The Reluctant Entrepreneur: Turning Dreams into Profits

SEEK OUT MUTUALLY-BENEFICIAL PARTNERSHIPS

Every ambitious entrepreneur should be open to partnership deals, including marketing joint ventures. But you have to be selective.

In my view, the ideal partner has the following characteristics:

• He has something besides money to offer the partnership that you don’t. This might be intelligence, assertiveness, creativity, perspicacity, a capacity for networking, or an indomitable spirit.
• He is long-term-oriented. He understands that building a business takes time.
• He is fair-minded.
• He is loyal.

Of those, the last two are absolutely essential.

Let me tell you why I see it that way.

I have been in many successful partnerships. The best of these were with men and women who had all the qualities listed here and more. But some of them have been with people who had nothing valuable to contribute except the willingness to give it a try. I can think of two right off the bat that netted hundreds of thousands of dollars. I was happy to give those partners their share, and I think I was right in feeling that way.

Partnerships often deconstruct because of arguments over who does what. Or over how much money each partner is making. I think the reason I’ve had such good experiences with mine has to do with three things, all attitude related:

1. I recognize that however much I bring to the table, it’s not enough.

2. I know from experience that everyone, every partner, has something to teach me.

3. I know I’m a better performer and can make tougher ...