Starting Your Business
Why You Need Business Partners
Written by James Garvin for Gaebler Ventures
Going into business for yourself? Consider taking on a business partner. Forming a sole proprietorship can be challenging. A partner can help you make critical business decisions and help you avoid mistakes.
Every entrepreneur and businessman needs a partner, no matter what.
Business partners are often times more important than the business itself for with out the prior; the latter will cease to exist. Individual owned businesses are called consultants. Everything else requires a partnership from the start. I often times meet individuals starting businesses as a sole proprietor and cringe at the thought. It's often not the challenge of resource allocation, but more the challenge of having someone to tell you when you're wrong, for no one individual knows all.
Business partners will help you with all facets of creating a successful venture. They bring structure, motivation, and knowledge to the business and to the other partners. Working alone on an idea can be a lonesome and often times unsuccessful venture.
The best business partners are not always the smartest or the most technically advanced (all though these attributes help), but are people whom you trust and who have the passion and hungry inner motivation to succeed. Additionally, the best business partners will compliment your weaknesses.
If you're a sales and marketing guru building a technology company, find a technology guru as a partner rather than outsourcing it and managing the project yourself. Aside from saving you the headache of managing an outsourced project, you'll save yourself money buy bringing on a partner who can help build the technology in-house. If you're a technology guru, bring in a sales and marketing partner who can help you craft your product so that customers will use it, know it, and love it.
Some of the wealthiest businessmen in the world created their wealth not as individuals, but as business partners. Warren Buffett and Charlie Munger, Bill Gates and Paul Allen, and Steve Jobs and Steve Wozniak just to name a few. So before you take the deep plunge into launching your business, find a partner that shares your vision and passion to help you create a successful venture and hope that you share in the same fortuitous success as the aforementioned.
James Garvin began his education studying biotechnology. In recent years he has turned his interest in technology to helping two internet startup companies. The first business was an online personal financial network and the second was an e-marketing platform created to help entrepreneurs demo their web sites. Currently a student at University of California Davis, James is spending his summer incubating two new online businesses and writing about his entrepreneur experiences.
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