Should You Take On A Partner?

Before you do, read these words of advice.

At some point, many entrepreneurs consider taking on a partner. While this may be smart for some, for others, it's best to stay solo. Which is best for you?

First, ask yourself two questions: 1) Am I willing to compromise in business decisions about my company? and 2) Do I feel comfortable trusting someone else to speak for me?

Before proceeding, remember you can be held legally liable for what your partner says and does. And don't look for a clone of yourself. You need someone with unique ideas and methods whom you can respect and work with as a team.

Once you find a prospective partner, make sure you define what each of you will be responsible for. Also, it's important that your commitment level and work ethics are similar, otherwise resentments can emerge.

When you're ready, put everything in writing. You can draw up the partnership agreement yourself, but I suggest you hire an attorney. Remember, your business is on the line, so make sure you include plans in case there's a split.

Excerpted from Get Smart! 365 Tips to Boost Your Entrepreneurial IQ