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 staysolo. Which is best for you?

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

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

Once you find a prospective partner, make sure you define whateach of you will be responsible for. Also, it's important thatyour commitment level and work ethics are similar, otherwiseresentments can emerge.

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

Excerpted from Get Smart! 365 Tips to Boost Your EntrepreneurialIQ

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