Shall I have a partner in my business?

[vladtess]

Hey fellas,

I have a good idea that I haven't seen on google and hope to work on it to establish a successful business.

However I have a friend of mine, in fact a very close one, who wanted to join in to share the profit if the business will be successful. The thing is that I don't know whether or not I should partner up with him. I mean, he doesn't really have any assets that I may use (eg. initial capital or special knowledge); in fact he lacks the knowledge of computers in general (eg. scripting languages). I on the other hand have everything (I believe) I need to start the website going.

The thing is that I am afraid that in case I start everything on my own, I will lack ideas which could make my business more successful.

Please post your opinions and thoughts about this and what you would recommend me to do and what would you do.

Thanks a lot in advance.

[lizthefair]

I can't tell you what to do, but there is a lot of conversation out in the world about your question, especially as it pertains to internet startups.

The pro co-founder side:
The 18 Mistakes That Kill Startups

The go-it alone argument:
The Single Founder Myth

Good luck with your decision!

[PMcDonald]

The question I would ask, and it sounds like you already answered it, is whether or not that other person has anything to contribute. A business partner should, in some way, shape or form, provide a value to the business.

Let me also offer a tip if I may -

You mentioned that you are afraid that you'll lack ideas for your business and I am here to tell you that every idea you will ever need is already inside you. However, if you believe that you will lack ideas you will be blocking their natural flow to you.

Simply take some time each day to affirm to yourself that you feel great knowing that your mind is filled with a neverending abundance of ideas that will make your business flourish, and that will be your reality.

Don't cut yourself short - you have the power to be, do, and have whatever it is you want!

[finandom]

We all born in different skill and potential. Everyone of us is unique. So if I really need a partner in business, I have to consider whether the partner has any special skills, knowledge, unique potential that I lack of and needed in my business. I will not let someone join in without any helps and contribution just because he/she is my friend. Business is different from friendship.

If you think that your friend will not help you in business, then just stop him from joinning. If you feel bad with this, then you can start another business that your friend can handle very well and has potential in it.

[vladtess]

Thanks guys, I guess I'll just start on my own for now and see what happens later.

[impaul99]

Originally Posted by vladtess

Thanks guys, I guess I'll just start on my own for now and see what happens later.

I'll give you a short answer. 50/50 partnerships never work long term. Someone is always more dedicated to the business than the other. At some point one person's life will not allow him to focus on the business etc.

If you want, you could start the company, then have your friend start his own company, and then you could even hire his company to work for your company.

So for example, if you get a $10,000 contract, and you want to work on it with your friend. You take that $10k contract under your business, and then hire your friend for $5k to do half.

Then, on a contract by contract basis you can decide what works. Maybe on some contract you only need 25% of his help. Maybe he goes away for 3months on a vacation during which time you're left doing all the work.

That'd be my advice.

[Erin]

impaul99, I don't agree that 50/50 business partnerships never work long term. I have been in the same partnership for 5 years now and it has worked lovely. Where one of us lacks the skills, ideas, networks etc the other partner fills in. When one person's personal life is infringing on the work, the other just works harder, knowing full well that when the same thing happens to them they will be covered.

It all comes down to trust and responsibility. Oh, and an ability to communicate - but isn't that the case with most relationships? if you can figure out the wrinkles, a business partnership is an ideal route to take. Things are always more fun when you can share them with another, so why should work be different?