How long have you been in business, really?

It will only be fulfilling and wonderful until its not, and then you risk, and have a high likelihood of, losing your best friend in a very emotionally damaging event.

Trust me, your opinion is is the pie in the sky high that comes from not being in business with your best friend long enough.

There will be trouble as sure as the sun is coming up tomorrow.
Thats the nature of business and money.

Your business actually has a higher likelihood of failing because you have all of the emotional considerations of friendship to take into account when communicating with your best friend / partner. Its much easier being able to be more ‘clinical’ with a partner who isn’t your friend.

Better read the Uniform Partnership Act that was adopted by your state so that you BOTH know your rights, ethical obligations and responsibilities within the partnership. Mutual understanding this document is about the only thing that will give your partnership a long term chance.

I lost my best friend (I was the best man in his wedding) to a business partnership. I know what I’m talking about. The maxim of not going into business with friends exists for a very good reason.

Jun, how long have you been in business with your friends/partners, and are there any examples of successful partnerships (of more than 2 years)?

The most important quality in a business partner is the self-starter quality. This person has to have the drive to work hard and be passionate about the company without you riding his back the whole time. If you see yourself having to constantly push your business partner to get his work done, then this is a very bad partnership and you need to get out of it ASAP.

Your business partner needs to drive the business; you cannot be the one driving your business partner.

Let me know if you have any more questions!

Now, my former “best friend’ that I have known for the past 10 years has become boring and closed minded. Maybe he was always like that and I never realized it but now that I talk to him about upcoming projects or even talk to him about a possible business opportunity for the both of us, he always shoots me down.

The thing about partnerships is pretty complicated if you ask me, not anyone will understand what you go through or put as much effort into the business as you will. When I talk about my project ideas to my friends, most of them are not interested or don’t understand a thing about it. It’s not ANYONE that can be an entrepreneur; you need to have that…”6th sense” if I can call it that way.

My problem was that I wanted to start a project with each one of my friend so we can all be successful in the future and have no worries. But the thing that I noticed is that to them, the “hype” fades away quickly while I have my list of projects to complete, then if I do start the project without them, they would claim ownership.

I mean, I’m a pure innovator and could work on these ideas by myself or with my main business partner but I tend to give a chance to my friends and offer them a partnership position….which tends to fail! So lesson learned!

Jun, what are the skills that you think we should look for in a person to make sure that they will be a good business partner? I think these following skills should be the basic: Innovation, Visionary, Self-Motivation and Perseverant.

Best of luck and prosperity to you and your business(es)!