Should you team up with a partner or go solo?

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Have an attorney draw up a legally-binding contract spelling out the terms of your partnership. If you’re already working with a partner, you still need to do this! If one partner doesn’t want to do this, that’s a big red flag.

It’s lonely at the top. Even if, by the “top,” it’s just heading up a brand-new business. That’s why many great companies were started by partners: Ben and Jerry. Steve Jobs and Steve Wozniak (Apple). Larry Page and Sergey Brin (Google).  

Starting a business with a partner offers many advantages. You have:

  • Someone to share the excitement of starting a company
  • Someone to share the risks of running a company
  • Someone to bounce ideas off of
  • Someone who has talents and skills to balance yours
  • Someone to help shoulder the financial and work-load burden

Ideally, in a partnership, there’s strength from having a balance of complementary talents or personalities. You may be a terrific “outside” person: securing sales, marketing and networking. Your partner may be a terrific “inside” person: making certain bills are paid and your products or services get produced.



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