If you want to increase your chances of effectively building a startup into a money making machine, my advice is to surround yourself with awesome people – go at it by itself never. Having said that, business partnerships break apart all the time. Whether it’s Fortune 500 companies, or garage-based startups, the failure rate for business partnerships is climbing.
Well, I’ve seen many business partnerships fail over the years and I’m going to share the top five explanations why they don’t make it. 1. Hit Hard Times: Basically, some people just can’t take the heat. Being an entrepreneur is volatile, especially in the beginning. It’s damn hard, and stressful. So If you’re considering partnering with somebody who can be used to getting a pay cheque, get ready to become counselor/trainer.
You’re going to have rid that partner’s worker mentality from their psyche. My advice: don’t partner with whoever has had a steady pay cheque for greater than a couple years. Don’t partner with someone who has a family group if you don’t have one yourself. And don’t partner with somebody who is accustom to the finer things in life. Form a partnership with a grinder. Form a relationship with anyone who has something to verify, is smart and hungry.
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2. Too Many Cooks in the Kitchen: If partners have identical skill sets, the business is doomed. Time shall be wasted, resources depleted, and conflict will likely be constant. Every restaurant only has one executive chef. Which professional chef isn’t the same person producing the marketing content, training the serving personnel and selecting the decoration. The same idea goes for any other business.
Form a collaboration with someone who is excellent at essential skills you aren’t so excellent at. Check your ego at the hinged door. 3. The Visionary and the Vagabond: Don’t form a collaboration with anyone who has ADD… just kidding, I have ADD. Seriously though, this can be an important one. Both companions can be completely committed to success, willing to grind out the tough times collectively, have complimentary skill models, and still end up failing.
You can’t form a successful business relationship with a person who desires to walk before they crawl. Ideas are excellent, but execution and discipline is what matters in creating a successful business. Fortunately, people who jump in one idea to the next tend to be easy to identify. Just go out with them for a couple of days and you’ll see why.