deal with, and it taught me to avoid that if at all possible. Another one is the shared understanding of goals, both personally and professionally. One particular partner comes to mind who all of the sudden wanted to take over the world once we
     
  3. rz3300

    rz3300 Entrepreneur

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    I am not sure why that last one cut off the last sentence. That was weird. Anyways, ... once we got a steady return and had money coming in...that was a headache to deal with.
     
  4. Corazon

    Corazon Entrepreneur

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    I've had a taste of partnership before and the business was shut down because of bad partnership. That's a neat lesson for us not to trust a partner. But setting aside emotions, I guess a partner is one who shares in everything - from the research to the implementation, and also with the capital. To me, a business partnership is like marriage where each partner is willing to sacrifice everything for the business to succeed. But the most important aspect is the respect that a partner gives to his partner so the harmony remains.
     
  5. Valerie

    Valerie Entrepreneur

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    Yes, as other have mentioned, trustworthiness is really important when it comes to forming partnerships. In a way, a partnership in businessnis much like marriage, as Corazon said. You have to be willing to make some sacrifices, as does the other person. If you can't compromise, that's a red flag. If in conversation the partner(s) doesn't pay attention or is inflexibile, that's another issue. Non-commital people show themselves in this way, as the OP stated.
     
  6. T J Tutor

    T J Tutor Entrepreneur

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    I've had them in the past and some I liked and some I didn't. I don't have a preference for them and always seek out solutions to avoid them. I have a preference for share holders when raising capital is necessary.
     

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